Vancouver, B.C., Nov. 05, 2019 (GLOBE NEWSWIRE) -- INVICTUS MD STRATEGIES CORP. ("Invictus" or the "Company") (TSXV: GENE; OTCQX: IVITF; FRA: 8IS2) Marc Ripa, Interim Chief Executive Officer and Chief Operating Officer of Invictus, is pleased to report that the Company’s wholly owned subsidiary Acreage Pharms Ltd. (“Acreage Pharms”) has hired Kris Love as Vice-President of Production effective August 1, 2019. Mr. Love has many years of experience in cannabis production in Canada and already has become an integral asset to the Company’s operation. The fifteen production rooms within Acreage Pharms 40,000 sq. foot facilities have increased cannabis production yields, product quality and cannabinoid profiles while implementing a consistent weekly production schedule. In addition, and under the direction of Invictus’ restructured management team, staffing numbers have been dramatically reduced and production processes have been streamlined to reduce costs and maintain focus on profitability.
AB Laboratories Inc. (“AB Labs”), a company which is a 50% owned subsidiary of Invictus received renewal of their license under the Cannabis Act effective October 21, 2019. The license renewal includes both Phase I and Phase II for an additional 3 years. AB Labs now operates a total of 65,000 sq. ft. of cultivation facilities consisting of 20 production rooms, all of which are operating on weekly production schedules. AB Labs received the amended license for Phase II on August 30, 2019 and all ten production rooms have been populated with the first harvest scheduled for November 4, 2019 and is anticipated to have consistent weekly harvests thereafter.
Mr. Ripa, who is also Chief Executive Officer of AB Labs and the other 50% owner of AB Labs stated, “The Company has strategically divested a number of non-core assets and their associated costs that did not fit within the Company’s overall vision moving forward while maintaining focus on Invictus’ core assets.” Mr. Ripa continued, “Acreage Pharms and AB Labs are focused on producing high quality cannabis with a high cannabinoid content for both the medical and recreational markets. The Company’s streamlined processes will allow both Acreage Pharms and AB Labs to maintain consistent high-quality product. Invictus will continue to focus on low production costs while maintaining the highest quality product standards w