KELOWNA, BC, July 16, 2018 /CNW/ - GTEC Holdings Ltd. (TSXV: GTEC) ("GTEC" or the "Company") is pleased to announce that its wholly owned subsidiary Zenalytic Laboratories ("Zen Labs") received its Dealer's License from Health Canada on July 13, 2018.
On June 26th, 2018, Health Canada's Regional Regulatory Compliance & Enforcement Team was on-site for a scheduled licensing inspection at Zen Labs. The Zen Labs Dealer's License was issued 17 days later pursuant to the provisions of the Controlled Drugs and Substances Act - Narcotic Control Regulations. Accordingly, Zen Labs is now classified as a Licensed Dealer.
Zen Labs is now authorized to perform analytical testing on cannabis and specific cannabinoids. In addition, Zen Labs intends to apply for amendments to the license to further conduct other activities relating to cannabis.
"Obtaining a Dealers License is a major step forward for the GTEC group of companies," said Norton Singhavon, Chairman & CEO of GTEC Holdings. "The Dealers License will play a key role in allowing GTEC to achieve greater control of its cannabis production supply chain. We are extremely pleased that the turnaround time with Health Canada was only 17 days from the initial inspection."
About Zen Labs
Zen Labs is a full-service chemical and microbiological diagnostics laboratory for soil, water, and cannabis. Zen Labs will analyze cannabinoid profiles, moisture content, heavy metals, microbials, aflatoxins, pesticides and other contaminants as per the regulations set out by Health Canada's ACMPR, for Licensed Producers, Production for Own Medical Purposes, Production by a Designated Person, and individuals who are authorized for personal medical consumption. Zen Labs also intends to conduct full analytical testing on terpene profiling and residual solvents for authorized clients.
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 http://www.gtec.co
On behalf of the board,
Norton Singhavon Founder, Chairman & CEO 778-760-8288
Michael Blady Co-Founder & Vice President
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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.