Key On-Site Sales Inspection Completed for Acreage Pharms
March 26 2018 - 9:39AM
InvestorsHub NewsWire
Key On-Site
Sales Inspection Completed for Acreage
Pharms
Vancouver, BC -- March 26, 2018 -- InvestorsHub NewsWire --
INVICTUS MD STRATEGIES CORP. ("Invictus" or the "Company")
(TSXV: GENE; OTC: IVITF; FRA: 8IS1)
is pleased to announce that Acreage Pharms has undergone its
physical on site sales license inspection. Health Canada officials
are now completing their report. Given Acreage Pharms’ strong
commitment to closely adhering to regulatory guidelines and
requirements, the company remains confident it will pass this
important regulatory step and gains its sales license.
“All of the hard work that goes into building innovative, safe, and
long-lasting facilities for cannabis production revolves around
smart, demanding requirements crafted by Health Canada officials,”
said Invictus Chairman and CEO Dan Kriznic. “We value the sturdy
guidelines laid-out by Federal officials, and consider regulatory
compliance one of our most important business-building
responsibilities. We look forward to continuing to work with
officials as they oversee and examine our progress.”
As Health Canada officials review the inspection report, Acreage
Pharms is installing cooling and environmental systems throughout
its Phase 2 facility, which will have 39,600 square feet for
cannabis production. The company anticipates having its first five
grow rooms ready for cannabis production within a week. In
addition, the security system for all of Phase 2 is now being
installed and should be completed by the first week of April.
Finally, land dedicated for Acreage Pharms’ Phase 3 facility is now
being cleared in preparation for construction. The building of the
road to the future Phase 3 site is also underway.
Phases 1 and 2 represent 40,000 square feet of growing space, and
Phase 3 will add another 80,000 square feet to Acreage Pharms’
canopy.
“Creating a successful cannabis company in this increasingly
competitive environment requires a number of corporate strengths,
including efficient project management,” said Dan Kriznic.
“Building these facilities involves the coordination of a wide
range of factors, from understanding and implementing regulatory
demands to working closely with professional teams from a diversity
of disciplines — framing, electrical, plumbing, HVAC, security and
much more. The process is multi-faceted, always in flux and
complex. I am proud of the enormous amounts of complicated work the
Acreage Pharms team, led by CEO Trevor Dixon, not only have
shouldered, but have executed with skill and timeliness.”
About Invictus
Invictus operates cannabis companies in Canada with the vision of
producing a variety of high quality and low cost cannabis products
and strains to the global market place as regulations permit. Gene
Simmons, music legend and media mogul, conveys the vision of
Invictus as the Chief Evangelist Officer.
Invictus operates two cannabis production sites under the Access to
Cannabis for Medical Purposes Regulations
(“ACMPR”) in Canada and has over 95,000 square
feet of cannabis production capacity at the licensed production
sites. The Company’s wholly owned subsidiary Acreage Pharms
Ltd. (“Acreage Pharms”), located in West-Central
Alberta on 150 acres, has approximately 40,000 square feet of
cannabis ready production with its recently completed Phase 2
expansion. The Company intends on expanding to 120,000 square
feet by the end of 2018 once Phase 3 is complete.
Invictus also owns 50% of AB Laboratories Inc. (“AB
Labs”), a licensed producer under the ACMPR located in
Hamilton, Ontario. AB Labs currently operates in a 16,000 square
foot facility and recently acquired a facility adjacent to the
existing property that will allow for a total of 56,000 square feet
of cultivation space ready for production by June 2018. During the
first quarter of 2018 AB Labs submitted a secondary license to
Health Canada for a nearby property on 100 acres under the name AB
Ventures Inc. (“AB Ventures”). Invictus has
committed $5.5 million in cash to AB Ventures to secure its 33 1/3
percent ownership and allow AB Ventures to build its first 20,000
square foot facility on the 100-acre property.
Combined, the licensed producers owned by Invictus expect to have
approximately 200,000 square feet of cannabis production capacity
by the end of 2018 and 520,000 square feet of cannabis production
capacity by the end of 2019.
In addition to the ACMPR licenses, the Company has an 82.5%
investment in Future Harvest Development Ltd. a high quality
Fertilizer and Nutrients manufacturer based in Kelowna,
British Columbia that has been in operation for over 20 years under
the brand Plant Life Products and Holland Secret.
For more information, please visit www.invictus-md.com.
On Behalf of the Board,
Dan Kriznic
Chairman & CEO
Larry Heinzlmeir
Vice President, Marketing & Communications
Invictus MD Strategies Corp.
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, timing, assumptions or
expectations of future performance, including the potential
production capacity of AB Labs, the completion of 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 AB Labs secondary license, the granting
of a sales license under the ACMPR to Acreage Pharms, expected
sales of inventory and the legalization of the recreational use of
marijuana in Canada in 2018 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 potential production capacity of AB Labs, the
completion of 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 AB Labs secondary license, the granting of a sales license under
the ACMPR to Acreage Pharms, expected sales of inventory and the
legalization of the recreational use of marijuana in Canada in
2018. 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, AB Labs will not be successful
in reaching its potential production capacity, AB Ventures and
Acreage Pharms’ production facilities will not be completed as
anticipated, regulatory approval will not be granted as anticipated
and therefore, the anticipated timing of AB Labs reaching full
production capacity will be delayed, AB Labs not be granted their
secondary license, Acreage Pharms will not be granted its
sales license under the ACMPR, expected sales of inventory will not
be met and the legalization of the recreational use of marijuana in
Canada will not occur at all or as expected. 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.
Invictus MD Strategies (CE) (USOTC:IVITF)
Historical Stock Chart
From Aug 2024 to Sep 2024
Invictus MD Strategies (CE) (USOTC:IVITF)
Historical Stock Chart
From Sep 2023 to Sep 2024