Invictus MD Strategies Corp. (OTCQX: IVITF) announced on November 16th that it entered into a non-binding letter of intent to acquire all of the GTEC Holdings Ltd. (OTC: GGTTF) common shares that are issued and outstanding. The all-share transaction is estimated to be at approximately $100 million and the resulting entity after the strategic merger will form the largest indoor vertically integrated cannabis company entity in Western Canada. A vote by GTEC votes by special shareholders is still required for the transaction to be fully approved. The minimum number of votes to approve the strategic merger is 66 2/3%.
The Chief Executive Officer of Invictus, George E. Kveton, stated, “This merger allows for both companies to leverage the combined core competencies to further execute our vision to be at the forefront of the Canadian cannabis industry and beyond.” The CEO went on to add that the company’s drive is toward a diverse and premium line of both recreational and medicinal cannabis product portfolios.