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KELOWNA, BC, June 27, 2018 /CNW/ - GTEC Holdings Ltd. (TSXV: GTEC) ("GTEC" or the "Company") is pleased to announce that wholly owned subsidiary Zenalytic Laboratories ("Zen Labs") has completed its on-site inspection with Health Canada to become a Licensed Dealer, under the Narcotic Control Regulations of Canada.
On June 26th, 2018, Health Canada's Regional Regulatory Compliance & Enforcement Team was on-site for a scheduled inspection of Zen Labs' facility located in Kelowna BC. The purpose of the inspection was to confirm that Zen Lab's security plans met Health Canada's Directive On Physical Security Requirements, and that all the necessary Standard Operating Procedures, Document Control, Record Keeping and any other key factors pertaining to Zen Labs receiving its final license have been met.
On May 23rd, 2018 and June 25th, 2018, GTEC had previously announced that this inspection was to satisfy the Directive on Physical Security Requirements only, and that "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". However, during the on-site inspection, Health Canada has confirmed, that a follow up inspection will not be required and this would be the only inspection conducted prior to issuing a license.
Given that Zen Labs consists of an experienced and qualified team, complemented by the regulatory support and gap analysis from Cannabis Compliance Inc, the company anticipates that a final license will be granted by Health Canada within a timely manner. If the license is approved, Zen Labs would be authorized to possess, transport, analyze and conduct research & development with cannabis. Furthermore, upon final licensing approvals, Zen Labs intends to apply for amendments to the license to further conduct other activities relating to cannabis.
"As we strive to establish ourselves as a leading vertically integrated company, this puts GTEC and its group of companies, one step closer towards reaching this objective." said Norton Singhavon, Chairman & CEO of GTEC Holdings. "Obtaining a Licensed Dealer will allow for GTEC to control the entire process of cultivation, extraction and quality assurance, internally with full accountability through the eco-system we have worked diligently to create"
Zen Labs is also pleased to announce the hiring of Lasoi Ketere. Ms. Ketere has joined Zen Labs as Qualified Person In-Charge ("QPIC"). Ms. Ketere has past experience with analytical chemistry and organic hydrocarbon extractions. Prior to joining Zen Labs, Ms. Ketere was QPIC and RPIC at Medisca Pharmaceutique Inc, a global leader in providing pharmaceutical compounding chemicals and products. Where Ms. Ketere was responsible for ensuring Health Canada Regulations were met, and oversaw import/export applications to the Office of Controlled Substances. Ms. Ketere was also in-charge of the company's controlled substances department adhering to Good Manufacturing Practices ("GMP") guidelines. Her experience with highly regulated controlled substances, and Health Canada's regulatory processes will benefit Zen Labs and the GTEC group of companies tremendously.
About Zen Labs Zen Labs is a full service chemical and microbiological diagnostics laboratory for soil, water, and cannabis. Zen Labs is in the process of obtaining a Section 56 Class Exemption Dealer's License under the Narcotic Control Regulations. 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 be able to conduct full analytical testing on terpene profiling and residual solvents for authorized clients.
About GreenTec GreenTec was founded in 2017 to capitalize on opportunities in the nascent and rapidly growing legal cannabis industry. GreenTec is a public corporation listed on the TSX Venture Exchange and based in Kelowna, British Columbia. GreenTec is focused on growing premium quality craft cannabis in purpose-built indoor facilities. GreenTec currently holds a 100% interest in GreenTec Bio-Pharmaceuticals Corp., Grey Bruce Farms Inc., Zenalytic Laboratories Ltd., Falcon Ridge Naturals Ltd., Alberta Craft Cannabis Inc. (formerly Grenex Pharms Inc.), and Tumbleweed Farms Corp.
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,
Norton Singhavon Chairman & CEO
Michael Blady 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 include, but are not limited to, statements regarding the timing of receiving the license to become a Licensed Dealer under the Narcotic Control Regulations of Canada, that no further inspections are required by Health Canada, whether any planned amendments to the license, if and when granted, will be successful, and the Company's ability to become a leading vertically integrated cannabis company, 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.