Kelowna, BC, March 04, 2019 (GLOBE NEWSWIRE) -- GTEC Holdings Ltd. (GTEC.V) (GGTTF) (1BUP.F) (“GTEC” or the “Company”) is pleased to announce that Alberta Craft Cannabis (“ACC”) has completed its first harvest of 2019 and is now operating at a fully utilized production capacity and anticipates to be harvesting every 10 days. The Company expects that ACC will exceed its anticipated annual output of 1,300 KG due to harvests producing higher yields than originally projected. The Company is also experiencing a significant demand for its premium tiered flower produced at ACC, which is now being sold to multiple Licensed Producers on a B2B basis.
ACC’s previous harvests of Cold Creek Kush has become the #1 selling product on CannMart’s online medical cannabis platform, which is packaged and sold under GTEC’s flagship medical brand, GreenTec™. CannMart is a wholly owned subsidiary of Namaste Technologies Inc. (TSXV:N.V) (M5BQ.F) (NXTTF).
“We are extremely proud of the high demand and positive feedback from the products we have distributed to Canadian cannabis consumers to date.” said Norton Singhavon, Founder, Chairman and CEO of GTEC. “We believe that this demonstrates our ability to execute on our vision of producing, marketing and distributing an ultra-premium product to the Canadian medical and adult-use market.”
The Company would also like to provide the following updates on its other cultivation subsidiaries:
Tumbleweed Farms (“Tumbleweed”) is our 10,000 sq.ft. purpose-built facility in Chase, BC which has recently completed construction. The company is actively pursuing its Cultivation License for this facility. Tumbleweed is projected to produce 1,000 KG of cannabis annually.
Grey Bruce Farms (“Grey Bruce”) is a 15,000 sq. ft. cannabis cultivation facility in Kincardine, Ontario. The Company has completed a major retrofit of an existing industrial building and anticipates fully completing the facility this month. Grey Bruce is projected to produce 1,640 KG of cannabis annually.
GreenTec Bio-Pharmaceuticals (“GreenTec”) is GTEC’s flagship and purpose-built facility located in Kelowna, BC. GreenTec is currently in Phase 1 of development, building 20,000 sq. ft. of its planned 80,000 sq. ft. cannabis cultivation facility. Construction of this facility commenced in 2018 and is expected to be completed in mid-2019. GreenTec is projected to produce 2,150 KG of cannabis annually.
3PL Joint Venture (“3PL”) is a GTEC agreement with F-20 Developments Corp. to develop a premium indoor cultivation facility in Vernon, BC. The 3PL (three per light) facility is currently being retrofitted to facilitate the cultivation of ultra-premium cannabis. Phase 1 of this partnership is currently underway, with completion anticipated in Q3 2019. 3PL is projected to produce 8,000 KG of cannabis annually.
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 has 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 over 35 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™, FN™, and Treehugger™. The Company 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
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts 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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GTEC Holdings Ltd.