VANCOUVER, Sept. 25, 2017 /CNW/ - INVICTUS MD STRATEGIES
CORP. ("Invictus MD" or the "Company") (TSXV: IMH; OTC: IVITF; FRA:
8IS1) is pleased to announce that construction of the Phase 2
development, a purpose built, multiple room production facility, is
well underway at its wholly owned subsidiary, Acreage Pharms Ltd.
("Acreage Pharms"), a licensed producer under the Access to
Cannabis for Medical Purposes Regulations ("ACMPR").
The foundation for the Phase 2 facility has been poured and the
exterior is expected to be completed by the first part of
November 2017. By the end of
January 2018, the interior fit-out is
expected.
While the facility was originally planned for 27,800 square
feet, utilizing best practices learned from previous developments,
the design was optimized to increase it to 32,000 square feet. The
additional space will provide added capacity to accommodate
administrative and production staff. 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 and enabling the grow teams
to complete all their procedures in the same day. Additionally, a
second level 8 vault will be constructed giving Acreage Pharms the
ability to store some $60 million of
cannabis product at a given time.
Commencing February 2018 Acreage
Pharms will have a production run rate of approximately 5,000 kgs
of cannabis per annum based on the improvements realized from Phase
1 plus the construction of the Phase 2 facility. Given the
location of Acreage Pharms in West-Central Alberta, electricity for
the facility is being achieved at 2.8
cents per kW, which is one of the lowest rates in
Canada. Additionally, there are no fees related to the
disposal of water at the facility given it will be processed
utilizing a septic tank and drain field method. These factors among
others will allow Acreage Pharms to be very competitive while
producing high-quality cannabis at one of the lowest cost per gram
in the industry.
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.
"Invictus MD currently has $27
million in cash in the treasury. This cash has been
earmarked for expanding square footage to meet the significant
demand that is not only currently existing as part of the medical
market but also to accommodate the recreational market that will
commence mid next year. Invictus MD has enough cash in the treasury
to expand its canopy footprint on its 250 acres of property and
produce 15,000 kg's per annum making it one of the top producers
under the ACMPR." said Dan Kriznic, Chairman & CEO, of Invictus
MD. "The construction plans at Acreage Pharms has been our
corporate strategy to take advantage of the current and future
demand for a high quality standardized pesticide free product, in
this emerging market."
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