(Photo Credit - Nick Youngson)
GATINEAU, QC--(Marketwired - April 11, 2017) - The Hydropothecary Corporation (TSX VENTURE: THCX) ("THC" or the "Company") is pleased to announce that US$3,275,000 of 8% interest bearing secured convertible debentures (the "Debentures") of the Company, representing all of the outstanding Debentures, have been converted into equity, resulting in the issuance of 4,678,494 common shares. The Debentures automatically converted to common shares after the Company became a reporting issuer on the TSX Venture Exchange and maintained a volume weighted average trading price equal to or greater than the conversion price of USD$0.70 for 15 days. The Company also paid accrued interest of US$107,711 in the relation to the conversion of the Debentures.
The Company would like to thank the holders of the Debentures and the agent for the Debenture financing, Axiom Capital Management Inc., for their support which enabled the Company to complete Building 5, a 35,000 sq ft all season greenhouse. The completion of Building 5 increased the Company's production capacity to 42,000 sq ft from 7,000 sq ft. This increased production capacity will further the Company's ability to provide quality product for its patients, including its mid-market product line H2 and the innovative CannaCap product, under its Decarb product line.
About The Hydropothecary Corporation
The Hydropothecary Corporation is an authorized licensed producer and distributor of medical marijuana licensed by Health Canada under the Access to Cannabis for Medical Purposes Regulations (Canada). Hydropothecary provides naturally grown and rigorously tested medical marijuana of uncompromising quality. Hydropothecary's branding, marijuana product offering, patient service standards and product pricing are consistent with THCX's positioning as a premium brand for a legal source for medical marijuana within this new marketplace. In addition to medical marijuana production and sales, Hydropothecary explores various research and development opportunities for cannabinoid extracts, drugs and combinatory chemistry. In addition, the company is investigating the development and patenting of novel technologies related to medical marijuana, as well as the import and export of medical marijuana.
This press release contains forward-looking information based on current expectations. Examples of such forward-looking information include statements about future operational and production capacity, the impact of enhanced facilities and production capabilities, and expected available product selection. These statements should not be read as guarantees of future performance or results. Such statements involve known and unknown risks, uncertainties and other factors that may cause actual results, performance or achievements to be materially different from those implied by such statements. The Company assumes no responsibility to update or revise forward-looking information to reflect new events or circumstances unless required by law.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.