Kelowna, BC, July 29, 2019 (GLOBE NEWSWIRE) —
GTEC Holdings Ltd. (TSX-V:GTEC) (OTCQB:GGTTF) (FRA:1BUP) (“GTEC” or the “Company”), a vertically integrated ultra-premium cannabis producer, is pleased to announce that its wholly-owned subsidiary, Alberta Craft Cannabis Inc. (“ACC”), has received both a Standard Processing and a Sale for Medical Purposes licences from Health Canada. These licenses are in addition to the Standard Cultivation licence ACC already possesses.
On July 26, 2019 ACC received notification from Health Canada that it had been granted licences for the following activities related to sale of cannabis:
- a licence for sale for medical purposes
- a licence for standard processing authorizing the sales of cannabis plants, cannabis plants seeds, fresh cannabis and dried cannabis products
ACC now has the ability to sell into provincial recreational supply chains and make direct online sales to medical cannabis clients.
These additional licences will permit GTEC’s other cultivation subsidiaries, such as Grey Bruce Farms, (which was also recently granted its Standard Cultivation Licence) to access to recreational and medical supply channels upon initial harvests via bulk B2B transfers to ACC who is now licensed to distribute products into provincial and medical sales channels. The Company anticipates that the issuance of these additional licences will have a material positive impact on long-term gross margins.
“We are extremely pleased to have achieved another major milestone for our shareholders and to further evolve the overall growth of the organization,” said Norton Singhavon, GTEC Founder, Chairman and CEO. “We are excited to be in a position to utilize our unique and exotic cannabis cultivars to launch our ultra-premium brand portfolio into the adult-use market.”
ACC (then operating as GrenEx Farms Inc.) acquired its original Cultivation Licence on September 29, 2017 under the Access to Cannabis for Medical Purposes Regulations. ACC received its updated Cultivation Licence, under the Cannabis Act, from Health Canada on November 8, 2018 and ACC has been selling bulk cannabis to other Licensed Producers since late 2018.
GTEC Holdings is a specialized cannabis company dedicated to cultivating ultra-premium quality cannabis in purpose-built indoor facilities. The company is vertically integrated across all major sectors of the Canadian cannabis industry and is currently licensed by Health Canada for Standard Cultivation at two facilities, Standard Processing (extraction), Standard Processing (provincial sales), medical sales and Analytical testing. The management team is comprised of a diverse skill set sourced from leading global food & beverage and premium alcohol companies. GTEC has completed three cultivation facilities and is currently cultivating and selling cannabis.
GTEC’s retail division is pursuing licensing for recreational cannabis stores across Western Canada. GTEC’s ultra-premium indoor flower will be marketed and sold under its flagship trademarked brands; BLK MKT™, Tenzo™, GreenTec™, Cognōscente™ and Treehugger™.
GTEC is actively pursuing sales and distribution opportunities across all major business channels: medical, recreational, B2B and export. GTEC is a publicly traded corporation, listed on the TSX Venture Exchange, OTCQB Venture Market and Frankfurt Stock Exchange. The Company is headquartered in Kelowna, British Columbia.
To view more about the company or to request our most recent corporate presentation, please visit our website at www.gtec.co
Founder, Chairman & CEO
Co-Founder & Vice President
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accept responsibility for the adequacy or accuracy of this release.
CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION:
This news release includes certain “forward-looking statements” under applicable Canadian securities legislation. Forward-looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable, are subject to known and unknown risks, uncertainties, and other factors which may cause the actual results and future events to differ materially from those expressed or implied by such forward-looking statements. Such factors include, but are not limited to: general business, economic, competitive, political and social uncertainties; delay or failure to receive board, shareholder or regulatory approvals, where applicable and the state of the capital markets. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements. The Company disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.
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