INVICTUS ANNOUNCES FIRST QUARTER FINANCIAL RESULTS
June 28 2019 - 9:00AM
Vancouver, BC, June 28, 2019 - INVICTUS MD STRATEGIES
CORP. ("Invictus" or the "Company") (TSXV: GENE; OTCQX: IVITF; FRA:
8IS2) today reported financial results for the first
quarter ended April 30, 2019.
“We are pleased with the progress on reducing the cost of
Invictus’ operations and the increases to date on the income
generation capacity of the Company. Continued focus on increasing
capacity and cost reduction is paramount in developing a profitable
business,” stated Mr. Trevor Dixon, Chief Executive Officer of
Invictus.
Summary Financial Results
Revenue was $1.6 million in the first quarter, an increase
of 35% from the prior quarter ($1.2 million) and an increase of 23%
from the prior year quarter ($1.3 million). Increase in revenue
from the prior quarter was primarily due to the Company commencing
sales to Ontario in March 2019.
- Gross margin was $1.2 million (77%) in the first quarter, as
compared to $0.6 million (44%) in the prior year quarter. Increase
in gross margin was primarily due to fair value adjustments related
to our biological assets.
- Sales and marketing (S&M) expense was $1.3 million in the
first quarter, a decrease of 74% from the prior quarter ($4.9
million) and an increase of 31% from the prior year quarter ($1.0
million). Decrease in S&M expense from the prior quarter is due
to cost reduction initiatives implemented during the period.
- General and administrative (G&A) expense was $2.7 million
in the first quarter, consistent with the prior quarter ($2.7
million) and an increase of 51% from the prior year quarter ($1.8
million). Increase in G&A expense from the prior year quarter
is primarily due to the ramp-up of operations as a result of the
build-out of our cannabis cultivation facilities.
- Net loss was $4.6 million in the first quarter, a decrease of
68% from the prior quarter ($14.3 million) and an increase of 53%
from the prior year quarter ($3.0 million).
The Company’s unaudited condensed interim consolidated financial
statements and management’s discussion and analysis of the results
of operations and financial condition of Invictus for the three
months ended April 30, 2019, are available under the Company’s
profile on SEDAR at www.SEDAR.com.
On Behalf of the Board
Trevor Dixon
Chief Executive Officer
Investor Relations 1-844-800-6086
E-Mail: connect@invictus-md.com
About Invictus
Invictus is a global cannabis company with a focus on the
Canadian cannabis space, offering a selection of products under a
wide range of cannabinoid profiles that fit the demand of the
Company’s medical clients and retail customers. The Company’s
integrated sales approach is defined by five pillars of
distribution including medical, adult-use, international, Licensed
Producer to Licensed Producer and sales to provinces.
To meet growing demand, Invictus is expanding its
cultivation footprint with three cannabis production facilities
licensed under the Cannabis Act, which replaced the Access to
Cannabis for Medical Purposes Regulations in Canada. Invictus’
wholly-owned subsidiary, Acreage Pharms Ltd.’s (“Acreage”) Phase I
and Phase II facilities are in full production and Acreage is
completing its Phase III cultivation facility. AB Laboratories
Inc., a company which is a 50% owned subsidiary of Invictus
continues its cultivation facility expansion. Invictus’ wholly
owned subsidiary 0989561 B.C. Ltd. (dba Canandia Bioceuticals)
Delta facility is a licensed producer and has received its sales
license issued by Health Canada under the Cannabis Act.
Another of Invictus’ wholly owned subsidiaries, 2015059 Alberta
Ltd. (dba Leaf Wise), continues to connect medical clients to
physicians for medical cannabis and to Invictus’ fully licensed
cannabis producers under the Cannabis Act. Future Harvest
Development Ltd., a company which is a 82.5% owned subsidiary of
Invictus continues to produce high-quality fertilizer and nutrients
which are supplied to licensed cannabis producers. Invictus is
targeting up to 50 percent of production to medical cannabis.
Invictus drives sustainable long-term shareholder value by
continuing to develop Invictus’ Canadian production of medical and
recreational cannabis products. For more information
visit www.invictus-md.com.
Neither the TSX Venture Exchange nor its Regulation
Services Provider accepts responsibility for the adequacy or
accuracy of this release.
Kathy Love
Invictus MD Strategies Corp.
kathy@invictus-md.com
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