After revealing initial details on the construction of a new 1,000,000 sq. ft. production facility back in October, Gatineau-based HEXO Corp. (TSX: HEXO) just issued an update that the latest phase of the project is now complete.
This phase covered the project’s licensing and initial construction, with the new cannabis greenhouse slated to operate as an expansion to the company’s existing 310,000 sq. ft. facility within the next few days.
After preparing cuttings and growing new mother plants in that previous facility, HEXO’S team will now begin moving those assets into the greenhouse expansion by the end of the month.
The company’s goal with this tripling in size is to dramatically increase dried flower cannabis production from the current annual milestone of 108,000 kg.
Producing additional supply has been seen as one of the main hurdles to overcome in the newly legalized marijuana industry in the face of unprecedented consumer demand.
HEXO Chief Executive Officer Sébastien St. Louis commented on this latest greenhouse expansion news:
Now that the expanded facility is nearly operational, HEXO has released financial details on the latest quarter of the fiscal year, announcing gross revenue of $6.2 million.
That figure includes $5.2 million in sales in the weeks following the legalization of recreational marijuana back in October.
In related news, HEXO Corp. brand Hydropothecary managed to take home the Cannabis Product of the Year award for their Elixir CBD Peppermint product at the 2018 Canadian Cannabis Awards in early December.
Last week, HEXO additionally filed to list public shares on the U.S. stock market through the NYSE.
Currently, the company trades on the Toronto Stock Exchange under ticker symbol HEXO, along with the OTC PINK under the ticker symbol HYYDF, with those trades to be halted when NYSE approval is granted.