Invictus MD Strategies Corp. (TSX-V:IMH)(OTC:IVITF) just came out with an update regarding the second harvest at AB Laboratories, their planned second cultivation facility and some management changes. Here's the highlights...
AB Laboratories completed its first harvest four weeks ago, with its second harvest happening this week. Going forward, the company expects a harvest to take place approximately once per month. The first two crops consisted of a variety of strains and THC/CBD concentrations.
AB Ventures Inc. (a company that shares common ownership with AB Labs and was formed formed to establish a second licensed facility) is currently planning its phase 1 expansion. The phase 1 plans include two 21,000 square foot production facilities with multiple grow rooms. Farther down the road, AB Ventures is planning to construct additional facilities totaling 100,000 square feet. Building plans have been completed and the company has engaged a consultant to provide guidance in regards to the site plan approval process.
Invictus MD has committed $5.5 million CAD in funding for AB Ventures. This capital will be used to fund the costs of the phase 1 buildout and the costs related to licensing approval under the ACMPR. Plans to construct the later phases are anticipated to be completed by 2019.
Invitcus MD's current Executive Chairman, Dan Kriznic will be assuming responsibilities as Chairman and CEO for Invictus. Trevor Dixon will be taking over as President and CEO of Acreage Pharms to help facilitate further growth and cost savings at that site.
At the time of this writing, shares of Invictus MD Strategies haven't yet opened for trading in North America. In midday European trading, Invictus is up more than 7% on the Deutsche Borse. Yesterday, Invictus MD closed up 10.75% and 6.95% on the TSX Venture and OTC Markets, respectively.
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