Having one of the highest profile politicians moving across the country to join us is yet another sign of confidence.
Former B.C. health minister signs on as vice-president at Hydropothecary
SÉBASTIEN STLOUIS, CEO of Gatineau medical marijuana company Hydropothecary, on hiring former BC health minister Terry Lake as a VP.
A medical marijuana company in Gatineau has snagged a high-profile former politician to work for its growing operation.
Terry Lake, who until a few months ago was B.C.’s health minister, will take a job as vice-president at Hydropothecary Corp., the company announced Thursday.
Lake served eight years in the B.C. legislature, and was health minister in the Liberal government between 2013 and the spring of 2017. He didn’t run in the provincial election in May.
A veterinarian by training, Lake got into politics as a municipal councillor and served a term as mayor of Kamloops. As health minister he managed the province’s response to the escalating opioid crisis. Lake received the Canadian Public Health Association’s National Public Health Hero Award in May 2017, Hydropothecary said in a news release.
Lake said he has had a relationship with Hydropthecary cofounder Adam Miron for more than 12 years. Miron had stayed in constant communication with Lake about the fledgling business. When the opportunity came to join the team, he jumped at it.
“It’s a company I have great confidence in, in terms of their professionalism and the quality of the people there and the opportunities that exist for this company to expand,” he said. “I think they’ve got a very good base and reputation that sets them up very well for the recreational marketplace.”
The former health minister brings his science background and knowledge of government policies and procedures with him to the new role at Hydropothecary. He said he plans to move to Ottawa in the coming weeks, but his wife will remain at their home in B.C., as she is a faculty member at Thompson Rivers University.
Hydropothecary CEO and cofounder Sébastien St-Louis said “having one of the highest profile politicians moving across the country to join us is yet another sign of confidence” in the company. The markets seemed to agree with St-Louis’s sentiment as the company’s shares on the TSX Venture Exchange were up 13 cents, 10.24 per cent, in mid-day trading to $1.40 a share.
“His knowledge of the cannabis industry from the political front lines will play a key role in Hydropothecary’s corporate social responsibility efforts,” said the release.
In a statement, Lake said that legalization of marijuana is the biggest public policy issue Canada has dealt with since free trade.
His goal is to “ensure that the initiation of the framework around recreational cannabis is done in a way that, above all, protects public health, especially as it relates to young Canadians,” the statement said.
Hydropothecary, like many of Canada’s medical marijuana growers, hopes to supply the recreational market.
The company has big plans. Work is to begin this fall on a massive 250,000-square-foot greenhouse on its rural property about 40 kilometres northeast of Ottawa. Company officials estimate the expansion will allow them to produce six times their current yield, to 25,000 kilograms of dried cannabis a year.
According to government estimates, Canadians will consume around 655,000 kg of dried cannabis a year when recreational pot is legal.
Fifty-six medical marijuana producers are licensed by Health Canada, but Hydropothecary is the only one in Quebec.
Medical growers can now only sell by mail, and their products are restricted to dried cannabis or oils. But the number of customers and types of cannabis products are expected to expand dramatically over the next few years as Canada ushers in legal recreational use.
The government has promised that recreational pot will be legal by July 2018. The provinces still have to decide where marijuana will be sold. Industry insiders say it’s unlikely that stores will be open across Canada by that date, but the federal government has indicated that marijuana will be available by mail.