The Hydropothecary Corporation (TSXV:THCX) obtained a license renewal from Health Canada, valid until October 15, 2019, which will allow the company to produce as much medical marijuana as it can store and removes all annual sales limits for dried marijuana, oils, plants and seeds.
As quoted in the press release:
THCX is also pleased to announce that Health Canada has approved two additional buildings within its Gatineau facility, for an expanded sales team and order packaging. The new buildings were approved without an onsite pre-licence inspection, under Health Canada’s recently announced measures to streamline licensing. This approval also reflects Hydropothecary’s high level of regulatory compliance.
“An unlimited sales licence from Health Canada positions Hydropothecary for strong future growth. We are very pleased to be amongst the first licensed producers to be granted an expanded licence. The expanded licence also reflects Health Canada’s efforts to improve the regulatory framework for cannabis by changing the licence renewal requirements from one to three years,” said Sebastien St-Louis, CEO and co-founder.
“In addition, the approval of the new buildings comes at an important time when additional space and resources are required to support our sales growth.”