KELOWNA, BC, Oct. 3, 2018 /CNW/ - GTEC Holdings Ltd. (TSXV: GTEC) (OTCPK: GGTTF) ("GTEC" or the "Company") is pleased to provide an update on the operations of its wholly owned subsidiaries.
Alberta Craft Cannabis Inc. ("ACC") is a Licensed Producer under Health Canada's Access to Cannabis for Medical Purposes Regulations located in Edmonton, Alberta. ACC operates a 14,000 sq. ft. craft cannabis cultivation facility. ACC has currently completed its initial harvests and has notified Health Canada. The Company is now awaiting Sales License inspection to be completed within the expected timeline.
F-20 Joint Venture ("F-20") is a GTEC agreement with F-20 Developments Corp. to develop a premium indoor cultivation facility in Vernon, British Columbia. GTEC's operations team has completed the final design of Phase 1 construction plans. The building will be retrofitted to facilitate the cultivation of premium cannabis. Phase 1 of this partnership is currently underway, with completion anticipated for Q2 2019. GTEC expects to complete Phase 2 designs by Q1 of 2019.
Tumbleweed Farms Corp. ("Tumbleweed") is a late stage ACMPR applicant based in Chase, British Columbia. Tumbleweed has completed its purpose-built exterior and is near completion of the interior construction. The Company anticipates that it will commence cultivation over the duration of the fall season. Tumbleweed has also signed a contract with the Pacific Agricultural Certification Society ("PACS") with an objective to be one of the first certified organic cannabis companies in Canada.
GreenTec Bio-Pharmaceuticals Inc. ("GreenTec") is a late stage ACMPR applicant based in Kelowna, British Columbia. GreenTec is currently in Phase 1 of development, building 20,000 sq. ft. of its planned 80,000 sq. ft. craft cannabis cultivation facility. GreenTec has recently completed the exterior of this building and anticipates completing the interior construction and commencing cultivation in Q1 2019.
Grey Bruce Farms Inc. ("Grey Bruce") is a late stage ACMPR applicant based in Kincardine, Ontario. Grey Bruce is currently building a 15,000 sq. ft. craft cannabis cultivation facility. The Company has made substantial progress in completing a major retrofit of its existing industrial building and anticipates that it will commence cultivation in Q4 2018.
Falcon Ridge Naturals ("Falcon Ridge") is a late stage ACMPR applicant located on a certified organic farm in Kelowna, British Columbia. Falcon Ridge was seeking to construct a 10,000 sq. ft. facility. On October 1st, Kelowna City Council voted against the Falcon Ridge project application, due to recently adopted land zoning issues related to the proposed facility being within the B.C. Agricultural Land Reserve. Accordingly, GTEC does not anticipate moving forward with this project, and plans to re-allocate Falcon Ridge capital funds to its larger facilities and/or for existing expansion opportunities.
Spectre Labs Inc. ("Spectre") is a cannabis oil extraction facility based in Kelowna, British Columbia. Spectre has acquired land and building to develop a state-of-the-art facility. The Company has 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. GTEC was notified on July 17th by the Office of Controlled Substances, that Spectre has been assigned an application number. From the time of receipt of a complete application, the Controlled Drugs Section commits to a service delivery standard of 180 business days for the issuance of a decision on an application for a new Dealer's Licence for controlled substances.
Zenalytic Laboratories Ltd. ("Zen Labs") is a full-service chemical and microbiological diagnostics laboratory that holds a Dealer's License under the Narcotic Control Regulations. In July 2018, Zen Labs received a Dealer's License from Health Canada. In September 2018, Zen Labs received Health Canada approval to expand the scope of its Dealer's License to Include extraction of cannabis oil. Zen Labs provides GTEC with the ability to conduct in-house analytical testing without the costs and potential delays associated with outsourcing.
"We are exceptionally proud of the diligent and relentless efforts our team has undertaken over the last few months in both operations and construction," said Norton Singhavon, Chairman and CEO of GTEC. "Furthermore, we are excited to have Tumbleweed and Grey Bruce coming online in the near future. We will continue striving to execute on our goals and milestones that we have set out internally and to our shareholders, for all existing assets."
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.
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On behalf of the board,
Founder, Chairman & CEO
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.
SOURCE GreenTec Holdings
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