Invictus MD Provides an Update on Harvest by Acreage Pharms Ltd.
August 11 2017 - 8:00AM
InvestorsHub NewsWire
Vancouver, BC, August 10, 2017 --
InvestorsHub NewsWire -- INVICTUS MD STRATEGIES CORP. ("Invictus
MD" or the "Company") (TSXV: IMH; OTC: IVITF; FRA: 8IS)
is pleased to
announce that its wholly owned subsidiary,
Acreage Pharms Ltd. (“Acreage Pharms”), a licensed producer under
the Access to Cannabis for Medical Purposes Regulations
(“ACMPR”), completed its first two successful
harvests earlier this month. Acreage Pharms, utilizing its
pesticide free growing systems, anticipates two harvests to take
place the first week of September.
Trevor Dixon, CEO of Acreage
Pharms commented “The yields from both of the first two harvests
exceeded expectations. The additional two harvests in the first
week of September will utilize the entire grow space which will
maximize yields and generate sufficient data to determine
anticipated annual production rates. Acreage Pharms will be in a
position to receive the license to sell once
the QA team has analyzed the results of the third-party
lab tests. This will be a significant milestone for Acreage
Pharms.”
The initial harvests
in this purpose built, state-of-the-art production facility along
with the highly capable, cultivation team that uses Good Production
Practices, has resulted in high quality, non-irradiated medical
cannabis.
The company is also pleased to
report that Phase 2, a 27,800 square foot purpose built, multiple
room production facility, is well under construction with scheduled
completion by the end of January 2018. Given the production
improvements realized from Phase 1, the new facility is projected
to produce up to 4,200 kgs per annum. That represents a 800%
increase in production over the existing production facility.
The capital costs of constructing the Phase 2
production facility is within the $6 million that was initially
budgeted.
Dan Kriznic, Chairman & CEO, Invictus MD commented
“Invictus MD is well capitalized for expansion with approximately
$28.5 million in cash and is prepared for an exciting year of
growth. We have one of the industry's most experienced teams and
our focus remains on building our shareholder value with
significant expansion plans as the demand for cannabis
increases.”
About Invictus
MD Strategies Corp.
Invictus MD Strategies
Corp. is focused on two main verticals within the Canadian cannabis
sector, namely the Licensed Producers under the ACMPR, being its
wholly owned subsidiary Acreage Pharms and its non-wholly owned
affiliate AB Laboratories Inc.; along with Fertilizer and Nutrients
through its non-wholly owned subsidiary Future Harvest Development
Ltd.
For more information,
please visit www.invictus-md.com.
On Behalf of the
Board,
Dan Kriznic
Chairman &
CEO
Larry
Heinzlmeir
Vice President,
Marketing & Communications
604-537-8676
Cautionary Note Regarding Forward-Looking Statements: Statements
contained in this news release that are not historical facts are
"forward-looking information" or "forward-looking statements"
(collectively, "Forward-Looking Information") within the meaning of
applicable Canadian securities legislation and the United States
Private Securities Litigation Reform Act of 1995. Forward Looking
Information includes, but is not limited to, disclosure regarding
possible events, conditions or financial performance that is based
on assumptions about future economic conditions and courses of
action; and the plans for completion of the Offering, expected use
of proceeds and business objectives. In certain cases,
Forward-Looking Information can be identified by the use of words
and phrases such as "anticipates", "expects", "understanding", "has
agreed to" or variations of such words and phrases or statements
that certain actions, events or results "would", "occur" or "be
achieved". Although Invictus has attempted to identify important
factors that could affect Invictus and may cause actual actions,
events or results to differ materially from those described in
Forward-Looking Information, there may be other factors that cause
actions, events or results not to be as anticipated, estimated or
intended, including, without limitation, the risks and
uncertainties related to the Offering not being completed in the
event that the conditions precedent thereto are not satisfied. In
making the forward-looking statements in this news release,
Invictus has applied several material assumptions, including the
assumptions that (1) the conditions precedent to completion of the
Offering will be fulfilled so as to permit the Offering to be
completed on or about June 1, 2017; (2) all necessary approvals
will be obtained in a timely manner and on acceptable terms; and
(3) general business and economic conditions will not change in a
materially adverse manner. There can be no assurance that
Forward-Looking Information will prove to be accurate, as actual
results and future events could differ materially from those
anticipated in such statements. Accordingly, readers should not
place undue reliance on Forward-Looking Information. Except as
required by law, Invictus does not assume any obligation to release
publicly any revisions to Forward-Looking Information contained in
this news release to reflect events or circumstances after the date
hereof or to reflect the occurrence of unanticipated
events.
Neither the TSX
Venture Exchange nor its Regulation Services Provider (as that term
is defined in the policies of the TSX Venture Exchange) accepts
responsibility for the adequacy or accuracy of this
release.
Invictus MD Strategies (TSXV:GENE)
Historical Stock Chart
From Aug 2024 to Sep 2024
Invictus MD Strategies (TSXV:GENE)
Historical Stock Chart
From Sep 2023 to Sep 2024