Invictus Archives - Green Market Report

Debra BorchardtMarch 20, 2018

Here are the cannabis news briefs for March 20, 2018:

Arena Pharmaceuticals Inc.

Arena Pharmaceuticals (ARNA) reported positive results from a phase 2 trial of its treatment for ulcerative colitis. After the market closed on Monday the company released a statement saying that a higher dose of its experimental drug etrasimod succeeded in improving symptoms associated with ulcerative colitis, a chronic bowel disease, in a mid-stage study. The U.S.-based company said it now plans on moving the drug to late-stage trials. A lower dose did not have such strong results. The company is looking for a positive compound following the lower than expected sales of its weight-loss drug and is hoping this drug will make up for that disappointment.

The Supreme Cannabis Company, Inc.

Supreme Cannabis Company (FIRE.V) announced it has entered into a definitive agreement to complete a C$10,000,000 strategic equity investment in Medigrow. Upon completion of the investment, Supreme will own approximately 10% of Medigrow.

Namaste Technologies Inc.

Namaste (CSE:N) (NXTTF) announced that it has signed a Medical Cannabis Supply Agreement with Marigold Projects Jamaica Ltd. under its wholly owned subsidiary, Cannmart where Marigold will supply Cannmart with high-quality Jamaican produced medical cannabis, to be imported by Cannmart from Jamaica and offered in the Company’s online marketplace, subject to approval by Health Canada and the Cannabis Licencing Authority.

Invictus MD Strategies Corp.

Invictus MD Strategies (TSXV: GENE) (OTC: IVITF) changed its share ticker from IMH to GENE on the Toronto Stock Exchange Venture Exchange. Invictus changed its TSX Venture symbol from IMH to GENE, effective March 20, 2018, to reflect the importance of the company’s new partnership with rock icon and branding genius Gene Simmons, anticipating that Simmons will play a vital role as the company marches into this historic year for Canada and cannabis.

The Hydropothecary Corporation

Hydropothecary (TSX-V: THCX) has reached an agreement with online commerce company Shopify to build its e-commerce platform for cannabis products. The bilingual website will serve Hydropothecary’s medical customers, provide information for discerning recreational consumers and support engagement with provincial and territorial cannabis retailers.

Friday Night Inc.

Friday Night Inc. (CSE: TGIF) (OTCQB: TGIFF) announced its inclusion in the CSE25 Index which is comprised of the 25 largest companies in the Canadian Securities Exchange Composite Index by market capitalization. The CSE25 Index is a subset of the CSE Composite Index.

Brayden Sutton, CEO of Friday Night, remarked, “We are very proud to be recognized as one of the 25 largest companies on the CSE by market capitalization. The inclusion of the CSE25 Index not only distinguishes our Company as a highly liquid issuer but gives validation to our business strategy and recognizes our impressive growth over the last 9 months of trading.”

StaffSeptember 28, 2017

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.