Invictus MD Provides an Update on Harvest by Acreage Pharms Ltd.
PRESS RELEASE INVICTUS MD STRATEGIES CORP. (“Invictus MD” or the “Company”) (TSXV: IMH; OTC: IVITF; FRA: 8IS) is pleased to announce that its wholly owned subsidiary, Acreage Pharms Ltd. (“Acreage Pharms”), 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, CEO 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 license 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, has resulted in high quality, non-irradiated medical cannabis.
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The company is also pleased to report that 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 kgs per annum. That represents a 800% increase in production over the existing production facility. The capital costs of constructing the Phase 2 production facility is within the $6 million that was initially budgeted.
Dan Kriznic, Chairman & 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 Strategies Corp. 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.
For more information, please visit www.invictus-md.com.
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