VANCOUVER, Aug. 10, 2017 /CNW/ - 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.
SOURCE Invictus MD Strategies