Invictus MD Provides Update on ACMPR Sales License Amendment as it Prepares for Legalization
November 27 2017 - 10:28AM
InvestorsHub NewsWire
Vancouver, BC -- November 27, 2017 -- InvestorsHub NewsWire --
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”), continues to execute plans that will achieve production
capacity of 6,000 kg commencing January 2018, several months before
Canada expects cannabis to become recreationally legal. Total
current annual production capacity at both locations is
approximately 1,500 kg.
As announced on October 27, 2017, Health Canada had removed
previously disclosed production capacity restrictions at both
Acreage Pharms and AB Labs.
Update on Sales Approval
Both Acreage Pharms and AB Labs have submitted formal requests to
Health Canada to amend its License to allow for the sale and
distribution of medical cannabis. The issuance of the Amendment is
subject to, among other things, a regulatory inspection of Acreage
Pharms’ and AB Labs’ production facilities and cannot be guaranteed
by the Company. However, the Company is confident that both
facilities are compliant with all necessary requirements, that they
will pass the required inspection, and that the Amendment will be
issued in due course. The Pre-Sales License Inspection is the last
step prior to the issuance of a Sales License under the ACMPR.
Update on Production
Acreage Pharms and AB Labs facility are currently at full
production with a total combined capacity of approximately 1,500 kg
annually.
Acreage Pharms recently completed its 6th harvest, and the yield
increased by 30% over the prior harvest from the same room as a
result of improved plant spacing and activation of the nutrient
delivery system. The facility continues to grow completely
pesticide free and the purpose built facility is out performing
management’s expectations for Good Production Practices and over
all production values.
Update on Construction
Acreage Pharms is on schedule to complete its 32,000 square foot
(phase 2) expansion by January 2018. Once completed total
production capacity of Acreage Pharms is expected to reach 5,000 kg
annually.
Management commentary
"I am extremely pleased that our operational activities are
unfolding according to plan as well as our aggressive development
strategy aimed at creating Canada’s Cannabis Company,” said Dan
Kriznic, Chairman & CEO, of Invictus MD. “The issuance of the
sales and distribution Amendment to Acreage Pharms and AB Labs
cultivation license under the ACMPR will be a significant value
catalyst for our shareholders. Additionally I can report that
Invictus MD’s balance sheet remains very strong; it has minimal
debt and the approximate $26 million cash in the treasury has been
earmarked for expanding its canopy footprint on its 250 acres of
property with a goal to produce 15,000 kg per annum, which would
make Invictus MD a top producer under the ACMPR.
Our production will satisfy the significant demand in Canada
for high quality, standardized, pesticide free product for the
current medical cannabis market and the recreational market that
will begin 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, being its 100% investment in Acreage Pharms Ltd.,
located in West-Central Alberta, and 33.3% investment AB
Laboratories Inc., located near Hamilton, Ontario. Combined the two
licenses expect to have run-rate production capacity of 6,000 kg
commencing January 2018. Invictus MD is currently fully
funded to expand operations at its two ACMPR licensees to
approximately 150,000 sq. ft., which would net approximately 20,000
kg per annum. In addition to ACMPR licenses the Company has an
82.5% investment in Future Harvest Development Ltd. a Fertilizer
and Nutrients manufacturer based in Kelowna, British Columbia.
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.
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