Invictus MD Strategies Corp. has entered into a binding letter of intent to create a joint venture with Cannamerica Brands Corp. and CBDistribution Company Ltd. (CBDC).

The focus will be “acquiring hemp biomass for extraction into CBD isolate using purpose-built facilities for large scale CBD extraction,” reports Invictus.

“CBD, a non-psychoactive cannabinoid found in cannabis, has had a surge in popularity over the past couple of years based on its a huge range of potential health benefits and uses,” Invictus reports in a company statement.

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Subject to approval by the Invictus board and completion of due diligence, the company intends to enter into a joint venture agreement on or before Jan. 31, 2019, notes a company statement.

“This joint venture accelerates (CannAmerica’s) long-planned growth into the hemp-based CBD market following the passing of the Farm Bill, with extraordinary opportunities for expansion into new markets,” adds Dan Anglin, CEO and co-founder of CannAmerica, whose core strategy is to enhance and monetize the global reach of its existing brands and to pursue additional strategic acquisitions.