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."
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.
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.
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.