Canadian company Invictus MD Strategies Corp. (IVITF) announced its financial results for the quarter ended July 31, 2017. However, the press release mentioned nothing of sales figures and cost of sales. This required a jump over to Sedar to find out the details of the quarter. Sales for the quarter were C$566,431, which was only slightly higher than last year’s C$559,123. For the six months ending July 31, 2017, sales fell to $1.1 million from last year’s C$1.4 million for the same time period. The cost of sales jumped to C$477,599 for the quarter, also up over last year’s C$156,119. It was the same picture for the six months with the cost of sales popping to C$909,016 from C$504,921.
The cost of sales jumped to C$477,599 for the quarter, also up over last year’s C$156,119. It was the same picture for the six months with the cost of sales popping to C$909,016 from C$504,921.
Net losses jumped to C$2.5 million over last year’s losses of C$733,708 with the six-month net loss a whopping C$8.6 million over last year’s C$858,316 for the same time period. Instead, the company noted in its press release that foundations have been poured for the new facility at Acreage Pharms and that the facility is expected to be completed in January of 2018. Invictus has 80,000 grams of dried cannabis waiting for the company to get its sales license. While the losses may be mounting, the company said it had C$28 million in cash and C$30 million in working capital and looks to be able to easily hold onto until the product can be sold and facilities expanded.
“Invictus MD’s journey has been defined by its agility, innovation and disciplined execution of our business strategy, achieving progressive growth in its production facilities and shareholder value,” said Dan Kriznic, Chairman & CEO, of Invictus MD. “The company’s balance sheet is very strong; it has minimal debt and working capital of $30.75 million. The approximate $28 million cash in the treasury has been reserved to expand its canopy footprint on its 250 acres of property and produce 15,000 kg per annum making it one of the top producers under the ACMPR. This production is needed to meet the significant demand for high-quality, standardized, pesticide-free product, not only for the existing medical market but also to accommodate the recreational market that will commence mid next year.”
Invictus stock on the OTC was lifted by 4% on the news and was lately trading at 97 cents. This is at the mid-point of the 52-week range which is 49 cents to $1.63.