VANCOUVER, Feb. 8, 2018 /CNW/ - INVICTUS MD
STRATEGIES CORP.'s ("Invictus" or the "Company") (TSXV: IMH; OTC:
IVITF; FRA: 8IS1) Acreage Pharms Ltd. ("Acreage Pharms")
is pleased to announce construction of its Phase 2 facility is
nearly complete, putting Acreage Pharms on track for 5,000 kg of
cannabis production capacity this month. The timely construction
also keeps Phase 3 construction plans on schedule.
"Facility construction is one of the foundations of our progress
at this point, and we are thrilled that our teams of building
specialists are completing work on this ambitious schedule on
time," said Dan Kriznic, Chairman and CEO of Invictus. "In
addition, the quality of the craftsmanship is superb, which is key
— we are building state-of-the-art grow and extraction facilities
that are meant to last for generations."
Both the Phase 1 and Phase 2 facilities at Acreage Pharms,
located in west-central Alberta,
have a total of approximately 40,000 square feet with expected
5,000 kg of capacity beginning in February
2018, along with a further planned 80,000 square foot Phase
3 expansion for total combined production capacity of 19,000 kg in
2018.
During the course of the next few weeks, Acreage Pharms final
interior construction will include:
- Installation of advanced security system
- Completion of electrical installation
- Installation of cooling and relative humidity control and grow
lights
At the same time, Acreage Pharms has delivered the amendment to
license application for Phase 2 to Health Canada and expect the
processing of the application to take a few weeks. Once facility
construction is complete this month and Health Canada has granted
authorization, Acreage Pharms can begin growing within the Phase 2
facility. Invictus further expects its 100% owned subsidiary
Acreage Pharms to receive its sales license in the first quarter of
2018, as it has already harvested multiple successful crops and the
product has already been tested.
Trevor Dixon, CEO of Acreage
Pharms commented, "We are very pleased to have such a talented
staff and group of contractors working on this project. With
completion of Phase 2, we look forward to beginning our cultivation
and to continue to work with our own genetics program to
produce high CBD yielding plants and a variety of other
desirable cannabinoid profiles including high THC to fill the
medical need as well as the recreational market".
"Consumer demand for cannabis continues to grow rapidly among
medical patients, and demand for cannabis is expected to spike
further when recreational cannabis sales are permitted across
Canada beginning in July," said
Kriznic. "We have been carefully and strategically building Acreage
Pharms to both meet existing demand and anticipate expanded demand
across 2018, and are exceedingly pleased with the timely and
high-quality work being completed by our teams."
Dan Kriznic, Chairman and CEO commented, "We continue to focus
on utilizing our $38 million of cash
in treasury to build out additional square footage to meet the
expected demand once Canada
becomes recreationally legal this year. Our current funded capacity
is approximately 27,200 kg, as well as our planned expansion to get
to approximately 76,400 kg in 2019 with a net to Invictus of 67,000
kg brings us in line with some of our peers that are leading the
industry. The Sales license for AB Laboratories Inc. has been a
catalyst to getting to this stage and the next catalyst will be our
sales license for Acreage Pharms that is expected to occur in this
first quarter of 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 50% investment in
AB Laboratories Inc., located near Hamilton, Ontario which has both its
cultivation and sales license under ACMPR. Combined the two
licenses and an expected third license under AB Ventures Inc. are
expected to have an approximate annual run-rate production capacity
of 76,400 kg by 2019. 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, timing, 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 Ventures and
Acreage Pharms, Acreage Pharms' receipt of a sales license and the
success and timing of Acreage Pharms' expansion plans, expected
sales of inventory and the completion of the increase in the
Company's ownership of AB Labs pursuant to the definitive agreement
(the "Transaction") 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 that AB Labs, AB Ventures and Acreage
Pharms will satisfy all conditions for, and receive, regulatory
approval to sell medical cannabis at their production facilities'
full capacity, AB Ventures will satisfy all conditions for and be
granted a license under the ACMPR and will receive a development
permit on the expected terms, AB Ventures is able to successfully
build a production facility, Acreage Pharms will satisfy all
conditions for and successfully obtain the anticipated sales
license and will successfully complete its expansion plans, the
anticipated sales of inventory will take place on the terms and
timing expected by management, all conditions to the closing of the
Transaction will be satisfied and the Transaction will complete on
the terms set out in the definitive agreement and that the
legalization of recreational use of cannabis in Canada will occur as expected. 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 for their full production
capacity or at all, that AB Labs, AB Ventures or Acreage Pharms
will not reach full production capacity, that AB Ventures will not
be granted a license under the ACMPR or will not receive a
development permit on the expected terms or at all, that AB
Ventures is not able to successfully build a production facility,
that Acreage Pharms is not able to obtain the anticipated sales
license when expected by management or at all or is not able to
successfully complete its expansion plans, that the anticipated
sales of inventory will not occur on the terms and timing expected
by management or at all, that the Transaction will not complete on
the expected terms or at all and that the legalization of
recreational use of cannabis 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.
SOURCE Invictus MD Strategies