Hydropothecary - Investor Deck
TSXV:THCX C ORPORATE PRE SE N TAT I O N
APRIL 11, 2017
Photo: Hydropothecary, Building 5, 2017
CONFID ENTI AL I TY April 11, 2017 - The information contained in this presentation is provided by The Hydropothecary Corporation (THC) for informational purposes only and does not constitute an offer to issue or arrange to issue, or the solicitation of an offer to issue, securities of THC or other financial products. The information contained herein is not investment or financial product advice and is not intended to be used as the basis for making an investment decision.
F ORWAR D LOOKI NG I N F O R M ATI O N Certain statements contained in this presentation, as well as any amendments or supplements and any other information that may be furnished by the Company, may include forward-looking information and contains future-oriented financial information (“FOFI”) within the meaning of applicable securities laws, including FOFI regarding estimates of revenue and profit margins (collectively, “forward-looking information”). Forward-looking information may relate to the future outlook and anticipated events or results of the Company and may include statements regarding the regulatory environment (including anticipated changes) that the Company operates in, and the financial position, business strategy, budgets, projected costs, capital expenditures, financial results, plans and objectives of or involving the Company. In particular, statements regarding future results, performance, achievements, prospects or opportunities for the Company or the medical marijuana industry are forward-looking statements. The Company has based these forward-looking statements on factors and assumptions about future events and financial trends that it believes may affect the financial condition, results of operations, business strategy and financial needs of the Company. Although the forward-looking statements contained in this presentation are based upon assumptions that management of the Company believes are reasonable based on information currently available to it, there can be no assurance that actual results will be consistent with these forward-looking statements. By their nature, forward-looking statements are inherently uncertain, are subject to risk and are based on assumptions, many of which are beyond the control of the Company and may cause their or the industry's actual results, performance, achievements, prospects and opportunities in future periods to differ materially from those expressed or implied by such forward-looking statements. The FOFI contained in this presentation was prepared for illustrative purposes only and may not be appropriate for other purposes. The Company cannot assure you that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Readers are cautioned that forward-looking statements are not guarantees of future performance and accordingly readers are cautioned not to put undue reliance on forward-looking statements due to the inherent uncertainty therein. All forward-looking statements included in this presentation are qualified by these cautionary statements. Unless otherwise indicated, these forward-looking statements are made as of April 11, 2017, and the Company does not intend, and does not assume any obligation, to update these forward-looking statements, except as expressly required by law.
1
A BOU T H Y D RO POTH EC A RY
August 2013 THC is incorporated
September 2013 MMPR application submitted
October 2014 Original license application terminated
November 2014 167151 Canada Inc. (MMPR license holder) + First crop is harvested
May 2015 167151 Canada Inc. license amended to permit cannabis sales
December 2015 THC completed retrofitting of 7000 sq.ft. greenhouse to enable 4 season growing
March 2017 Completed RTO + Began trading on the TSX Venture Exchange under THCX
November 2016 Entered LOI to RTO through BFK Capital Corp.
December 2016 Completed 35,000 sq.ft. 4 season greenhouse + Launched H2 and Decarb CannaCap
March 28 2017 Cannabis oil license amended for sales
Photo: Hydropothecary operations 2014-2017
2
CUR R E N T LA N DSC A PE: M E DI C A L MA RI J UA NA I N CA NA DA 41 licensed producers in Canada compared to over 3,000 in California for about the same population (36m). Number of licenses issued by province
Only 27 producers, including Hydropothecary, have full licenses (both cultivation and sale).
YT
0
NT
0
BC
9
AB
1
NL
NU
0
0
SK
2
MB
PE
QC
1
ON
1
1
24
NS NB
1
Facility in Gatineau, QC
0
Licensing process takes 2 to 3 years to complete from receipt of initial cultivation license. Only 19 producers, including Hydropothecary, licensed to produce and sell cannabis oil. Estimated size of the medical marijuana market est. at $1.1B1.
