VANCOUVER, Oct. 27, 2017 /CNW/ - INVICTUS MD STRATEGIES
CORP. ("Invictus MD" or the "Company") (TSXV: IMH; OTC: IVITF; FRA:
8IS1), through its interests in two Access to Cannabis for
Medical Purposes Regulations ("ACMPR") license holders, its
wholly-owned subsidiary Acreage Pharms Ltd. ("Acreage
Pharms") and its one-third interest in AB Laboratories Inc.
("AB Labs"), expects to have production capacity of
6,000 kg commencing January 2018,
several months before Canada
expects cannabis to become recreationally legal. Total current
production capacity at both locations is approximately 1,500
kg.
License Capacity and Term
Health Canada has removed the
previously disclosed production capacity restrictions at both
Acreage Pharms and AB Labs. In addition, AB Labs received an
extension of its existing ACMPR license for a period of two years
and Acreage Pharms' ACMPR license was extended through to
March 2020.
Update on Sales Approval
AB Labs has submitted a request to Health Canada to amend
its license to allow for the sale and distribution of medical
cannabis (the "Amendment"). Health Canada's approval of the Amendment is subject
to, among other things, a regulatory inspection of AB
Labs' production facility and cannot be guaranteed by the
Company. However, management of the Company is confident that AB
Labs is compliant with all necessary requirements, that AB Labs'
facility will pass the required inspection and that Health Canada
will approve the Amendment and grant AB Labs a sales license in due
course.
Acreage Pharms has submitted additional samples to three
independent labs licensed by Health Canada and management is
confident Acreage Pharms will receive a sales license once
the quality assurance team has analyzed the results. This
will be a significant milestone for Acreage Pharms and the
Company.
Update on Production
AB Labs plans to release over 6 Lots consisting in excess
of 75 kg over the next one to three months. The facility is
currently at full production and development plans have been
submitted for an expansion at the AB Ventures Ltd. 100 acre site in
Hamilton, Ontario. The current
facility at AB Labs can produce 1,000 kg at full capacity.
Acreage Pharms' existing facility is also currently at full
production and additionally has converted a vegetative room into a
flowering room, thereby providing additional production capacity.
Total capacity is expected to reach 5,000 kg by January 2018 when Acreage Pharms completes its
current 32,000 square foot expansion. Acreage Pharms phase 2
expansion is currently underway with the completion of the concrete
foundation and expectation the tilt up slab concrete walls will be
installed by end of November.
Management commentary
Dan Kriznic, Chairman & CEO, of Invictus MD, commented "I am
very pleased to report that our operational activities are
unfolding according to our business plan, and that our strategic
efforts to build Canada's Cannabis
Company are coming together. The issuing of the sales and
distribution Amendment to Acreage Pharms and AB Labs cultivation
license under the ACMPR would constitute a significant value
catalyst for our shareholders. I would further comment that the
company's balance sheet remains very strong; it has minimal debt
and the approximate $26 million cash
in the treasury has been reserved to expand its canopy footprint on
its 250 acres of property, 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 2018."
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, Acreage Pharms Ltd. and AB Laboratories Inc.;
along with Fertilizer and Nutrients through 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: This
release includes certain statements and information that may
constitute forward-looking information within the meaning of
applicable Canadian securities laws or forward-looking statements
within the meaning of the United States Private Securities
Litigation Reform Act of 1995. All statements in this news release,
other than statements of historical facts, including statements
regarding future estimates, plans, objectives, assumptions or
expectations of future performance, including the potential
production capacity of AB Labs, AB Ventures and Acreage Pharms'
production facilities, the granting of regulatory approval and
anticipated timing of AB Labs reaching full production capacity,
the granting of a sales license under the ACMPR to AB Labs, AB
Ventures and Acreage Pharms, the success and timing of AB Labs'
release of additional lots; and the success and timing of Acreage
Pharms' expansion plans, are forward-looking statements and
contain 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". Forward-looking statements are based on certain material
assumptions and analysis made by the Company and the opinions and
estimates of management as of the date of this press release,
including the assumptions AB Labs, AB Ventures and Acreage Pharms
will receive regulatory approval to sell medical cannabis at their
production facilities' full capacity, AB Ventures will be granted a
license under the ACMPR, AB Ventures is able to successfully build
a production facility and Acreage Pharms is able to successfully
complete its expansion plans. 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. Important factors that may cause
actual results to vary, include, without limitation, the risk that
AB Labs, AB Ventures and Acreage Pharms will not receive regulatory
approval to sell medical cannabis at their production facilities or
reach full production capacity, AB Ventures will not be granted a
license under the ACMPR, AB Ventures is not able to successfully
build a production facility; and Acreage Pharms is not able to
successfully complete its expansion plans. Although management of
the Company has attempted to identify important factors that could
cause actual results to differ materially from those contained in
forward-looking statements or forward-looking information, there
may be other factors that cause results not to be as anticipated,
estimated or intended. 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 other purposes. The Company does not undertake to
update any forward-looking statement, forward-looking information
or financial out-look that are incorporated by reference herein,
except in accordance with applicable securities laws. We seek safe
harbor.
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