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KELOWNA, BC, Sept. 7, 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 an approval from Health Canada expanding the scope of its Dealers License effective September 6, 2018.
The Dealers License was issued pursuant to the provisions of the Controlled Drugs and Substances Act and its Regulations on July 20, 2018. This provided the Company with approval to perform analytical testing on cannabis and specific cannabinoids. The Company subsequently applied to expand the scope of its license to include authorization to process cannabis flower into cannabis oil. Health Canada approved this request effective September 6, 2018.
"Given the recent surge of interest in our industry from global alcoholic beverage companies, we are very excited to now be licensed to produce cannabis oils and expand our own value add product offerings. Furthermore, the amendments to the Dealers License illustrate successful execution of GTEC's vertical integration strategy", said Norton Singhavon, Chairman & CEO of GTEC Holdings. "This development improves GTEC's ability to capitalize on opportunities associated with cannabis oil, and the down stream products derived from it."
Mr. Singhavon further commented, "The receipt of the amended Dealers License is a significant milestone in GTEC's development as it, together with the Company's many other initiatives within the cannabis vertical supply chain, will support revenue generation as early as Q4-2018 or Q1-2019. The Company will continue to provide updates as we get closer to a definitive on-line date".
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 focused on growing premium quality craft cannabis in purpose-built indoor facilities. The Company also has a number of retail cannabis initiatives in Western Canada. GTEC currently holds a 100% interest in GreenTec Bio-Pharmaceuticals Corp., Tumbleweed Farms Corp., Falcon Ridge Naturals Ltd., Alberta Craft Cannabis 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 and OTC Pink Sheets.
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,
Founder, Chairman & CEO
Co-Founder & Vice President
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 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
For further information: GTEC Holdings Ltd., 1-800-351-6358, [email protected]