On April 26, 2017, TSX Venture Exchange listed Invictus MD Strategies Corp. (Invictus) acquired all of the shares of privately-held Acreage Pharms Ltd. (Acreage Pharms), the holder of a license to cultivate cannabis under the Canadian Access to Cannabis for Medical Purposes Regulations. Invictus concurrently entered into a 20 year lease with the former shareholders of Acreage Pharms in respect of the real property on which Acreage Pharms’ operations are located. Acreage Pharms has constructed a 6,800 square foot production facility on the 150-acre land package, which land will also provide the capability to construct facilities to meet the demand that the coming adult recreational marijuana use will create. The consideration paid for the shares of Acreage Pharms consisted of 20 million shares of Invictus, 3 million warrants to acquire common shares of Invictus and $6 million in cash.
Acreage Pharms and its shareholders were represented by Cassels Brock with a team that included Josef Hocher, Greg Hogan and Cathy Mercer (Mergers & Acquisitions and Securities) and Sherri Fountain (Real Estate).