VANCOUVER, Sept. 28, 2017 /CNW/ - INVICTUS MD
STRATEGIES CORP. ("Invictus MD" or the "Company") (TSXV: IMH; OTC:
IVITF; FRA: 8IS1) is pleased to announce its financial results
for the quarter ended July 31,
2017. The Company's financial statements for the period are
available under the Company's profile on SEDAR
at www.sedar.com. All amounts are expressed in Canadian
dollars.
Operational Highlights
- All of Invictus MD's existing licensed production facilities
under the Access to Cannabis for Medical Purposes Regulations
("ACMPR"), its wholly owned subsidiary Acreage Pharms Ltd., located
in West-Central Alberta, and its non-wholly owned affiliate AB
Laboratories Inc., located near Hamilton,
Ontario, are at full production.
- The foundation for the 32,000 square-foot Phase 2 facility at
Acreage Pharms Ltd. has been poured; the exterior is expected to be
completed by the first part of November
2017 and the interior expected to be completed by the end of
January 2018. The new facility will
house nine, 1,600 square foot flowering rooms, maximizing available
floor space and allowing for a fully controlled and optimized
environment facilitating a harvest every two weeks.
- Based on the improvements realized from Phase 1 plus the
construction of the Phase 2 facility, Acreage Pharms will have a
production run rate of approximately 5,000 kg of cannabis per annum
commencing February 2018
- The capital costs of constructing the Phase 2 facility continue
to remain within the $6 million that
was initially budgeted.
- Initial harvests in the existing state-of-the-art production
facility, using pesticide free growing systems and Good Production
Practices, has resulted in high quality, non-irradiated medical
cannabis. Currently Acreage Pharms has 80,000 grams of dried
cannabis in its vault, ready for sale once it receives its sales
license.
- As of July 31, 2017 Invictus MD
has $28 million cash in the treasury
and approximately $30.75 million
working capital.
Management commentary
"Invictus MD's journey has been defined by its agility,
innovation and disciplined execution of our business strategy,
achieving progressive growth in its production facilities and
shareholder value," said Dan Kriznic, Chairman & CEO, of
Invictus MD. The company's balance sheet is very strong; it has
minimal debt and working capital of $30.75
million. The approximate $28
million cash in the treasury has been reserved to expand its
canopy footprint on its 250 acres of property and produce 15,000 kg
per annum making it one of the top producers under the ACMPR. This
production is needed to meet the significant demand for high
quality, standardized, pesticide free product, not only for the
existing medical market but also to accommodate the recreational
market that will commence mid next year."
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