Vancout/Hamilton, ON (pcJ News Briefs) – Invictus MD Strategies Corp. (CSE: IMH; OTC: IVITF; FRA: 8IS) has closed the acquisition of 33.33% of AB Laboratories Inc. for $2,000,000 in cash.
Invictus MD has the right of first refusal to arrange any initial public offering, reverse take-over or other going public transaction of AB Labs.
AB Laboratories Inc. is a Licensed Producer under the Access to Cannabis for Medical Purposes Regulations (ACMPR). AB Labs maintains a 16,000 square foot facility located in Hamilton, Ontario.
AB Labs is also working on increasing its production capacity through AB Ventures Inc. AB Ventures recently acquired 100 acres in Ontario which is scheduled to close on May 1, 2017. This property will be used for future cannabis cultivation once licensed under the ACMPR. Plans to construct five production facilities on the new land totaling 100,000 square feet will be completed by 2019.
Invictus MD has already paid $2 million towards the acquisition of the 100 acres and has committed an additional $5.5 million to fund the costs of construction and obtaining a license under the ACMPR.
“We are very pleased to have completed this important acquisition; it represents an incredible milestone for Invictus-MD and its shareholders. With our interest in AB Labs, a licensed producer under the ACMPR, and the increased expansion plan on 100 acres with AB Ventures, and our definitive option agreement to acquire 100% interest in OptionCo announced on February 24, 2017, the 150 acres that has already been pre-license inspected by Health Canada and expects to receive a license to cultivate under the ACMPR in short order, and our binding LOI with PlanC BioPharm Inc., now in the late stages of the application process, Invictus MD will have significant land holdings for cannabis cultivation in Canada. Given our ability to aggressively expand the commercial scale of these properties to meet the projected demand of domestic and international cannabis markets, we are very well positioned to become one of the largest producers of cannabis in the sector. From early on, Invictus MD has viewed acquiring production capacity under the ACMPR as a key driver to increasing shareholder value,” commented Dan Kriznic, Chairman and CEO of Invictus MD.
Invictus MD Strategies Corp. is focused on three main verticals within the burgeoning Canadian cannabis sector: Licensed Producers under the ACMPR; Fertilizer and Nutrients through Future Harvest Development Ltd.; and Cannabis Data and Delivery, with its wholly owned subsidiary Poda Technologies Ltd.