Kelowna, BC, June 27, 2019 (GLOBE NEWSWIRE) --
GTEC Holdings Ltd. (GTEC.V) (GGTTF) (FRA:1BUP) (“GTEC” or the “Company”), a vertically integrated premium cannabis producer, is pleased to announce that its wholly-owned subsidiary, Alberta Craft Cannabis Inc. (“ACC”) has recently completed a Health Canada license inspection.
ACC had requested and scheduled the recent inspection with Health Canada, which is required in order to receive its Standard Processing License. The license would authorize ACC to conduct the following activities:
- To sell adult-use / recreational cannabis into the Provincial government supply chains
- Manufacture cannabis-derived products such as (but not limited to); oils, edibles, beverages, shatter/resin and vapes (once legally permitted within the Cannabis Act & Regulations.)
Health Canada inspectors conducted the inspection during June 25-26, 2019 at the ACC facility in Edmonton, Alberta. ACC expects to receive a formal inspection report from Health Canada in the coming weeks.
ACC is also actively pursuing its Sale for Medical Purposes license which would facilitate direct sales to authorized medical patients.
ACC (formerly operating as GrenEx Farms Inc.) acquired its original Cultivation License on September 29, 2017, under the Access to Cannabis for Medical Purposes Regulations (“ACMPR”). ACC received its updated Cultivation License, under the Cannabis Act, from Health Canada on November 8, 2018. This facilitated the sale of bulk cannabis to other Licensed Producers (“LP’s”). Accordingly, ACC has been selling to other LP’s since late 2018. This has facilitated the successful launch of the “GreenTec” brand of medical cannabis through multiple online platforms.
“It’s encouraging to see Alberta Craft Cannabis continuing to make positive progress in its quest to become a recognized player in the premium cannabis market,” said Norton Singhavon, GTEC Founder, Chairman and CEO. “We are very proud of the ACC team for all of the work that has been done to facilitate and support the Health Canada inspection process.”
GTEC Issues Shares to Consultant
GTEC will issue Rok Consulting Inc. 100,000 common shares of GTEC Holdings Ltd.'s restricted common stock issued under and pursuant to the terms of Regulation D under the Securities Act of 1933, for services rendered from April 22, 2019, to May 21, 2019.
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, Standard Processing 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.
The Company anticipates two additional facilities coming on stream in the latter half of 2019, which will increase annual capacity from 4,000 kg to 14,000 kg. 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
On behalf of the board,
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.
For additional information please contact:
GTEC Holdings Ltd.