HAMILTON, ONT.—Vancouver-based cannabis producer Invictus MD has announced that its sister company AB Laboratories Inc. has successfully completed test crops at its licensed facility in Hamilton and that it will proceed with plans to construct five production facilities totalling 100,000 square feet in Hamilton with completion anticipated by 2019.
The facility, which was licensed for cultivation under the Access to Cannabis for Medical Purposes Regulations (ACMPR) in October 2016, is currently operating at half capacity, with full production capacity scheduled by the end of May 2017.
The purchase of 100 acres by AB Ventures Inc. is scheduled to close on May 1, 2017. The acreage will be used for future cannabis cultivation once licensed under the ACMPR.
The Invictus MD media statement issued March 23 indicates the firm has made a commitment to invest $5.5 million, which will be used to fund the costs of licensing approval under the ACMPR, and constructing the initial 42,000 square foot cultivation facilities. The commitment is in addition to the $2 million already funded for the land acquisition plus working capital and will provide Invictus MD with a one-third interest in AB Ventures.
One licensing is in place, production at AB Ventures is anticipated to start as early as December 2017.
Dan Kriznic, Chairman and CEO of Invictus MD, noted that construction plans are already underway and are expected to be submitted to Health Canada by May 1, 2017.
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