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GTEC Holdings Ltd
Symbol GTEC
Shares Issued 123,218,355
Close 2019-07-29 C$ 0.40
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GTEC subsidiary receives two cannabis licences

2019-07-29 09:46 ET - News Release

Mr. Norton Singhavon reports


GTEC Holdings Ltd.'s wholly owned subsidiary, Alberta Craft Cannabis Inc., has received both a standard processing licence and a sale for medical purposes licence from Health Canada. These licenses are in addition to the standard cultivation licence Alberta Craft already possesses.

On July 26, 2019, Alberta Craft received notification from Health Canada that it had been granted licences for the following activities related to sale of cannabis:

  • A licence for sale for medical purposes;
  • A licence for standard processing authorizing the sales of cannabis plants, cannabis plants seeds, fresh cannabis and dried cannabis products.

Alberta Craft now has the ability to sell into provincial recreational supply chains and make direct on-line sales to medical cannabis clients.

These additional licences will permit GTEC's other cultivation subsidiaries, such as Grey Bruce Farms (which was also recently granted its standard cultivation licence), to access recreational and medical supply channels upon initial harvests through bulk business-to-business transfers to Alberta Craft who is now licensed to distribute products into provincial and medical sales channels. The company anticipates that the issuance of these additional licences will have a material positive impact on long-term gross margins.

"We are extremely pleased to have achieved another major milestone for our shareholders and to further evolve the overall growth of the organization," said Norton Singhavon, GTEC founder, chairman and chief executive officer. "We are excited to be in a position to utilize our unique and exotic cannabis cultivars to launch our ultrapremium brand portfolio into the adult-use market."

Alberta Craft (then 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, and Alberta Craft has been selling bulk cannabis to other licensed producers since late 2018.

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 at two facilities, standard processing (extraction), standard processing (provincial sales), medical sales 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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