KELOWNA, BC, Sept. 24, 2018 /CNW/ - GTEC Holdings Ltd. ("GTEC" or the "Company") (TSXV: GTEC) (OTCPK: GGTTF) is pleased to announce that it has entered into a binding letter agreement (the "Supply Agreement") with Pack4U Holdings (Canada) Ltd. ("Pack4U").
Pack4U is dedicated to providing pharmacies, once the Pharmacy Legislation (as defined below) is in effect, with access to medical cannabis in oral dosage form, packaged in a multi-dose strip format through its unique central fill and inventory tracking system, which features billing & logistics integration with wholesale distributors such as McKesson, Cardinal Health and AmerisourceBergen. The agreement would position GTEC alongside Pack4U's wholesale distribution network as its exclusive provider of cannabis to the Canadian market. The exclusivity will extend to January 31, 2020.
"On Friday September 21st, Canada's largest pharmacy chain received Health Canada approval to dispense medical cannabis to patients, in which we anticipate that many other pharmacies will seek a solution to service their patient's needs. We are excited to be partnering with an established group like Pack4U, who has significant relationships and partnerships within the pharmacy industry," said Norton Singhavon, Chairman and CEO of GTEC. "We view the pharmacy distribution channel as being fundamental to acquiring medicinal patients. The exclusivity period provides us with significant runway to demonstrate our ability to provide a quality medicinal product into these distribution channels."
The Supply Agreement provides for distribution solutions that benefit GTEC both before and after legislation which will permit Canadian pharmacies to fill and dispense prescriptions for cannabis (the "Pharmacy Legislation"). Furthermore, upon the Pharmacy Legislation being implemented, Pack4U will list GTEC's wholly owned ACMPR Licensed Producer subsidiaries, as its exclusive wholesale supplier of cannabis for use within the Pack4U System. Pharmacies will be able to access pre-packaged prescription cannabis orders, which would be patient specific without the requirement to carry any inventory on site.
This partnership enables GTEC to position itself alongside an established and rapidly growing pharmacy Network already leveraging Pack4U's unique model. Pack4U is deploying spencer®, the in-home medication dispenser and connected health hub, with major health systems across North America. spencer® allows for patient-reported health outcomes, giving the ability to directly correlate administration of GTEC products with clinical data in support of mass adoption.
Subject to the implementation of federal, provincial and territorial legislation in Canada that permits the distribution and sale of alternate formats of cannabis products including, without limitation, capsules and tablets (the "Products"), GTEC and Pack4U will collaborate to package, distribute, sell and market the Products at both the wholesale and retail levels through using the Pack4U System.
"We are extremely pleased to partner with the GTEC team to distribute cannabis in solid oral dosage forms. The vertical integration that GTEC has built out provides Pack4U with the comfort of full accountability from plant to pill, which is a key factor in why we believe GTEC will become a leader within the Canadian cannabis industry," said Chris Williams, Director of Business Development of Pack4U. "Once legislation is implemented, pharmacies will require a solution to support the health of patients through the use of cannabis. The Pack4U system creates a seamless process for pharmacies to participate in the care of the patients without the burden of carrying inventory."
Pack4U is committed to providing pharmacies, once the Pharmacy Legislation is in place, with access to medications such as cannabis in solid oral form packaged in multi dose strip packaging format through its unique inventory tracking system. Pharmacies will be able to access patient specific packaged prescription cannabis orders without the requirement to carry inventory on site.
Pack4U is also integrated with spencer®, a countertop medication dispenser for at-home adherence and connected care. spencer® links to Bluetooth health devices, allows for telehealth engagement, tracks compliance adherence and allows for the unique real time collection of data around the impact of Cannabis on health outcomes. For more information visit www.meetspencertoday.com
Pack4U currently operates two high volume central fill pharmacies which package prescriptions for other pharmacies, one in Orlando, Florida and the other in the Greater Toronto Area (GTA). In Q1 2019 Pack4U will be opening Pack4U California and the 2019 roadmap includes two additional Canadian locations, one on the west coast and the other on the east coast. Pack4U leverages Catalyst Healthcare's adherence platform to enable short cycle dispensing in multi-dose compliance packaging with connectivity to at home digital devices. For more information please visit www.pack4u.com.
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
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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
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