Vancouver, BC, March 04, 2019 (GLOBE NEWSWIRE) -- INVICTUS MD STRATEGIES CORP. ("Invictus" or the "Company") (TSXV: GENE; OTCQX: IVITF; FRA: 8IS1) is pleased to provide an update on production and expansion plans at its Licensed Producers: Acreage Pharms Ltd. (“Acreage Pharms”), AB Laboratories Inc. (“AB Labs”) and 0989561 B.C. Ltd. ("Canandia"). Invictus is proud to have fulfilled 100 per cent of provincial product orders to date and looks to further strengthen its sales and distribution relationships with both public and private enterprises as the Company’s facilities reach full operating capacity. A production footprint of 189,000 square feet is underway, with more capacity to come online commensurate with market needs and funding.
Invictus’ flagship production hub, Acreage Pharms is well advanced in the internal layout, equipping and servicing of the 45,000 square foot West Wing of its Phase III facility in Edson, Alberta. Together with the East Wing, the new facility is anticipated to feature 90,000 square feet of total production capacity and is designed to be European Union Good Manufacturing Practices ("EU-GMP") compliant. A strategic imperative for the Company is to obtain EU-GMP certification, which is a requirement to sell and distribute medical cannabis to Germany, and across the European Union. For further details on Invictus’ five-year 10,000 kg supply agreement with Deutsche Medizinalcannabis GmbH in Germany, please refer to Invictus’ press release dated December 20, 2018. Acreage Pharms’ Phase I and Phase II facilities are now operating at full capacity with continuous harvests and are realizing productivity efficiencies from the automation of their harvesting and packaging lines.
AB Labs is nearing completion of its Phase II facility in Ancaster, Ontario. The new facility is anticipated to add 40,000 square feet of production capacity to its current operations, for a total of 55,000 square feet. AB Labs is expected to finalize its evidence package by mid-March to support a Confirmation of Readiness submission to Health Canada.
Its Phase I facility is operating at full capacity with bulk transfers shipped to Acreage Pharms and other Licensed Producers. AB Labs’ strain variety research and development continues unabated, with fifteen new strains to be used in the Phase II facility once ready, adding significant product variety to Invictus’ product portfolio.
Canandia features two properties located in Delta (the "Delta Location") and Mission (the "Mission Location"), British Columbia. The Delta Location features 4,000 square feet of production capacity and recently received its business-to-business license for cannabis sales under Health Canada’s Cannabis Act and Cannabis Regulations. The Delta Location is anticipated to complement Invictus’ production and product profile with its small batch craft cannabis supply.
Canandia’s Mission Location includes 32 acres of buildable land, expandable to up to one million square feet of production capacity under one license. The Mission Location has received approval from the Fraser Valley Regional District and is currently awaiting approval from the Agriculture Land Commission. The Mission Location taps into wholesale energy costs with 38 MG Watt service at the property line, and access to an ample water supply from underground aquifers, making it a strategically attractive and cost competitive addition to Invictus' current cultivation footprint.
For more information, please visit www.invictus-md.com.
On Behalf of the Board,
George E. Kveton
Chief Executive Officer and Director
Vice President, Public Relations and Regulatory Affairs
Invictus is a global cannabis company offering a selection of products under a wide range of brands. Our integrated route-to-customer approach is defined by five pillars of sales and distribution including medical, adult-use recreational, retail, Licensed Producer to Licensed Producer and international.
Invictus has partnered with business leaders to convey our corporate vision, including KISS music legend and business mogul Gene Simmons as our Chief Evangelist Officer. To meet growing demand, Invictus is expanding its cultivation footprint, with three cannabis production facilities licensed under the Cannabis Act and Cannabis Regulations in Canada. To accommodate domestic and international sales, Invictus’ wholly-owned subsidiary, Acreage Pharms Ltd., is well advanced in building its Phase 3 purpose-built cultivation facility to be European Union Good Manufacturing Practices compliant. The Company is targeting for up to 50 percent of its production to comprise medical cannabis. To ensure consistency in quality and supply, Invictus participates in all aspects of the growing process through its subsidiary, Future Harvest Development Ltd., a high-quality fertilizer and nutrients manufacturer. Invictus drives sustainable long-term shareholder value through a diversified product portfolio with over 70 Health Canada approved strains and a multifaceted distribution strategy including medical, adult-use, international, Licensed Producer to Licensed Producer and retail stores. 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 or forward-looking statements within the meaning of the United States Private Securities Litigation Reform Act of 1995. 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 the Company anticipates that its facilities will reach full operating capacity, the Company anticipates that its production footprint will meet its year-end targets, that the Company anticipates that Acreage Pharms’ new facility will meet production capacity targets, that the Company anticipates that Acreage Pharms’ new facility will obtain EU-GMP certification, that the Company anticipates that AB Labs will complete its Phase II facility, that the Company anticipates that AB Labs’ Phase II facility will add 40,000 square feet of production capacity, that the Company anticipates that AB Labs will finalize its evidence package by mid-March to support a Confirmation of Readiness submission to Health Canada and that the Company anticipates that new strains will be used in the Phase II facility, 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 the Company’s facilities will reach full operating capacity, that the Company’s production footprint will meet its year-end targets, that Acreage Pharms’ new facility will meet production capacity targets, that Acreage Pharms’ new facility will obtain EU-GMP certification, that AB Labs will complete its Phase II facility, that AB Labs’ Phase II facility will add 40,000 square feet of production capacity, that AB Labs will finalize its evidence package by mid-March to support a Confirmation of Readiness submission to Health Canada and that new strains will be used in the Phase II facility. 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 the Company’s facilities will not reach full operating capacity, that the Company’s production footprint will not meet its year-end targets, that Acreage Pharms’ new facility will not meet production capacity targets, that Acreage Pharms’ new facility will not obtain EU-GMP certification, that Acreage Pharms’ will not be able to sell and distribute medical cannabis to Germany and across the European Union, that AB Labs will not complete its Phase II facility, that AB Labs’ Phase II facility will not add 40,000 square feet of production capacity, that AB Labs will not finalize its evidence package by mid-March to support a Confirmation of Readiness submission to Health Canada, that new strains will not be used in the Phase II facility and that Invictus’ product portfolio will not expand. 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.