KELOWNA, BC, Oct. 11, 2018 /CNW/ - GTEC Holdings Ltd. (TSXV: GTEC) (OTCPK: GGTTF) ("GTEC" or the "Company") is pleased to provide the following updates on its retail operations.
Alberta – Cannabis Cowboy 25 Locations at Full Deployment
Cannabis Cowboy has currently received 10 development permits from their respective municipalities in Alberta, which include locations in Calgary, Red Deer, and Lethbridge. Permits are subject to final Provincial and Municipal licensing. Cannabis Cowboy expects to have 11 retail locations opened and operational in Q4 2018, with an additional 14 locations to be opened in Q1 2019. Over the coming weeks, GTEC will be working closely with Cannabis Cowboy and Invictus (TSXV: GENE) (OTC: IVITF) (FRA: 8IS1) on finalizing product supply, brand launches and retail grand openings.
Saskatchewan – Retail & E-commerce
GTEC has completed and submitted to the Saskatchewan Liquor and Gaming Authority (SLGA) all the required documentation for a retail license. The Company is currently finalizing the following: construction of its retail storefront in Nipawin, construction of its e-commerce fulfillment warehouse in Saskatoon, and completion of its e-commerce platform. The Company anticipates both the warehouse and e-commerce platform to be operational in Q4 2018.
Manitoba Retail – 7 Locations
GTEC had submitted a proposal to a Request For Proposal (RFP) issued by the Province of Manitoba for 7 retail locations. On September 28, 2018, GTEC was notified by the Procurement Services Branch that it had passed the initial screening and has been included to the pre-qualified list for the opportunity to enter a lottery for a cannabis retail store licence. A lottery date has not yet been determined.
British Columbia Retail
GTEC is actively pursuing retail opportunities in the Greater Vancouver area and Thompson-Okanagan region. The company is seeking to establish a total of 8 retail locations in the province of British Columbia.
"Canada has established itself as the world leader in Cannabis legislation, and with legalization less than a week away we are extremely pleased with the rapid execution of our retail teams," said Norton Singhavon, Chairman and CEO of GTEC. "Once the doors to our first retail locations open in the coming weeks and months, we will have successfully executed our vision of becoming one of the few companies that have achieved full vertical integration, controlling the entire value-chain from seed to shelf. This methodical approach will allow us to deliver a quality end product to consumers while eliminating significant inefficiencies that exist in traditional supply chains."
About Cannabis Cowboy
"Cannabis Cowboy" is a team of revolutionary pioneers blazing a trail for recreational cannabis retail in Canada. Legalization is fast approaching, and the team has been rapidly growing to meet the demand for recreational cannabis products and services. Cannabis Cowboy has developed an ambitious growth strategy to develop up to 30 turnkey retail locations in Alberta, with an aggressive real estate acquisition strategy for retail locations in the British Columbia and Ontario markets.
(please note, that there are no affiliations with Cannabis Cowboys, which is an illicit black market online dispensary)
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., Alberta Craft Cannabis, Grey Bruce Farms, Tumbleweed Farms, Zenalytic Laboratories, and Spectre Labs.
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.