INVICTUS COMPLETES ACQUISITION OF CANANDIA IN BRITISH COLUMBIA, its Third Licensed Cultivation Facility
17 11월 2018 - 12:23AM
InvestorsHub NewsWire
Invictus Completes Acquisition of Canandia in British Columbia, its
Third Licensed Cultivation Facility Under the Cannabis Act &
Cannabis Regulations
Vancouver, BC, November 16, 2018 --
InvestorsHub NewsWire -- INVICTUS MD STRATEGIES CORP. ("Invictus"
or the "Company") (TSXV: GENE; OTCQX:
IVITF; FRA: 8IS1) is pleased to announce that it has
successfully exercised its option to acquire 100% (the "Option") of
the outstanding shares of 0989561 B.C. Ltd. (“Canandia”) from its
current shareholders (see press releases dated: May 16, 2018, July
18, 2018 and October 15, 2018, for more
details).
Canandia features two properties located
in Delta (the “Delta Facility”) and Mission (the “Mission
Location”), British Columbia. The Delta Facility includes a
cultivation, production and research facility, recently licensed
under the Cannabis Act and Cannabis Regulations. The Mission
Location includes 32 acres of buildable land, expandable up
to 1 million square feet of production capacity under one Cannabis
Act and Cannabis Regulations license. 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. The Mission Location is featured in
this video.
The
acquisition of Canandia represents the Company’s third cultivation
facility licensed by Health Canada under the Cannabis Act and
Cannabis Regulations. The Company is headquartered in British
Columbia and the acquisition is a natural fit for Invictus.
Invictus’ production portfolio now includes licensed cannabis
operations in the provinces of British Columbia, Alberta and
Ontario, which is key to the Company’s plan to scale production to
meet domestic and international demand for premium grade
cannabis.
“We
are continuing to expand our cultivation footprint to strengthen
our ability to control a steady supply of cannabis to medical and
recreational markets, both at home and abroad,” said George Kveton,
CEO of Invictus. “Each of our three purpose-built licensed
facilities are designed with separate environmentally-controlled
grow rooms to allow for maximum flexibility as we adapt our strains
and product offerings to meet the needs of recreational consumers
and medical patients alike, over the
long-term.”
“After careful market consideration, we decided that
combining Canandia’s current and planned production capacity with
the highly qualified management team and financial might of
Invictus will result in a sum greater than its parts. Together we
expect to expeditiously implement our staged growth plan so as to
bring high quality products to our adult consumers,” said Alon Amit
CEO, Canandia.
With a shortage of supply in
the market, Invictus remains focused on scaling production to
address demand with up to 200,000 square feet of cultivation
capacity expected to come online in the first quarter of 2019.
Timing remains contingent on obtaining requisite Health Canada
licensing and approvals.
The exercise price of the
Option (the “Exercise Price”) was as
follows:
-
$2.4
million in common shares of the Company (the “First Consideration
Common Shares”) at $1.32 per common share. The First Consideration
Common Shares will be subject to a 4 month hold
period;
-
$10 million
in common shares of the Company (the “Second Consideration Common
Shares”) at $1.65 per common share with the following release
schedule:
a.25% of
the Second Consideration Common Shares on the closing;
and
b.25% of
the Second Consideration Common Shares every 4 months
thereafter.
-
$10 million
investment (the “Investment”) in cash into Canandia to be used for
expansion of the Mission Location and working capital purposes. The
Investment will be paid into Canandia over time on an as-needed
basis; and
-
$7 million
in common shares of the Company issued to the Vendors on the date
that is within 10 business days of the Mission Location receiving
its cultivation license under the Cannabis Act and Cannabis
Regulations, valued at the greater of $1.06 per share and the 10
trading days Volume Weighted Average Price (“VWAP”) on the TSXV
immediately prior to the License
Date.
For more information, please visit
www.invictus-md.com.
On Behalf of the
Board,
George E.
Kveton
Chief Executive Officer and
Director
Jessica
Martin
Vice President, Public Relations and
Regulatory Affairs
(833)
879-4363
About
Invictus
Invictus is a global cannabis
company offering a selection of products under a wide range of
brands. Our integrated sales approach is defined by five pillars of
distribution including medical, adult-use, international, Licensed
Producer to Licensed Producer and retail
stores.
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 international
sales, Invictus’ wholly-owned subsidiary, Acreage Pharms Ltd.
(“Acreage Pharms”), has designed and is currently building its
Phase 3 purpose-built cultivation facility to be European Union
Good Manufacturing Practices (“EU-GMP”) compliant. The Company is
targeting up to 50 per cent of production to medical cannabis. To
ensure consistency in quality and supply, Invictus maintains 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 69
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.
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 are forward-looking statements
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 Invictus will be successful in reaching its
potential production capacity, its production facilities will be
completed as anticipated, regulatory approval will be granted as
anticipated, Invictus will reach full production capacity on the
timeline anticipated by the Company, and no unforeseen
construction delays will be experienced, Canandia’s growth plan
will be implemented as expected by management. 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, Invictus will not be successful in reaching its
potential production capacity, its production facilities will not
be completed as anticipated, Canandia’s growth plan will be
unexpectedly delayed and licenses or approvals will be granted on
terms or timelines that are materially worse than expected by the
Company. 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.
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 MD Strategies (CE) (USOTC:IVITF)
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