The Hydropothecary Corporation (TSX-V:THCX) announced that it has received approval from the Toronto Stock Exchange to uplist from the TSX Venture Exchange to the regular Toronto Stock Exchange. The Canadian-based cannabis company will list its common shares and common share purchase warrants expiring January 30, 2020, on the TSX and begin trading on June 22.
The previous shares will be delisted from the Venture Exchange on a voluntary basis. The company will get to celebrate by ringing the bell at the opening of trading on Friday.
“Graduating to a major exchange such as the TSX demonstrates Hydropothecary’s growth and proven ability to execute,” said Sebastien St-Louis, Hydropothecary’s Chief Executive Officer and co-founder. “Since 2013, our company has demonstrated our continuous commitment to providing industry-leading, innovative products while never compromising the quality or consistency that we are known for. We are thrilled to represent this on the TSX.”
In addition to the uplisting, the company is changing its corporate name from The Hydropothecary Corporation to HEXO Corp. In connection with the name change, it will need to call a special meeting of its shareholders to seek shareholder approval for the change of its corporate name. As a result of the new company name, the shares will change the ticker and will trade under the symbols “HEXO” and “HEXO.WT” respectively. The company had previously announced the launch of HEXO as its new brand for the adult-use cannabis market while continuing to use the Hydropothecary brand for the medical cannabis market.
Just last week, Hydropothecary announced that the first two zones of its 250,000 sq. ft. greenhouse expansion had received its licenses from Health Canada, under the Access to Cannabis for Medical Purposes Regulations which allows the Company to transfer plants in immediately. This, along with the 1 million sq. ft. expansion set to be complete by year-end will bring total production capacity up to 1.3 million sq. ft. and will allow Hydropothecary to produce 108,000 kgs of dried cannabis annually.
“Our cultivation team has been preparing for this expansion for months and currently have over 6000 plants rooted and ready to be transferred into this newly licensed facility today, with many more in production,” said Hydropothecary Master Grower, Agnes Kwasniewska, Canada’s first female Master Grower.
Hydropothecary also terminated its market-making agreement with MJM Markets and Consulting.