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KELOWNA, BC, June 25, 2018 /CNW/ -Following the recent announcement regarding the legalization of recreational cannabis in Canada, GTEC Holdings Ltd. (TSXV: GTEC) ("GTEC") is pleased to provide an update on the operations of its wholly owned subsidiaries.
On June 19, 2018 the Canadian Senate passed a bill that will legalize recreational cannabis nationally. Canada is only the second country in the world - and the first G7 nation - to legalize recreational cannabis. The following day, Prime Minister Justin Trudeau announced that Canadians will be able to legally consume cannabis recreationally commencing October 17, 2018. These timelines dovetail very well with the development of GreenTec's cultivation and lab facilities:
Alberta Craft Cannabis Inc. ("ACC") is a Licensed Producer located in Edmonton, Alberta. ACC operates a 14,000 square foot craft cannabis cultivation facility with estimated annual output of 1.3 million grams. ACC is currently cultivating two different strains of cannabis, to facilitate securing its Sales License from Health Canada's Office of Medical Cannabis at the earliest opportunity.
GreenTec Bio-Pharmaceuticals Inc. ("GreenTec") is a late stage ACMPR applicant based in Kelowna, British Columbia. GreenTec is currently building a 20,000 square foot craft cannabis cultivation facility with projected annual output of 2.2 million grams. GreenTec has completed design, engineering, permitting and pre-construction work. This facility is expected to be complete by September 2018.
Grey Bruce Farms Inc. ("Grey Bruce") is a late stage ACMPR applicant based in Kincardine, Ontario. Grey Bruce is currently building a 15,000 square foot craft cannabis cultivation facility with projected annual output of 1.6 million grams. Grey Bruce has made substantial progress in completing a major retrofit of its existing industrial building. The company anticipates that this process will be completed by August 2018.
Spectre Labs Inc. ("Spectre") is a cannabis oil extraction facility based in Kelowna, British Columbia. Spectre has acquired land and building to develop the facility, completed initial design work and submitted an application to the Office of Controlled Substances for a Dealer's License. The site will be developed in a phased approach and will serve as a Good Manufacturing Practices ("GMP") grade facility with extraction, formulation, compounding and export capabilities to support GTEC's Licensed Producers and the global medical market. GTEC also intends to utilize Spectre to manufacture edible products that are expected to be incorporated into Health Canada's regulatory framework in 2019. Upon Health Canada approval of phase one, the facility will be able to produce up to 24,500 grams of cannabis oil per day (equivalent to more than 8,500 kilograms per annum), with capabilities to increase production capacity in future phase development.
Tumbleweed Farms Corp. ("Tumbleweed") is a late stage ACMPR applicant based in Chase, British Columbia. Tumbleweed is currently building a 10,000 square foot craft cannabis cultivation facility with projected annual output of 1.0 million grams. The exterior of this building is almost complete, and substantial progress has been made with respect to interior elements of the facility. Tumbleweed anticipates completing this facility in August 2018. Tumbleweed has also signed a contract with the Pacific Agricultural Certification Society ("PACS") with a view to becoming one of the first certified organic cannabis companies in Canada.
Zenalytic Laboratories Ltd. ("Zen Labs") is a full-service chemical and microbiological diagnostics laboratory that is in the process of obtaining a Section 56 Class Exemption Dealer's License under the Narcotic Control Regulations.Zen Labs has received notification from Health Canada's Office of Controlled Substances (Controlled Drugs Section), that its security compliance inspection is scheduled for June 26, 2018. Upon satisfying the security requirements of the Office of Controlled Substances, Zen Labs expects a follow up inspection on implementation of its instruments, SOP's, record keeping and analytical processes before being granted its final License. Once Zen Labs receives its Dealers License, GTEC will be able to conduct in-house analytical testing without the risk of delays associated with outsourcing.
Norton Singhavon, Chairman & CEO of GTEC Holdings, provided the following comments: "We are very excited about recent developments facilitating legalization of recreational cannabis on October 17th. We anticipate that we will have significant cultivation capacity in place by this date. Accordingly, we are confident that we are well positioned to become one of the leading vertically integrated craft cannabis companies in Canada".
About GTEC Holdings Ltd.
GTEC was founded in 2017 to capitalize on opportunities in the nascent and rapidly growing legal cannabis industry. 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., Tumbleweed Farms Corp., Falcon Ridge Naturals Ltd., Alberta Craft Cannabis Inc. (formerly Grenex Pharms Inc.), Grey Bruce Farms Inc., Zenalytic Laboratories Ltd. and Spectre Labs Inc. GTEC is a publicly-traded corporation based in Kelowna, British Columbia. The company's shares are listed on the TSX Venture Exchange.
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 include, but are not limited to, the announcement that Canadians will be able to legally consume cannabis recreationally commencing in October 17, 2018, the timelines associated with the development of GreenTec's cultivation and lab facilities; the state of the cannabis market in Canada, GreenTec's cultivation capacity prior to legalization of recreational cannabis and the ability of GreenTec to become a leading craft cannabis company in Canada. 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. 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
For further information: GTEC Holdings Ltd.: Norton Singhavon, Chief Executive Officer, [email protected]