KELOWNA, BC, Oct. 3, 2018 /CNW/ - GTEC Holdings Ltd. (TSXV:
GTEC) (OTCPK: GGTTF) ("GTEC" or the "Company") is
pleased to provide an update on the operations of its wholly owned
subsidiaries.
Alberta Craft Cannabis Inc. ("ACC") is a Licensed
Producer under Health Canada's Access to Cannabis for Medical
Purposes Regulations located in Edmonton, Alberta. ACC operates a 14,000
sq. ft. craft cannabis cultivation facility. ACC has currently
completed its initial harvests and has notified Health Canada. The
Company is now awaiting Sales License inspection to be completed
within the expected timeline.
F-20 Joint Venture ("F-20") is a GTEC agreement with F-20
Developments Corp. to develop a premium indoor cultivation facility
in Vernon, British Columbia.
GTEC's operations team has completed the final design of Phase 1
construction plans. The building will be retrofitted to facilitate
the cultivation of premium cannabis. Phase 1 of this
partnership is currently underway, with completion anticipated for
Q2 2019. GTEC expects to complete Phase 2 designs by Q1 of
2019.
Tumbleweed Farms Corp. ("Tumbleweed") is a late
stage ACMPR applicant based in Chase,
British Columbia. Tumbleweed has completed its purpose-built
exterior and is near completion of the interior construction. The
Company anticipates that it will commence cultivation over the
duration of the fall season. Tumbleweed has also signed a contract
with the Pacific Agricultural Certification Society ("PACS") with
an objective to be one of the first certified organic cannabis
companies in Canada.
GreenTec Bio-Pharmaceuticals Inc. ("GreenTec") is a
late stage ACMPR applicant based in Kelowna, British Columbia. GreenTec is
currently in Phase 1 of development, building 20,000 sq. ft. of its
planned 80,000 sq. ft. craft cannabis cultivation facility.
GreenTec has recently completed the exterior of this building and
anticipates completing the interior construction and commencing
cultivation in Q1 2019.
Grey Bruce Farms Inc. ("Grey Bruce") is a late stage
ACMPR applicant based in Kincardine,
Ontario. Grey Bruce is currently building a 15,000 sq. ft.
craft cannabis cultivation facility. The Company has made
substantial progress in completing a major retrofit of its existing
industrial building and anticipates that it will commence
cultivation in Q4 2018.
Falcon Ridge Naturals ("Falcon Ridge") is a late
stage ACMPR applicant located on a certified organic farm in
Kelowna, British Columbia. Falcon
Ridge was seeking to construct a 10,000 sq. ft. facility. On
October 1st, Kelowna City Council
voted against the Falcon Ridge project application, due to recently
adopted land zoning issues related to the proposed facility being
within the B.C. Agricultural Land Reserve. Accordingly, GTEC does
not anticipate moving forward with this project, and plans to
re-allocate Falcon Ridge capital funds to its larger facilities
and/or for existing expansion opportunities.
Spectre Labs Inc. ("Spectre") is a cannabis oil
extraction facility based in Kelowna, British Columbia.
Spectre has acquired land and building to develop a
state-of-the-art facility. The Company has completed initial design
work and submitted an application to the Office of Controlled
Substances for a Dealer's License. The site will be developed in a
phased approach and will serve as a Good Manufacturing Practices
("GMP") grade facility with extraction, formulation, compounding
and export capabilities to support GTEC's Licensed Producers and
the global medical market. GTEC also intends to utilize Spectre to
manufacture edible products that are expected to be incorporated
into Health Canada's regulatory framework in 2019. GTEC was
notified on July 17th by
the Office of Controlled Substances, that Spectre has been assigned
an application number. From the time of receipt of a complete
application, the Controlled Drugs Section commits to a service
delivery standard of 180 business days for the issuance of a
decision on an application for a new Dealer's Licence for
controlled substances.
Zenalytic Laboratories Ltd. ("Zen Labs") is a
full-service chemical and microbiological diagnostics laboratory
that holds a Dealer's License under the Narcotic Control
Regulations. In July 2018, Zen
Labs received a Dealer's License from Health Canada. In
September 2018, Zen Labs received
Health Canada approval to expand the scope of its Dealer's License
to Include extraction of cannabis oil. Zen Labs provides
GTEC with the ability to conduct in-house analytical
testing without the costs and potential delays associated with
outsourcing.
"We are exceptionally proud of the diligent and relentless
efforts our team has undertaken over the last few months in both
operations and construction," said Norton Singhavon, Chairman and
CEO of GTEC. "Furthermore, we are excited to have Tumbleweed and
Grey Bruce coming online in the near future. We will continue
striving to execute on our goals and milestones that we have set
out internally and to our shareholders, for all existing
assets."
About GTEC
GTEC was founded in 2017 to capitalize on opportunities in the
nascent and rapidly growing legal cannabis industry. GTEC is a
public corporation listed on the TSX Venture Exchange and based in
Kelowna, British Columbia. GTEC is
focused on growing premium quality craft cannabis in purpose-built
indoor facilities. GTEC currently holds a 100% interest in GreenTec
Bio-Pharmaceuticals Corp., Alberta Craft Cannabis Inc. Grey Bruce
Farms Inc., Falcon Ridge Naturals Ltd., Tumbleweed Farms Corp.,
Zenalytic Laboratories Ltd., and Spectre Labs Inc.
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,
Norton Singhavon
Founder, Chairman & CEO
778-760-8288
ns@gtec.co
Michael Blady
Co-Founder & Vice President
604-720-3474
mb@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.
SOURCE GreenTec Holdings