Vancouver, Aug. 06, 2019 (GLOBE NEWSWIRE) — INVICTUS MD STRATEGIES CORP. (“Invictus” or the “Company”) (TSXV: GENE; OTCQX: IVITF; FRA: 8IS2) Mr. Trevor Dixon, Chief Executive Officer of Invictus, is pleased to report that Acreage Pharms Ltd. (“Acreage”), the Company’s wholly owned subsidiary has substantially completed the construction of the 90,000 square foot Phase III cultivation facility in Edson, Alberta (the “Facility”). An amendment to Acreage’s license for the Phase III West wing was submitted to Health Canada on July 22, 2019. The amendment to the license is an expansion to the current license under the Cannabis Act, as the three facilities are on the same property. The west wing of the Facility has 45,000 square feet containing 20 flowering rooms, 3 drying rooms, processing rooms and propagation rooms. Each flowering room is 1,440 square feet, fitted with rolling tables to maximize canopy area and hydroponic growth. One flowering room is expected to be brought into production every four days to provide for ongoing harvesting and production of finished product. The west wing is expected to produce 105 harvests annually for a total production of approximately 5,000 kg per year. Total production of Phase I, Phase II and Phase III is expected to be approximately 7,500 kg per year. It is anticipated that the east wing of Phase III, which is identical to the west wing will be brought into production later in the year.
Mr. Dixon states, “Acreage has the genetics and biomass ready to populate the west wing of Phase III as soon as the amended license is awarded. The west wing is expected to add to the Company’s annual income in addition to Phase I and II, which combined, currently produce 2,400 kg per year and have been in full production since early 2019.”
On Behalf of the Board
Chief Executive Officer
Investor Relations 1-844-800-6086
Neither the TSX Venture Exchange nor its Regulation Services Provider accepts responsibility for the adequacy or accuracy of this release.
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 Phase I and Phase II facilities are in full production and Acreage’s Phase III cultivation facility is substantially completed. 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.
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. 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 that a flowering room is expected to be brought into production every 4 days, the west wing of the Facility is expected to produce 105 harvests annually producing a total of approximately 5,000 kilograms of cannabis per year, the total production of Phases I, II, and III is expected to be 7,500 kilograms of cannabis per year, the east wing of the Facility is anticipated to be brought into production in 2019 and the west wing is expected to add to the Company’s annual income 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 that a flowering room will be brought into production every 4 days, the west wing of the Facility will produce 105 harvests annually producing a total of approximately 5,000 kilograms of cannabis per year, the total production of Phases I, II, and III will be 7,500 kilograms of cannabis per year, the east wing of the Facility will be brought into production in 2019 and the west wing will add to the Company’s annual income. This forward-looking statement is 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, that a flowering room will not be brought into production every 4 days or at all, the west wing of the Facility will not produce 105 harvests annually or the harvests will not producing a total of approximately 5,000 kilograms of cannabis per year, the total production of Phases I, II, and III will not be 7,500 kilograms of cannabis per year, the east wing of the Facility will not be brought into production in 2019 and the west wing will not add to the Company’s annual income. 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.
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