Invictus MD Strategies Corp.’s (IMH:CA) wholly owned subsidiary, Acreage Pharms Ltd., a licensed producer under the access to cannabis for medical purposes regulations (ACMPR), completed its first two successful harvests earlier this month. Acreage Pharms, utilizing its pesticide free growing systems, anticipates two harvests to take place the first week of September.
Trevor Dixon, chief executive officer of Acreage Pharms, commented: “The yields from both of the first two harvests exceeded expectations. The additional two harvests in the first week of September will utilize the entire grow space, which will maximize yields and generate sufficient data to determine anticipated annual production rates. Acreage Pharms will be in a position to receive the licence to sell once the QA team has analyzed the results of the third party lab tests. This will be a significant milestone for Acreage Pharms.”
The initial harvests in this purpose-built, state-of-the-art production facility along with the highly capable, cultivation team that uses good production practices have resulted in high-quality, non-irradiated medical cannabis.
Also, Phase 2, a 27,800-square-foot, purpose-built, multiple-room production facility, is well under construction, with scheduled completion by the end of January, 2018. Given the production improvements realized from Phase 1, the new facility is projected to produce up to 4,200 kilograms per annum. That represents an 800-per-cent increase in production over the existing production facility. The capital costs of constructing the Phase 2 production facility are within the $6-million that was initially budgeted.
Dan Kriznic, chairman and CEO, Invictus MD, commented: “Invictus MD is well capitalized for expansion with approximately $28.5-million in cash and is prepared for an exciting year of growth. We have one of the industry’s most experienced teams, and our focus remains on building our shareholder value with significant expansion plans as the demand for cannabis increases.”
About Invictus MD Strategies Corp.
Invictus MD 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.
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