Invictus Provides Update on Acreage Pharms LTD. and AB Laboratories Inc.
Vancouver, B.C., Nov. 05, 2019 (GLOBE NEWSWIRE) — INVICTUS MD STRATEGIES CORP. (“Invictus” or the “Company”) (TSXV: GENE; OTCQX: IVITF; FRA: 8IS2) Marc Ripa, Interim Chief Executive Officer and Chief Operating Officer of Invictus, is pleased to report that the Company’s wholly owned subsidiary Acreage Pharms Ltd. (“Acreage Pharms”) has hired Kris Love as Vice-President of Production effective August 1, 2019. Mr. Love has many years of experience in cannabis production in Canada and already has become an integral asset to the Company’s operation. The fifteen production rooms within Acreage Pharms 40,000 sq. foot facilities have increased cannabis production yields, product quality and cannabinoid profiles while implementing a consistent weekly production schedule. In addition, and under the direction of Invictus’ restructured management team, staffing numbers have been dramatically reduced and production processes have been streamlined to reduce costs and maintain focus on profitability.
AB Laboratories Inc. (“AB Labs”), a company which is a 50% owned subsidiary of Invictus received renewal of their license under the Cannabis Act effective October 21, 2019. The license renewal includes both Phase I and Phase II for an additional 3 years. AB Labs now operates a total of 65,000 sq. ft. of cultivation facilities consisting of 20 production rooms, all of which are operating on weekly production schedules. AB Labs received the amended license for Phase II on August 30, 2019 and all ten production rooms have been populated with the first harvest scheduled for November 4, 2019 and is anticipated to have consistent weekly harvests thereafter.
Mr. Ripa, who is also Chief Executive Officer of AB Labs and the other 50% owner of AB Labs stated, “The Company has strategically divested a number of non-core assets and their associated costs that did not fit within the Company’s overall vision moving forward while maintaining focus on Invictus’ core assets.” Mr. Ripa continued, “Acreage Pharms and AB Labs are focused on producing high quality cannabis with a high cannabinoid content for both the medical and recreational markets. The Company’s streamlined processes will allow both Acreage Pharms and AB Labs to maintain consistent high-quality product. Invictus will continue to focus on low production costs while maintaining the highest quality product standards with a focus on increasing shareholder value.”
For more information, please visit www.invictus-md.com.
Interim 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 Canadian cannabis company with a focus on 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.
Invictus has 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 90K sq. ft. 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. 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 the statement that AB Labs’ Phase II facility anticipates having consistent weekly harvests is a forward-looking statement 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 Labs’ Phase II facility will have consistent weekly harvests. 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’ Phase II facility will not have consistent weekly harvests or any successful harvest 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 outlook that are incorporated by reference herein, except in accordance with applicable securities laws.
Kathy Love Invictus firstname.lastname@example.org
Original Source: https://www.globenewswire.com/news-release/2019/11/05/1941171/0/en/INVICTUS-PROVIDES-UPDATE-ON-ACREAGE-PHARMS-LTD-AND-AB-LABORATORIES-INC.html