Map courtesy of 1 - Source: Mackie Research Report "As High as the Rockies - The Canadian Marijuana Opportunity"
3
F U TU RE L A N DSC A PE: LE G A L IZ AT IO N OF R EC R EATI ONAL IN CANADA
April 2017: Federal government expected to announce recreational legalization July 2018: Expected date of recreational legalization $8.7B: Estimated size of recreational market in Canada1 1 - Source: Deloitte Report "Recreational Marijuana Insights and Opportunities, 2016" Photo: Hydropothecary’s After Dinner in flowering stage
4
H Y DROPOT H E CA RY F UNDA M ENTALS
CA SH I NV ENTORY COST PER GR AM
$1.47
SCA L E 42,000 sq. ft. licensed facility with annual capacity of 3,600kg 250,000 sq. ft. expansion planned to be completed in late 2018
per gram for Q2 2017
PRODUCT I N N OVATI O N Premium producer with affordable luxury options
RE V ENUE PER GR AM
Three distinct product lines, including the industry exclusive Decarb, CannaCap products
$10.10 per gram for Q2 2017
F OCUS O N PRO F I TA B I L I T Y Estimated breakeven adjusted EBITDA in January 2018
5
SC A L E : 2 9 2 , 0 0 0 SQ. F T. C A PACI TY LEGEND Current facilities 42,000 sq. ft.
Future facilities
Building #6
250,000 sq. ft.
Expansion
$25M project Opening late 2018
(Est. late 2018)
250,000 sq. ft. Greenhouse, Production and Administration
Building #5 Building #1
COM PE T I TO R C O M PA R I SO N Funded sq. ft.
Building #2 Building #3 & #4
Market Capitalization*
Aphria
1,000,000 $974M
Aurora
855,000
$948M
Canopy (Tweed+Bedrocan)
595,000
$1.6B
Hydropothecary
292,000** $156M
Organigram
227,503
$312M
* Based on April 7, 2017 closing share price **Assumes approximately $10M of funding from the exercise of warrants and options. Additional funding may be required in the event the exercise of options and warrants is insufficient (see slide 16 for warrant and option detail)
6
G ROW IN G TO 2 92,000 SQ. F T. C A PACIT Y FACILITY SIZE
Completed
Completed
In Progress
300,000 sq.ft.
E ST I M AT E D A N N UA L R E V E N U E C A PAC I T Y *
200,000 sq.ft.
Current
1 2 Future
100,000 sq.ft.
3
Stage
Stage
Stage
1
2
3
35,000 Total sq.ft. 7,000 sq.ft.
sq.ft.
Total sq.ft. 42,000 sq.ft.
250,000
$23M $180M
sq.ft.
Total sq.ft. 292,000 sq.ft. *At current market prices
7
F O C U S O N PRO F I TA B I L I TY
Management estimates breakeven adjusted EBITDA by January 2018
Photo: Hydropothecary whole flower buds
8
CO ST
C O ST PE R G R A M CO MPA R AT IV E S
C A SH I N V E N TO RY C O ST PE R G R A M
COST /GRAM
$1.47
$2.00
Q2 2017
$1.50
$1.00
$0.50
$1.47
$1.31
$2.47
Cash costs to produce per gram is calculated as costs of sales excluding IFRS adjustments, excluding amortization and packaging costs, divided by the number of grams sold during the period.
1
Weighted average cost per gram to produce, including growing, harvesting, processing and selling, and applied to the grams sold in the period.
2
Hydropothecary
Competitor #1 1
Competitor #2 2
9
RE VEN U E Six months ended January 31
2017
2016
R EV ENUE ( $ ) 2,052,599
REVENUE PE R G R A M
201,220
GR AM S SO L D ( G) 171,300
$10.10
15,355
per gram for Q2 2017
G RA MS SOL D PER QUART E R GRAMS SOLD
SA L E S I N C R E A SE D OV E R Y E A R
80,000g
60,000g
406%
40,000g
Q2 2017 to Q2 2016
20,000g
Q1’16
Q2’16
Q3’16
Q4’16
Q1’17
Q2’17
10
PRODUC T I NNOVATIO N Discreet. Exclusive offering in Canada
Smoke-Free. Easy.
