By Modupe Gbadeyanka
Invictus MD Strategies Corporation has announced closing the previously disclosed $25.5 million debt financing arrangement with ATB Financial.
A statement issued by Invictus said the financing will be used to accelerate the construction of its Phase 3 and Phase 4 cannabis cultivation facilities at Acreage Pharms Ltd, which is located in West-Central Alberta.
The firm noted that this expansion will add a total of 180,000 square feet of production capacity to Acreage Pharms.
The 90,000 square foot Phase 3 expansion is well underway with over $6 million in progress payments already made for permitting, lot preparation, foundation construction and precast installation.
Phase 3 has a target completion date of January 2019 with Phase 4 expected to be completed later in 2019.
To date, Acreage Pharms has secured provincial supply agreements for the upcoming adult recreational markets in both British Columbia and Alberta, and is actively pursuing supply agreements in other provinces. In preparation for legalization date, Invictus will be introducing four lifestyle-inspired cannabis brands for recreational users: Dukes, Zooey, Sterling & Hunt, and Sinister.
more recommended stories
CBN Sustains Pressure on System Liquidity with N25b OMO Sale
By Dipo Olowookere The Central Bank.
Asian Stocks Fall Broadly as Investors Await Fed Rate Outcome
By Investors Hub Asian stocks fell.
European Equities Close Mixed as Traders Observe Brexit Developments
By Investors Hub European stocks are.
US Stocks Open Higher on Bargain Hunting
By Investors Hub The major U.S..