GATINEAU, Quebec, July 11, 2018 (GLOBE NEWSWIRE) — The Hydropothecary Corporation (“HEXO” or the “Company”) (TSX:HEXO) announces that it has made a grant of stock options under its stock option plan to certain of its directors and officers to acquire a total of 4,325,000 common shares of the Company. In addition, the Company has granted options to acquire an aggregate of 1,366,500 common shares of the Company to certain non-executive employees. All of the options are exercisable at a price of $4.89 per share. One-third of the options will vest on the one year anniversary of the date of grant and the balance will vest quarterly over two years thereafter. The options have a term of 10 years and are subject in all respects to the terms of HEXO’s stock option plan and the requirements of the TSX.
“HEXO is pleased to be able to use this opportunity to provide all employees with stock options, allowing them to become owners as we continue to grow and prepare for the adult use market. We’d like to thank them for their support and hard work over the last 5 years in helping us get to this stage in our growth” said Sebastien St-Louis, co-founder and CEO of HEXO.
HEXO creates and distributes innovative, easy-to-use and easy-to-understand products to serve the Canadian cannabis market. One of the country’s lowest-cost producers, HEXO is rapidly increasing its production capacity in the lead up to the adult-use cannabis market. The Company currently operates with 300,000 sq. ft. of production capacity and has another 1,000,000 sq. ft. expansion set to be complete by year end. HEXO will serve the adult-use market under the HEXO brand, while continuing to serve its medical cannabis clients through the well-known Hydropothecary brand.
Neither the Toronto Stock Exchange nor its Regulation Services Provider (as that term is defined in the policies of the Toronto Stock Exchange) accepts responsibility for the adequacy or accuracy of this release.