VANCOUVER, BC, June 22, 2020 /CNW/ - Invictus MD Strategies Corp. (NEX: GENE.H) (the "Company") announced today that it has entered into an investment agreement for the sale of its wholly-owned subsidiary, Acreage Pharms Ltd. ("Acreage").  The purchaser is Acreage Developments Corp. (the "Investor"), a privately-owned company that is unrelated to the Company and its directors and officers. 

Completion of the sale is subject to condition precedents including Court approval of the transaction and a plan of compromise and arrangement (the "Plan") being approved by the creditors of Acreage and the Court in the CCAA proceedings currently underway involving the Company and its subsidiaries.  As part of the transaction and Plan, all existing shares of Acreage will be cancelled and new shares issued to the Investor. As a consequence, the Investor will be the sole shareholder of Acreage, and it is not anticipated that the sale will result in any recovery for creditors or the common shareholders of the Company. Recoveries will be limited to the creditors of Acreage.

The Company anticipates that it will shortly file a motion for a court order to present the Plan to the creditors of Acreage and subject to receiving certain approvals, plans to seek a sanction order from the Court approving the implementation of Plan.  Details of the sales process that was undertaken will be available then.

The Company continues to seek buyers for its remaining assets and is in discussions with parties regarding a potential transaction.  There can be no assurance that the transaction with the Investor will be completed, that the creditors or the Court will approval the Plan or that any transaction involving the remaining assets of the Company will eventuate.

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.

About Invictus

Invictus is a global cannabis company with a focus on the Canadian cannabis space, offering a selection of products under a wide range of cannabinoid profiles that fit the demand of the Company's medical clients and retail customers.

For more information visit www.invictus-md.com.

Caution Regarding Forward Looking Information

This release includes certain statements and information that may constitute forward-looking information within the meaning of applicable Canadian securities laws. All statements in this news release, other than statements of historical facts, including statements regarding future estimates, plans, objectives, timing, assumptions or expectations of future performance, including the potential completion of the sale of Acreage to the Purchaser, the possibility of transactions involving the other assets of the Company and the lack of any anticipated recovery for common shareholders or unsecured creditors, are forward-looking statements and contains forward-looking information. Generally, forward-looking statements and information can be identified by the use of forward-looking terminology such as "intends" or "anticipates", or variations of such words and phrases or statements that certain actions, events or results "may", "could", "should", "would" or "occur". These forward-looking statements are subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of the Company to be materially different from those expressed or implied by such forward looking statements or forward-looking information. There can be no assurance that such statements 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 statements and forward-looking information. Readers are cautioned that reliance on such information may not be appropriate for their purposes.

SOURCE Invictus MD Strategies

Copyright 2020 Canada NewsWire