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Shares of Hydropothecary Corp. rose more than 18 per cent after the licensed medical cannabis producer announced ambitious plans that will see it further grow its operations in Quebec at a rapid pace.

The company said Tuesday it has acquired property adjacent to its existing facility in Gatineau, Que., to construct a new 93,000-square-metre greenhouse that would increase its production capacity to 108,000 kilograms of dried cannabis per year.

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The expansion will bring the company’s total production capacity to about 121,000 sq. m of cultivation and manufacturing labs, with the expansion expected to be completed in one year.

“Hydropothecary is boldly stepping forward to take the lead in the Canadian cannabis industry… Once legalization and the adult-use recreational market become a reality, Hydropothecary will be ready,” said Sebastien St. Louis, CEO and co-founder, in a statement.