Kelowna, BC, May 21, 2019 (GLOBE NEWSWIRE) -- GTEC Holdings Ltd. (TSX-V:GTEC) (OTCQB:GGTTF) (FRA:1BUP) (“GTEC” or the “Company”) is pleased to announce that its wholly owned subsidiary Grey Bruce Farms (the “Facility”) has completed its build-out and submitted its Affirmation of Readiness and Video Evidence Package (the “Evidence Package”) to Health Canada. The Evidence Package submission is the final step required in order to demonstrate and confirm to Health Canada that the Facility is fully built, operationally ready and in compliance with the Cannabis Act and Regulations, prior to being issued its Standard Cultivation License.
Grey Bruce’s initial phase of 15,000 sq. ft., is estimated to produce 1.64 million grams annually. With the completion of Grey Bruce, the Company’s current annual estimated output is approximately 4 million grams.
In addition to the existing Standard Cultivation license at Alberta Craft Cannabis in Edmonton, and the recently completed Tumbleweed Farms (currently awaiting its Standard Cultivation License) in Chase BC, Grey Bruce is the third facility that GTEC has completed in order to produce, market and distribute its premium indoor flower. The Company’s 2019 planned cultivation facilities are expected to span a total of 120,000 sq. ft., across three Provinces (BC, Alberta and Ontario), with the anticipation of reaching an estimated annual output of 14,000 kg of indoor flower in late 2019 (through the completion of GreenTec Bio-Pharmaceuticals and 3PL, both in BC).
“With the recently announced changes to Health Canada’s licensing system, we remain confident that Grey Bruce will be issued its Standard Cultivation license in a timely manner,” said Norton Singhavon, Founder, Chairman and CEO of GTEC. “We would like to thank our stakeholders for your continued support as we work diligently to increase our overall production and sales over the course of 2019.”
Corporate Presentation
The Company has also updated its Corporate Presentation to reflect its current initiatives and strategy. A copy of this presentation can be downloaded under the Investors page on the GTEC website (www.gtec.co/investors/)
About GTEC
GTEC Holdings is a specialized cannabis company dedicated to cultivating ultra-premium quality cannabis in purpose-built indoor facilities. The company is vertically integrated across all major sectors of the Canadian cannabis industry and is currently licensed by Health Canada for Standard Cultivation, Standard Processing and Analytical testing. The management team is comprised of a diverse skill set sourced from leading global food & beverage and premium alcohol companies. GTEC has completed three cultivation facilities and is currently cultivating and selling cannabis.
The Company has two additional facilities coming on stream in the latter half of 2019, which will increase annual capacity from 4,000 kg to 14,000 kg. GTEC’s retail division is pursuing licensing for over 35 recreational cannabis stores across Western Canada. GTEC’s ultra-premium indoor flower will be marketed and sold under its flagship trademarked brands; BLK MKT™, Tenzo™, GreenTec™, Cognōscente™, Treehugger™, and FN™.
GTEC is actively pursuing sales and distribution opportunities across all major business channels: medical, recreational, B2B and export. GTEC is a publicly traded corporation, listed on the TSX Venture Exchange, OTCQB Venture Market and Frankfurt Stock Exchange. The Company is headquartered in Kelowna, British Columbia.
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
Founder, Chairman & CEO
ns@gtec.co
Michael Blady
Co-Founder & Vice President
mb@gtec.co
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.
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.