KELOWNA, BC, Dec. 4, 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 ("ACC"), has completed its first sales of cannabis
to CannMart Inc. ("CannMart"), a wholly owned subsidiary of
Namaste Technologies Inc. (TSXV: N) (FRANKFURT: M5BQ) (OTCMKTS:
NXTTF).
ACC received its updated Cultivation License from Health Canada
on November 8th, 2018,
permitting the sales of bulk cannabis to other Licensed
Producers. This enabled the Company to explore opportunities
to immediately generate revenue from its initial harvests, in a
market environment characterized by supply shortages and high spot
prices across Canada.
The Company elected to prioritize strategic partnerships for its
initial bulk sales. Accordingly, during the final week of
November, ACC completed its first shipment of bulk cannabis to
CannMart, pursuant to the terms of the supply agreement that was
announced on August 27, 2018.
Under the terms of this agreement, CannMart purchased cannabis
flower from ACC, for resale on CannMart's on-line platform, under
GTEC's flagship medical brand, GreenTec.
With the completion of ACC's initial harvests, the Company has
demonstrated its ability to produce a premium and superior product.
The Certificate of Analysis for this product indicates a THC
content which is significantly higher than the industry average
published on Lift & Co. Cannabis Review for this
particular cultivar.
The Company has additional inventory and will continue to
explore opportunities to maximize revenues for its shareholders,
while entertaining other strategic opportunities.
"We would like to give credit to the relentless efforts of
our team, for producing a product that is in-line with our vision
and overall strategy to become a leader in the premium segment of
the market.
I am quite proud to say that we are officially revenue
generating," said Norton Singhavon, Chairman & CEO of GTEC.
"As we shift into 2019, we look forward to establishing consumer
loyalty within the premium segment of the market, while delivering
value to our shareholders through our revenue and
earnings."
Aaron Bouganim, Director of
Operations at CannMart, provided the following comments:
"We're pleased to have completed this transaction with GTEC. We
are very happy with the quality of the product and are looking
forward to offering it to our patients."
About GTEC
GTEC Holdings is a specialized craft cannabis company dedicated
to the production of premium quality, indoor cannabis through
purpose-built cultivation centres. The company is vertically
integrated across all major sectors of the Canadian cannabis
industry; including cultivating, testing, extracting, marketing and
retailing, both medical and recreational cannabis. GTEC's
wholly owned subsidiaries currently hold Cultivation, Extraction
and Analytical Testing Licenses, and is currently permitted to sell
bulk cannabis to other Licensed Producers. GTEC's retail division
is pursuing licensing for over 35 recreational cannabis stores,
spanning across BC, Alberta,
Saskatchewan and Manitoba. GTEC's premium indoor cannabis will
be marketed and sold under its flagship trademarked brands; BLK
MKT TM, Tenzo TM, GreenTec
TM, cognōscente TM, FN Cannabis
TM, and Treehugger TM. The Company is
actively pursuing sales and distribution opportunities across all
major business channels: medical, recreational, B2B and
export. The management team is comprised of a diverse skill
set sourced from world leading food & beverage and premium
alcohol companies. GTEC is a public corporation listed on the
TSX Venture Exchange and based 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,
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.
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