DE CA R B The only licensed producer currently offering Decarb, fine milled marijuana designed for oral consumption. Prepared using a proprietary drying method and exacting scientific standards. And more R E SI N L I CE N SE O I L L I CE N SE
PR EM I UM L I NES
T I ME
CannaCap
Discreet . Smoke-free . Easy
14 products
Starting at $7.25/gram
of
DAY
Signature Product Line $15/gram
11
PR E M IU M QUA L IT Y NATURAL LY GROWN
25 gram buds (wet weight) freshly harvested, November 2016
Synthetic pesticide-free Custom feed solutions Hybrid greenhouse Hand manicured
12
PR E M IU M C ONCI ERGE SERV I C E
WE OFF ER : Unmatched Concierge Service Bilingual 24/7 Discretion from Packaging to Customer Service
DI ST R I BUTI O N : Network of 60+ partner clinic locations across Canada Coral, wholly owned, virtual online telehealth clinic www.coralhealth.ca 13
TE A M
SÉBASTIEN ST. LOUIS Co-Founder & Chief Executive Officer
ED CHAPLIN Chief Financial Officer
Former CFO of a manufacturing firm
18 years experience with high growth company
MBA finance from the Université du Québec à Montréal
Chartered Accountant
Closed over $200M commercial banking and trade finance transactions at EDC and BDC
Formerly held positions at Corel and Ernst and Young
ADAM MIRON Co-Founder & Chief Brand Officer Co-founder of iPolitics.ca Formerly held the position of National Director for Federal Commissions
JAMES MCMILLAN VP, Business Development
DR. SHANE MORRIS VP, Quality Assurance and Scientific Affairs
19 years of experience in sales, marketing and business development
Doctorate in biotechnology from the National University of Ireland
Involved in acquisitions totalling approximately $600 million
Formerly held positions at Natural Resources Canada, Canadian Food Inspection Agency, Public Health Agency of Canada
Helped raise over $480M in debt and equity
AGNES KWASNIEWSKA Master Grower Masters of Science degree from McGill University 9 years experience in progressive experience in agriculture, environment and research roles
ARNO GROLL Director of Operations Former Director of Global Business Operations at Lam Research Corporation Former Quality and Process Excellence Manager at GEA Refrigeration Canada
MAX CYR Director of Client Services Former Supervisor for the MMAR Police and Client Services at Health Canada
LOUIS GAGNON Consulting Agronomist Over 30 years experience in horticulture Specializing in the cultivation of difficult to harvest flowers and plants
14
B OAR D O F DIRECTOR S
DR. MICHAEL MUNZAR Chairman of the Board & Independent Director Over 30 years as a licensed physician Published in numerous peer-reviewed journals, managed medical facilities, and designed and conducted pre-clinical studies and clinical trials
JASON EWART Independent Director Co-founder and Chief Executive Officer of Fountain Asset Corp., a Canadian merchant bank providing debt and equity financings to private and public companies across various industries Economics degree from McGill University
VINCENT CHIARA Independent Director
ADAM MIRON Co-Founder & Chief Brand Officer
Lawyer
Co-founder of iPolitics.ca
President and sole owner of Group Mach, a private holding company which holds significant investments representing more than 6.5 million square feet of office buildings in Montreal, Quebec
Formerly held the position of National Director for Federal Commissions
SÉBASTIEN ST. LOUIS Co-Founder & Chief Executive Officer Former CFO of a manufacturing firm MBA finance from the Université du Québec à Montréal Closed over $200M commercial banking and trade finance transactions at EDC and BDC
15
SHAR E C A P ITA LI ZATI ON COMMON SH A RE S ISSU E D & OU TSTA N D IN G as at April 11, 2017
M A R K E T C A PI TA L I Z AT I O N *
75,405,085
EXPIRY DATES
WARRAN TS
$1.6B
$M 140
Warrants @ $0.75
2,570,346
Aug. ‘17 - July ‘19
Warrants @ $0.83
5,571,186
Mar. ‘19 - Oct. ‘19
120
Warrants @ $0.76 USD
2,339,208
Nov. ‘19
100
Broker and other warrants
2,322,072
Sept. ‘17 - Aug. ‘21
$948M
$974M
800
STOC K OPTION S
600
$0.16 strike price
1,020,000
May ‘19
$0.58 strike price
1,341,900
Nov. ‘24 - July ‘25
$0.75 strike price
2,511,996
Nov. ‘24 - Jan. ‘27
$0.90 strike price
177,777
Mar. ‘18
$1.55 strike price
66,000
Mar. ‘20
FULLY D ILU TE D SH A RE S
93,325,570
400
200
$312M $156M
THCX The Hydropothecary
OGI Organigram
ACB Aurora Cannabis
APH Aphria
WEED Canopy Growth
*Based on April 7, 2017 closing share price
16
CONTAC T IN F OR M ATI ON
IN VE STO R RE LAT IO N S The Hydropothecary Corporation 120 chemin de la Rive Gatineau, QC J8M 1V2 1-866-438-THCX (8429) [email protected]
Photo: Hydropothecary closeup of flowering stage
17
APRIL 11, 2017
Photo: Hydropothecary, Building 5, 2017
CONFID ENTI AL I TY April 11, 2017 - The information contained in this presentation is provided by The Hydropothecary Corporation (THC) for informational purposes only and does not constitute an offer to issue or arrange to issue, or the solicitation of an offer to issue, securities of THC or other financial products. The information contained herein is not investment or financial product advice and is not intended to be used as the basis for making an investment decision.
