KELOWNA, BC, Nov. 9, 2018 /CNW/ - GTEC Holdings Ltd.
(TSXV: GTEC) (OTC: GGTTF) ("GTEC" or the "Company")
is pleased to announce that its wholly owned subsidiary, Alberta
Craft Cannabis Inc ("ACC") received its updated license on
November 8th, 2018 in
accordance with Health Canada's Cannabis Act and Cannabis
Regulations, which had previously been issued under the
Access to Cannabis for Medical Purposes Regulations
("ACMPR").
Effective immediately, Alberta Craft Cannabis is authorized to
sell cannabis in accordance with subsection 11(5) of the
Cannabis Regulations, which include the following
activities:
- The sale and distribution of dried cannabis, fresh cannabis,
cannabis plants and cannabis plant seeds to any of the following
license holders: micro-cultivation, standard cultivation,
processing, analytical testing, research, or cannabis drug
license;
- The sale and distribution of cannabis plants and cannabis plant
seeds to a holder of a license for a nursery;
- The sale and distribution of cannabis plants and cannabis plant
seeds, that are cannabis products to: a holder of a license for
sale, or a person authorized to sell cannabis under a provincial
Act by reason of subsection 69(1) of the Act; and
- The sale and delivery of cannabis plants and cannabis plant
seeds, that are cannabis products, to the purchaser of the products
at the request of: a person authorized to sell cannabis under a
provincial Act by reason of subsection 69(1) of the Act, or a
holder of a license for sale.
Since its debut on the TSX Venture Exchange on June 22, 2018, the Company has entered into
strategic partnerships with the following Licensed Producers:
- Invictus MD Strategies (TSXV: GENE) (OTCQX: IVITF)
https://www.gtec.co/gtec-agreement-with-invictus-cannabis-retail-expansion/
- Namaste Technologies (TSXV: N) (OTCQB: NXTTF)
https://www.gtec.co/gtec-announces-supply-agreement-with-namaste-technologies-cannmart/
- Valens Groworks (CSE: VGW) (OTC: MYMSF)
https://www.gtec.co/gtec-signs-cannabis-extraction-agreement-with-valens/
The updated license will allow GTEC to immediately engage in
business to business (B2B) sales to its strategic partners and/or
other qualified license holders under the Cannabis Act and
Cannabis Regulations.
"We are extremely pleased with Health Canada's new licensing
system under the Cannabis Act and Regulations. These updates allow
for GTEC to immediately supply its current inventory into the
medical and provincial markets through its strategic partners,"
said Norton Singhavon, Chairman & CEO of GTEC. "Upon
completion of our initial B2B sale, we look forward to
transitioning into a revenue generating company."
On October 3rd, 2018,
the Company previously announced that Alberta Craft Cannabis had
notified Health Canada that it was ready for a Sales License
inspection. The Company would like to reiterate to shareholders
that it is still awaiting this Health Canada Sales License
inspection, and that currently, the Company is not authorized to
sell dried cannabis directly to qualified medical patients.
For more information on activities authorized under Cannabis
Regulations, please go to:
https://laws-lois.justice.gc.ca/eng/regulations/SOR-2018-144/page-3.html#h-9
For more information on activities authorized under Cannabis
Act, please go to:
https://laws-lois.justice.gc.ca/eng/acts/C-24.5/page-9.html#h-18
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., 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
ns@gtec.co
Michael Blady
Co-Founder & Vice President
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.
The securities of the Company have not been and will not be
registered under the United States Securities Act of 1933, as
amended and may not be offered or sold in the United States absent registration or an
applicable exemption from the registration requirement. This press
release shall not constitute an offer to sell or the solicitation
of an offer to buy nor shall there be any sale of the securities in
any jurisdiction in which such offer, solicitation or sale would be
unlawful.
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
