Vancouver, B.C., Sept. 11, 2019 (GLOBE NEWSWIRE) -- Vancouver, BC, September 11, 2019 - INVICTUS MD STRATEGIES CORP. ("Invictus" or the "Company") (TSXV: GENE; OTCQX: IVITF; FRA: 8IS2) is pleased to announce that AB Laboratories Inc. (“AB Labs”) a company which is a 50% owned subsidiary of Invictus has received their amended license from Health Canada to include the new 40,000 sq. ft. custom built cultivation facility located near Hamilton, Ontario.
As previously announced on June 26, 2019, AB Labs’ facility contains ten identical cultivation rooms capable of producing over 65 crops annually on a tightly controlled weekly production schedule. Five rooms have been propagated since receiving the amended license on August 30, 2019. The initial harvest is scheduled for November 1, 2019. The remaining rooms are expected to be propagated at a rate of one room per week over the next five weeks to ensure a reliable continuous production of cannabis for the recreational and medical markets.
Mr. Marc Ripa, Chief Operating Officer of Invictus and Chief Executive Officer of AB Labs and the other 50% owner of AB Labs stated, “AB Labs submitted the evidence package on June 4, 2019 and received the amended license from Health Canada in less than ninety days. I am extremely pleased with the efficiency of Health Canada in processing AB Labs’ documentation. The employees have been working extremely hard since receipt of the license to get the five rooms into production and are continuing to press on with the additional five rooms.”
Mr. Trevor Dixon, President and CEO of the Company said, “The completion of these ten rooms will double the Company’s volume of finished product going to market this year”.
For more information, please visit www.invictus-md.com.
Chief Executive Officer
Investor Relations 1-844-800-6086
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) 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 two 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. Acreage is awaiting the amendment to their license from Health Canada to include the Phase III facility. AB Laboratories Inc., a company which is a 50% owned subsidiary of Invictus has completed it Phase II expansion and received its amended license from Health Canada. 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. 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 the expectation that AB Labs’ new grow rooms will be propagated at a rate of one room per week over the next five weeks, is a forward-looking statement 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 AB Labs’ new grow rooms will be propagated at a rate of one room per week over the next five weeks. These forward-looking statements are 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 AB Labs’ new grow rooms will not be propagated at a rate of one room per week over the next five weeks if at all. 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.