F ORWAR D LOOKI NG I N F O R M ATI O N Certain statements contained in this presentation, as well as any amendments or supplements and any other information that may be furnished by the Company, may include forward-looking information and contains future-oriented financial information (“FOFI”) within the meaning of applicable securities laws, including FOFI regarding estimates of revenue and profit margins (collectively, “forward-looking information”). Forward-looking information may relate to the future outlook and anticipated events or results of the Company and may include statements regarding the regulatory environment (including anticipated changes) that the Company operates in, and the financial position, business strategy, budgets, projected costs, capital expenditures, financial results, plans and objectives of or involving the Company. In particular, statements regarding future results, performance, achievements, prospects or opportunities for the Company or the medical marijuana industry are forward-looking statements. The Company has based these forward-looking statements on factors and assumptions about future events and financial trends that it believes may affect the financial condition, results of operations, business strategy and financial needs of the Company. Although the forward-looking statements contained in this presentation are based upon assumptions that management of the Company believes are reasonable based on information currently available to it, there can be no assurance that actual results will be consistent with these forward-looking statements. By their nature, forward-looking statements are inherently uncertain, are subject to risk and are based on assumptions, many of which are beyond the control of the Company and may cause their or the industry's actual results, performance, achievements, prospects and opportunities in future periods to differ materially from those expressed or implied by such forward-looking statements. The FOFI contained in this presentation was prepared for illustrative purposes only and may not be appropriate for other purposes. The Company cannot assure you that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Readers are cautioned that forward-looking statements are not guarantees of future performance and accordingly readers are cautioned not to put undue reliance on forward-looking statements due to the inherent uncertainty therein. All forward-looking statements included in this presentation are qualified by these cautionary statements. Unless otherwise indicated, these forward-looking statements are made as of April 11, 2017, and the Company does not intend, and does not assume any obligation, to update these forward-looking statements, except as expressly required by law.
1
A BOU T H Y D RO POTH EC A RY
August 2013 THC is incorporated
September 2013 MMPR application submitted
October 2014 Original license application terminated
November 2014 167151 Canada Inc. (MMPR license holder) + First crop is harvested
May 2015 167151 Canada Inc. license amended to permit cannabis sales
December 2015 THC completed retrofitting of 7000 sq.ft. greenhouse to enable 4 season growing
March 2017 Completed RTO + Began trading on the TSX Venture Exchange under THCX
November 2016 Entered LOI to RTO through BFK Capital Corp.
December 2016 Completed 35,000 sq.ft. 4 season greenhouse + Launched H2 and Decarb CannaCap
March 28 2017 Cannabis oil license amended for sales
Photo: Hydropothecary operations 2014-2017
2
CUR R E N T LA N DSC A PE: M E DI C A L MA RI J UA NA I N CA NA DA 41 licensed producers in Canada compared to over 3,000 in California for about the same population (36m). Number of licenses issued by province
Only 27 producers, including Hydropothecary, have full licenses (both cultivation and sale).
YT
0
NT
0
BC
9
AB
1
NL
NU
0
0
SK
2
MB
PE
QC
1
ON
1
1
24
NS NB
1
Facility in Gatineau, QC
0
Licensing process takes 2 to 3 years to complete from receipt of initial cultivation license. Only 19 producers, including Hydropothecary, licensed to produce and sell cannabis oil. Estimated size of the medical marijuana market est. at $1.1B1.
