Just days after announcing the
100% acquisition of the Edison Vape Company, Invictus MD Strategies (
CSE:IMH,
Forum) CEO Dan Kriznic has announced a plan to
spin out the company’s retail asset, Future Harvest.
The Kelowna-based outfit, which has been operational for two decades and which Invictus currently owns 60% of, will serve as a roll-up vehicle under Kriznic’s plan, according to a news release Wednesday.
Future Harvest operates with a run-rate of around $7 million annually currently, according to Invictus, which will retain a stake in the company in line with its current holding.
The announcement caps a surprisingly busy week for the aggregator/streamliner, which opened with the Edison Vape deal.
“The components of the Edison Vape technology, including the heating element, are completely revolutionary in this space,” said Kriznic in an earlier release. “One of the most interesting aspects of this product is the integrated memory component, which will enable a host of unprecedented applications for both business and consumer. We are also working with partners in California for packaging and distribution and plan on launching the Edison Vape product in the first calendar quarter of 2016.”
Having just returned from a successful visit to the production facility in China, I am pleased to report that final development is progressing rapidly and we are nearing full-scale production,” said Edison CEO Ryan Selby.
--Chris Parry
https://www.twitter.com/chrisparry
FULL DISCLOSURE: Invictus MD Strategies is a Stockhouse Publishing marketing client.