After starting the week with important fundamental news, Invictus MD Strategies Corp. (TSX-V: GENE) (OTC: IVITF) came out on Tuesday with more benign that has gotten a mixed reaction from the markets even though it involves one of the most iconic names in rock-n-roll.
Early Monday, the Vancouver-based company said that its subsidiary Acreage Pharms underwent a key on-site inspection at its complex in West-Central Alberta by Health Canada as part of the process to obtain a license to sell cannabis under Canada’s Access to Cannabis for Medical Purposes Regulations (ACMPR). Remaining vigilant about following regulations, the company says it is confident it will pass this portion of the vetting to earn the vaunted license.
Acreage is working on buttoning-up a second phase of construction that puts the facility at nearly 40,000 square feet of cannabis ready production space. A third phase, expected to be finished by the end of 2018 will triple the production area to 120,000 square feet.
Elsewhere, Invictus’ 50%-owned AB Labs, a licensed producer under the ACMPR located in Hamilton, Ontario, is also undergoing construction to make it bigger.
As discussed in Tuesday’s news release, rock legend Gene Simmons, the front man for the band KISS, recently toured both facilities. Two weeks ago, Simmons took the position at Invictus of CEO, an acronym in this case for "Chief Evangelist Officer," as apparently Simmons will be spreading the good word about the company.
Simmons, well known for his business acumen in addition to his position in the music world, says he joined the company in all earnestness to be a part of a great firm in an exploding industry.
At the AB Labs facility, construction is adding another 40,000 square feet to the existing 15,600 square feet of cultivation space. In aggregate, the 55,600 square feet that is projected to be ready by June has all the infrastructure necessary for production, including room for cultivation, trimming and drying in a controlled environment.
The additions in Ontario and Alberta are part of a larger plan at Invictus that will position the company with about 520,000 square feet of cannabis production capacity by the end of next year.
While simultaneously giving Simmons a kudos for all he’s achieved in life and for his dedication demonstrated already to Invictus, Dan Kriznic, Chairman and CEO (Chief Executive Officer) at Invictus, said he was thrilled to introduce Gene to the experienced staff that work at AB Labs.
Traders jumped on Monday’s news, taking shares of GENE ahead 8% to $2.15, but today’s news, they weren’t loving it loud, with shares edging down 4 cents, or 1.9%, to $2.11 with about 30 minutes left in the trading session.
