Invictus MD announce that AB Ventures Inc. has acquired 100 acres for future cannabis cultivation and sale under the ACMPR
Invictus MD Strategies Corp. (CSE: IMH; OTC: IVITF; FRA: 8IS) is pleased to announce that AB Ventures Inc. (“AB Ventures”), a newly incorporated company formed to develop a second licensed expansion facility through it’s common ownership with AB Laboratories Inc. (“AB Labs”), a Licensed Producer under the Access to Cannabis for Medical Purposes Regulations (“ACMPR”), has acquired 100 acres in Hamilton, Ontario, for cannabis cultivation and sale under the ACMPR.
The land acquisition, worth $1,650,000 CDN, is scheduled to close on May 1, 2017 and 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. AB Labs is licensed for cultivation under the ACMPR and maintains a 16,000 square foot facility located in Hamilton, Ontario.
AB Ventures plans to initially construct 42,000 square feet using the $5.5 million committed from Invictus MD. The entire 100 acres will be available for future expansion. Deloitte, a well- respected consulting company, recently published a survey that suggested the Canadian retail cannabis market would be worth between $4.9 billion and $8.7 billion annually. Additionally, the market for marijuana products and services – including growers, testing labs, lighting, and security systems – would increase that number to between $12.7 billion and $22.6 billion. Once taxes, licensing fees, and weed-related tourism are factored in, the market could be even greater than $22.6 billion. The consulting firm further estimates that satisfying the recreational cannabis market will mean producing 600,000 kilograms of marijuana annually – far more than the existing 38 licensed producers grow for medicinal purposes.
Dan Kriznic, Chairman and CEO of Invictus MD, commented, “This is a tremendous milestone for Invictus-MD and its shareholders. Breaking ground into the ACMPR has always been our intention since inception of our Company in December 2014.” “Once the option to acquire a 100% interest in OptionCo announced on February 7, 2017 is exercised for 150 acres that has already been pre license inspected by Health Canada, along with the previously acquired interest in AB Laboratories, a licensed producer under the ACMPR and the increased expansion plan on 100 acres with AB Ventures, Invictus MD will have significant land holdings for cannabis cultivation in Canada to meet the projected demand. From early on, Invictus MD has viewed acquiring production capacity under the ACMPR as a key driver to increasing shareholder value”, said Kriznic.
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