INVICTUS MD Strategies Corp (OTCMKTS:IVITF) shares ticked 9.75% higher to $1.27 on Wednesday as the company's Chairman provided a review of March.
INVICTUS MD Strategies Corp (OTCMKTS:IVITF) shares ticked 9.75% higher to $1.27 on Wednesday and were flat in after-hours trading. Share prices have been trading in a 52-week range of $0.18 to $1.61. The company has a market cap of $43.50 million at 37.50 million shares outstanding.
INVICTUS MD Strategies Corp is a company that is focused on three main verticals within the burgeoning Canadian cannabis sector: Licensed Producers under the ACMPR including an investment in a fully licensed facility, AB Laboratories Inc. as well as the option to now acquire 100% of Acreage Pharms Ltd.; Fertilizer and Nutrients through Future Harvest Development Ltd.; and Cannabis Data and Delivery, with its wholly owned subsidiary Poda Technologies Ltd.
In a press release, INVICTUS MD Strategies Corp Chairman Dan Kriznic provided a month in review, highlighting the transformational time for the company as it worked to expand and solidify its cultivation portfolio with expansion plan forecasts of 50,000 kilograms of high quality cannabis production by 2020.
He started off by sharing that CBC News learned that marijuana could be legal in Canada by July 1, 2018 and that the legislation will be announced during the week of April 10. Analysts estimate that this industry could reach $22.6 billion over the coming years, according to Deloitte, with a retail market worth up to $8.7 billion. So far, there are only 41 producers licensed by Health Canada so there’s still significant potential for INVICTUS MD Strategies Corp to capitalize on this growth over time.
At the beginning of March, INVICTUS MD Strategies Corp announced that it had closed its previously announced bought deal private placement with Canaccord Genuity Corp. and Eventus Capital Corp., including a portion of the over-allotment option, for aggregate gross proceeds of $16,218,065. Soon after, the company completed its final commitment with a cash transaction of CAD$2,000,000 to acquire 33.33% of AB Laboratories Inc. This is a Licensed Producer under the Access to Cannabis for Medical Purposes Regulations in Ontario.
Towards the end of the month, the company closed the definitive option agreement to acquire 100% interest in OptionCo which had received its license to cultivate under the Access to Cannabis for Medical Purposes Regulations as Acreage Pharms Ltd. It has constructed a 6,800 square foot production facility with an expansion plan floor plate of 30,000 square feet, and the option to add a 20,000 square foot mezzanine on 150 acres of land in Alberta.
As one of the few cannabis producing companies in North America listed on a major exchange such as the TSXV, that move will enable us to engage a wider investor audience,” said Dan Kriznic, Chairman & CEO, Invictus MD. “We are strongly focused on building our shareholder value. With 250 acres of cultivation space that stretches from Alberta to Ontario, allowing for purpose built production facilities rather than retrofitting existing buildings, we now have the largest land package in Canada for building cultivation facilities as demand increases and we will continue the disciplined but agile execution of our business strategy,” added Kriznic.
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