INVICTUS MD STRATEGIES CORP. (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.
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