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GTEC Holdings Ltd
Symbol GTEC
Shares Issued 123,143,355
Close 2019-06-27 C$ 0.46
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GTEC's Alberta Craft completes Health Canada inspection

2019-06-27 09:17 ET - News Release

Mr. Norton Singhavon reports


GTEC Holdings Ltd.'s wholly owned subsidiary, Alberta Craft Cannabis Inc., has recently completed a Health Canada licence inspection.

Alberta Craft had requested and scheduled the recent inspection with Health Canada, which is required in order to receive its standard processing licence. The licence would authorize Alberta Craft to conduct the following activities:

  • To sell adult-use/recreational cannabis into the provincial government supply chains;
  • Manufacture cannabis-derived products such as, but not limited to, oils, edibles, beverages, shatter/resin and vapes (once legally permitted within the Cannabis Act & Regulations).

Health Canada inspectors conducted the inspection during June 25 to 26, 2019, at the Alberta Craft facility in Edmonton, Alta. Alberta Craft expects to receive a formal inspection report from Health Canada in the coming weeks.

Alberta Craft is also actively pursuing its sale for medical purposes licence which would facilitate direct sales to authorized medical patients.

Alberta Craft (formerly operating as GrenEx Farms Inc.) acquired its original cultivation licence on Sept. 29, 2017, under the Access to Cannabis for Medical Purposes Regulations. Alberta Craft received its updated cultivation licence, under the Cannabis Act, from Health Canada on Nov. 8, 2018. This facilitated the sale of bulk cannabis to other licensed producers (LPs). Accordingly, Alberta Craft has been selling to other LPs since late 2018. This has facilitated the successful launch of the GreenTec brand of medical cannabis through multiple on-line platforms.

"It's encouraging to see Alberta Craft Cannabis continuing to make positive progress in its quest to become a recognized player in the premium cannabis market," said Norton Singhavon, GTEC founder, chairman and chief executive officer. "We are very proud of the ACC team for all of the work that has been done to facilitate and support the Health Canada inspection process."

GTEC issues shares to consultant

GTEC will issue Rok Consulting Inc. 100,000 common shares of GTEC's restricted common stock issued under and pursuant to the terms of Regulation D under the Securities Act of 1933, for services rendered from April 22, 2019, to May 21, 2019.

About GTEC Holdings Ltd.

GTEC is a specialized cannabis company dedicated to cultivating ultrapremium-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 comprises a diverse skill set sourced from leading global food and beverage and premium alcohol companies. GTEC has completed three cultivation facilities and is currently cultivating and selling cannabis.

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