Invictus' Acreage Pharms' Phase 2 Construction Near Completion
(3 months ago)
VANCOUVER, Feb. 14: INVICTUS MD STRATEGIES CORP.'s ("Invictus" or the "Company") (TSXV: IMH; OTC: IVITF; FRA: 8IS1) Acreage Pharms Ltd. ("Acreage Pharms") is pleased to announce construction of its Phase 2 facility is nearly complete, putting Acreage Pharms on track for 5,000 kg of cannabis production capacity this month. The timely construction also keeps Phase 3 construction plans on schedule.
"Facility construction is one of the foundations of our progress at this point, and we are thrilled that our teams of building specialists are completing work on this ambitious schedule on time," said Dan Kriznic, Chairman and CEO of Invictus. "In addition, the quality of the craftsmanship is superb, which is key — we are building state-of-the-art grow and extraction facilities that are meant to last for generations."
Both the Phase 1 and Phase 2 facilities at Acreage Pharms, located in west-central Alberta, have a total of approximately 40,000 square feet with expected 5,000 kg of capacity beginning in February 2018, along with a further planned 80,000 square foot Phase 3 expansion for total combined production capacity of 19,000 kg in 2018.
During the course of the next few weeks, Acreage Pharms final interior construction will include:
•Installation of advanced security system
•Completion of electrical installation
•Installation of cooling and relative humidity control and grow lights
At the same time, Acreage Pharms has delivered the amendment to license application for Phase 2 to Health Canada and expect the processing of the application to take a few weeks. Once facility construction is complete this month and Health Canada has granted authorization, Acreage Pharms can begin growing within the Phase 2 facility. Invictus further expects its 100% owned subsidiary Acreage Pharms to receive its sales license in the first quarter of 2018, as it has already harvested multiple successful crops and the product has already been tested.
Trevor Dixon, CEO of Acreage Pharms commented, "We are very pleased to have such a talented staff and group of contractors working on this project. With completion of Phase 2, we look forward to beginning our cultivation and to continue to work with our own genetics program to produce high CBD yielding plants and a variety of other desirable cannabinoid profiles including high THC to fill the medical need as well as the recreational market".
"Consumer demand for cannabis continues to grow rapidly among medical patients, and demand for cannabis is expected to spike further when recreational cannabis sales are permitted across Canada beginning in July," said Kriznic. "We have been carefully and strategically building Acreage Pharms to both meet existing demand and anticipate expanded demand across 2018, and are exceedingly pleased with the timely and high-quality work being completed by our teams."
Dan Kriznic, Chairman and CEO commented, "We continue to focus on utilizing our $38 million of cash in treasury to build out additional square footage to meet the expected demand once Canada becomes recreationally legal this year. Our current funded capacity is approximately 27,200 kg, as well as our planned expansion to get to approximately 76,400 kg in 2019 with a net to Invictus of 67,000 kg brings us in line with some of our peers that are leading the industry. The Sales license for AB Laboratories Inc. has been a catalyst to getting to this stage and the next catalyst will be our sales license for Acreage Pharms that is expected to occur in this first quarter of 2018."