The Gatineau Hydropothicaire company, the only company in Quebec to hold Health Canada’s license to grow and sell cannabis for therapeutic purposes, entered the TSX on Tuesday.
The company, located on the site of the former Botanix nursery in the Masson-Angers sector, had $ 1.82 at the opening of markets in Toronto before closing at $ 1.55.
Sébastien St-Louis, president and CEO of Hydropothicaire, speaks of this entry into the stock market as a “page of history” which is now written for the young company of 58 employees with annual production potential Of 3,600 kilograms of medical cannabis, a quantity representing a sale value in the order of $ 30 million.
Barely a dozen of the 40 therapeutic marijuana producers licensed by Health Canada are listed on the stock market in Canada, says St-Louis.
“The IPO is the first seal of approval. This is the very beginning of our history, a first step to go beyond. When marijuana is legalized for the recreational market, we will already have the whole structure in place to collect the public capital and to manufacture the next installations, “explained the manager, Tuesday noon, during a visit of Right between walls very Of the Gatineau greenhouse.
Hydropothicaire sells its naturally grown products – dried marijuana, oil, resin, capsules – via the Internet since May 2015 to patients with prescriptions written by a doctor.
At the end of the first year of sale, the company generated revenues of $ 1.9 million, according to figures provided by the company. For the quarter ended October 31, 2016, this figure was $ 1.1 million.
With the bill to legalize marijuana that the Trudeau government wishes to table by the summer, the Gatineau company already sees great for the future.
Founded in 2013, Hydropothicaire currently operates two separate greenhouses totaling 42,000 square feet of facility, one for the plant cycle and one for the plant flowering cycle. The company, which owns a 65-acre lot in Masson-Angers, is planning to build additional 250,000 square feet of infrastructure, enabling it to reach a potential volume of sales just below the 200 million mark of dollars.
“Everything indicates that only authorized producers will be able to manufacture this market,” says Mr. St-Louis, about the bill sought by the Liberal government. Certainly it will dramatically increase the size of our market. We are talking about an incredible order of magnitude. Demand will explode and we will have to continue to grow and apply what we have learned from the medical side to offer even more innovative products, “says St-Louis.
The president and CEO of the company estimates that the market already estimated between 1.1 and 1.3 billion nationally will jump if the bill is passed. “Our long-term goal is to become a world leader in medical and recreational cannabis production if permitted. ”
In the meantime, Hydropothicaire plans to hire about 40 new employees by the beginning of the summer to maintain and increase its level of marijuana production for medicinal purposes.