Map courtesy of 1 - Source: Mackie Research Report "As High as the Rockies - The Canadian Marijuana Opportunity"
3
F U TU RE L A N DSC A PE: LE G A L IZ AT IO N OF R EC R EATI ONAL IN CANADA
April 2017: Federal government expected to announce recreational legalization July 2018: Expected date of recreational legalization $8.7B: Estimated size of recreational market in Canada1 1 - Source: Deloitte Report "Recreational Marijuana Insights and Opportunities, 2016" Photo: Hydropothecary’s After Dinner in flowering stage
4
H Y DROPOT H E CA RY F UNDA M ENTALS
CA SH I NV ENTORY COST PER GR AM
$1.47
SCA L E 42,000 sq. ft. licensed facility with annual capacity of 3,600kg 250,000 sq. ft. expansion planned to be completed in late 2018
per gram for Q2 2017
PRODUCT I N N OVATI O N Premium producer with affordable luxury options
RE V ENUE PER GR AM
Three distinct product lines, including the industry exclusive Decarb, CannaCap products
$10.10 per gram for Q2 2017
F OCUS O N PRO F I TA B I L I T Y Estimated breakeven adjusted EBITDA in January 2018
5
SC A L E : 2 9 2 , 0 0 0 SQ. F T. C A PACI TY LEGEND Current facilities 42,000 sq. ft.
Future facilities
Building #6
250,000 sq. ft.
Expansion
$25M project Opening late 2018
(Est. late 2018)
250,000 sq. ft. Greenhouse, Production and Administration
Building #5 Building #1
COM PE T I TO R C O M PA R I SO N Funded sq. ft.
Building #2 Building #3 & #4
Market Capitalization*
Aphria
1,000,000 $974M
Aurora
855,000
$948M
Canopy (Tweed+Bedrocan)
595,000
$1.6B
Hydropothecary
292,000** $156M
Organigram
227,503
$312M
* Based on April 7, 2017 closing share price **Assumes approximately $10M of funding from the exercise of warrants and options. Additional funding may be required in the event the exercise of options and warrants is insufficient (see slide 16 for warrant and option detail)
6
G ROW IN G TO 2 92,000 SQ. F T. C A PACIT Y FACILITY SIZE
Completed
Completed
In Progress
300,000 sq.ft.
E ST I M AT E D A N N UA L R E V E N U E C A PAC I T Y *
200,000 sq.ft.
Current
1 2 Future
100,000 sq.ft.
3
Stage
Stage
Stage
1
2
3
35,000 Total sq.ft. 7,000 sq.ft.
sq.ft.
Total sq.ft. 42,000 sq.ft.
250,000
$23M $180M
sq.ft.
Total sq.ft. 292,000 sq.ft. *At current market prices
7
F O C U S O N PRO F I TA B I L I TY
Management estimates breakeven adjusted EBITDA by January 2018
Photo: Hydropothecary whole flower buds
8
CO ST
C O ST PE R G R A M CO MPA R AT IV E S
C A SH I N V E N TO RY C O ST PE R G R A M
COST /GRAM
$1.47
$2.00
Q2 2017
$1.50
$1.00
$0.50
$1.47
$1.31
$2.47
Cash costs to produce per gram is calculated as costs of sales excluding IFRS adjustments, excluding amortization and packaging costs, divided by the number of grams sold during the period.
1
Weighted average cost per gram to produce, including growing, harvesting, processing and selling, and applied to the grams sold in the period.
2
Hydropothecary
Competitor #1 1
Competitor #2 2
9
RE VEN U E Six months ended January 31
2017
2016
R EV ENUE ( $ ) 2,052,599
REVENUE PE R G R A M
201,220
GR AM S SO L D ( G) 171,300
$10.10
15,355
per gram for Q2 2017
G RA MS SOL D PER QUART E R GRAMS SOLD
SA L E S I N C R E A SE D OV E R Y E A R
80,000g
60,000g
406%
40,000g
Q2 2017 to Q2 2016
20,000g
Q1’16
Q2’16
Q3’16
Q4’16
Q1’17
Q2’17
10
PRODUC T I NNOVATIO N Discreet. Exclusive offering in Canada
Smoke-Free. Easy.
