Vancouver, British Columbia, July 02, 2019 (GLOBE NEWSWIRE) --
Vancouver, BC, July 2, 2019 - 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 AB Ventures Inc. (“AB Ventures”), a company which Invictus is a 25% shareholder, is a late stage applicant to obtain a cultivation license under the Cannabis Act. AB Ventures received the approval to proceed to construction and will submit its evidence package upon completion of such construction. Notification of review was granted on May 10, 2019 immediately following Health Canada’s notice of change to application requirements and procedures.
Mr. Ripa, Chief Operating Officer of the Company and a 75% shareholder of AB Ventures, advises, “AB Ventures has completed all conditions set out by the municipality to begin construction on our new 22,000 sq. ft. facility located on 100 acres of rural property only minutes from the recently completed AB Laboratories Inc.’s location previously announced on June 26, 2019. AB Laboratories Inc. is a company that is a 50% owned subsidiary of Invictus. AB Ventures has started with infrastructure upgrades and will begin building construction immediately thereafter. The project timeline has been longer than expected, but we are excited that approval has been received and a start date is in the near future.”
The AB Ventures application was amended in October 2018 to include outdoor production. The site planning and security features were submitted which also received authorization to proceed. Mr. Ripa notes, “It is our intention to complete infrastructure for outdoor production on the first 25 acres this summer. AB Ventures is expected produce starting materials in early 2020 with our first outdoor crop expected to be planted in late spring 2020.”
On Behalf of the Board
Chief Executive Officer
Investor Relations 1-844-800-6086
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 (“Acreage”) Phase I and Phase II facilities are in full production and Acreage is completing its Phase III cultivation facility. 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.
Neither the TSX Venture Exchange nor its Regulation Services Provider accepts responsibility for the adequacy or accuracy of this release.
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 AB Ventures is expected to complete infrastructure for outdoor production on its first 25 acres this summer, AB Ventures is expected produce starting materials in early 2020 with its first outdoor crop expected to be planted in late spring 2020 are forward-looking statements and contains 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 Ventures will complete infrastructure for outdoor production on its first 25 acres this summer, AB Ventures will produce starting materials in early 2020 with its first outdoor crop planted in late spring 2020. 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 Ventures will not complete infrastructure for outdoor production on its first 25 acres by this summer or at all, AB Ventures will not produce starting materials in early 2020 or at all and will not be able to plant its first outdoor crop by late spring 2020 or 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.