DE CA R B The only licensed producer currently offering Decarb, fine milled marijuana designed for oral consumption. Prepared using a proprietary drying method and exacting scientific standards. And more R E SI N L I CE N SE O I L L I CE N SE
PR EM I UM L I NES
T I ME
CannaCap
Discreet . Smoke-free . Easy
14 products
Starting at $7.25/gram
of
DAY
Signature Product Line $15/gram
11
PR E M IU M QUA L IT Y NATURAL LY GROWN
25 gram buds (wet weight) freshly harvested, November 2016
Synthetic pesticide-free Custom feed solutions Hybrid greenhouse Hand manicured
12
PR E M IU M C ONCI ERGE SERV I C E
WE OFF ER : Unmatched Concierge Service Bilingual 24/7 Discretion from Packaging to Customer Service
DI ST R I BUTI O N : Network of 60+ partner clinic locations across Canada Coral, wholly owned, virtual online telehealth clinic www.coralhealth.ca 13
TE A M
SÉBASTIEN ST. LOUIS Co-Founder & Chief Executive Officer
ED CHAPLIN Chief Financial Officer
Former CFO of a manufacturing firm
18 years experience with high growth company
MBA finance from the Université du Québec à Montréal
Chartered Accountant
Closed over $200M commercial banking and trade finance transactions at EDC and BDC
Formerly held positions at Corel and Ernst and Young
ADAM MIRON Co-Founder & Chief Brand Officer Co-founder of iPolitics.ca Formerly held the position of National Director for Federal Commissions
JAMES MCMILLAN VP, Business Development
DR. SHANE MORRIS VP, Quality Assurance and Scientific Affairs
19 years of experience in sales, marketing and business development
Doctorate in biotechnology from the National University of Ireland
Involved in acquisitions totalling approximately $600 million
Formerly held positions at Natural Resources Canada, Canadian Food Inspection Agency, Public Health Agency of Canada
Helped raise over $480M in debt and equity
AGNES KWASNIEWSKA Master Grower Masters of Science degree from McGill University 9 years experience in progressive experience in agriculture, environment and research roles
ARNO GROLL Director of Operations Former Director of Global Business Operations at Lam Research Corporation Former Quality and Process Excellence Manager at GEA Refrigeration Canada
MAX CYR Director of Client Services Former Supervisor for the MMAR Police and Client Services at Health Canada
LOUIS GAGNON Consulting Agronomist Over 30 years experience in horticulture Specializing in the cultivation of difficult to harvest flowers and plants
14
B OAR D O F DIRECTOR S
DR. MICHAEL MUNZAR Chairman of the Board & Independent Director Over 30 years as a licensed physician Published in numerous peer-reviewed journals, managed medical facilities, and designed and conducted pre-clinical studies and clinical trials
JASON EWART Independent Director Co-founder and Chief Executive Officer of Fountain Asset Corp., a Canadian merchant bank providing debt and equity financings to private and public companies across various industries Economics degree from McGill University
VINCENT CHIARA Independent Director
ADAM MIRON Co-Founder & Chief Brand Officer
Lawyer
Co-founder of iPolitics.ca
President and sole owner of Group Mach, a private holding company which holds significant investments representing more than 6.5 million square feet of office buildings in Montreal, Quebec
Formerly held the position of National Director for Federal Commissions
SÉBASTIEN ST. LOUIS Co-Founder & Chief Executive Officer Former CFO of a manufacturing firm MBA finance from the Université du Québec à Montréal Closed over $200M commercial banking and trade finance transactions at EDC and BDC
15
SHAR E C A P ITA LI ZATI ON COMMON SH A RE S ISSU E D & OU TSTA N D IN G as at April 11, 2017
M A R K E T C A PI TA L I Z AT I O N *
75,405,085
EXPIRY DATES
WARRAN TS
$1.6B
$M 140
Warrants @ $0.75
2,570,346
Aug. ‘17 - July ‘19
Warrants @ $0.83
5,571,186
Mar. ‘19 - Oct. ‘19
120
Warrants @ $0.76 USD
2,339,208
Nov. ‘19
100
Broker and other warrants
2,322,072
Sept. ‘17 - Aug. ‘21
$948M
$974M
800
STOC K OPTION S
600
$0.16 strike price
1,020,000
May ‘19
$0.58 strike price
1,341,900
Nov. ‘24 - July ‘25
$0.75 strike price
2,511,996
Nov. ‘24 - Jan. ‘27
$0.90 strike price
177,777
Mar. ‘18
$1.55 strike price
66,000
Mar. ‘20
FULLY D ILU TE D SH A RE S
93,325,570
400
200
$312M $156M
THCX The Hydropothecary
OGI Organigram
ACB Aurora Cannabis
APH Aphria
WEED Canopy Growth
*Based on April 7, 2017 closing share price
16
CONTAC T IN F OR M ATI ON
IN VE STO R RE LAT IO N S The Hydropothecary Corporation 120 chemin de la Rive Gatineau, QC J8M 1V2 1-866-438-THCX (8429) [email protected]
Photo: Hydropothecary closeup of flowering stage
17
