Kelowna, BC – November 9, 2018 – GTEC Holdings Ltd. (TSXV: GTEC) (OTC: GGTTF) (“GTEC” or the “Company”) is pleased to announce that its wholly owned subsidiary, Alberta Craft Cannabis Inc (“ACC”) received its updated license on November 8th, 2018 in accordance with Health Canada’s Cannabis Act and Cannabis Regulations, which had previously been issued under the Access to Cannabis for Medical Purposes Regulations (“ACMPR”).
Effective immediately, Alberta Craft Cannabis is authorized to sell cannabis in accordance with subsection 11(5) of the Cannabis Regulations, which include the following activities:
- The sale and distribution of dried cannabis, fresh cannabis, cannabis plants and cannabis plant seeds to any of the following license holders: micro-cultivation, standard cultivation, processing, analytical testing, research, or cannabis drug license;
- The sale and distribution of cannabis plants and cannabis plant seeds to a holder of a license for a nursery;
- The sale and distribution of cannabis plants and cannabis plant seeds, that are cannabis products to: a holder of a license for sale, or a person authorized to sell cannabis under a provincial Act by reason of subsection 69(1) of the Act; and
- The sale and delivery of cannabis plants and cannabis plant seeds, that are cannabis products, to the purchaser of the products at the request of: a person authorized to sell cannabis under a provincial Act by reason of subsection 69(1) of the Act, or a holder of a license for sale.
Since its debut on the TSX Venture Exchange on June 22, 2018, the Company has entered into strategic partnerships with the following Licensed Producers:
- Invictus MD Strategies (TSXV: GENE) (OTCQX: IVITF)
- Namaste Technologies (TSXV: N) (OTCQB: NXTTF)
- Valens Groworks (CSE: VGW) (OTC: MYMSF)
The updated license will allow GTEC to immediately engage in business to business (B2B) sales to its strategic partners and/or other qualified license holders under the Cannabis Act and Cannabis Regulations.
“We are extremely pleased with Health Canada’s new licensing system under the Cannabis Act and Regulations. These updates allow for GTEC to immediately supply its current inventory into the medical and provincial markets through its strategic partners,” said Norton Singhavon, Chairman & CEO of GTEC. “Upon completion of our initial B2B sale, we look forward to transitioning into a revenue generating company.”
On October 3rd, 2018, the Company previously announced that Alberta Craft Cannabis had notified Health Canada that it was ready for a Sales License inspection. The Company would like to reiterate to shareholders that it is still awaiting this Health Canada Sales License inspection, and that currently, the Company is not authorized to sell dried cannabis directly to qualified medical patients.
For more information on activities authorized under Cannabis Regulations, please go to:
For more information on activities authorized under Cannabis Act, please go to:
GTEC was founded in 2017 to capitalize on opportunities in the nascent and rapidly growing legal cannabis industry. GTEC is a public corporation listed on the TSX Venture Exchange and based in Kelowna, British Columbia. GTEC is focused on growing premium quality craft cannabis in purpose-built indoor facilities. GTEC currently holds a 100% interest in GreenTec Bio-Pharmaceuticals Corp., Alberta Craft Cannabis Inc. Grey Bruce Farms Inc., Tumbleweed Farms Corp., Zenalytic Laboratories Ltd., and Spectre Labs Inc.
To view more about the company or to request our most recent corporate presentation, please visit our website at www.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.
Spotlight Growth is compensated, either directly or via a third party, to provide investor relations services for its clients. Spotlight Growth creates exposure for companies through a customized marketing strategy, including design of promotional material, the drafting and editing of press releases and media placement.
All information on featured companies is provided by the companies profiled, or is available from public sources. Spotlight Growth and its employees are not a Registered Investment Advisor, Broker Dealer or a member of any association for other research providers in any jurisdiction whatsoever and we are not qualified to give financial advice. The information contained herein is based on external sources that Spotlight Growth believes to be reliable, but its accuracy is not guaranteed. Spotlight Growth may create reports and content that has been compensated by a company or third-parties, or for purposes of self-marketing. Spotlight Growth was compensated two thousand five hundred dollars cash for the creation and dissemination of this content.
This material does not represent an investment solicitation. Certain statements contained herein constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements may include, without limitation, statements with respect to the Company’s plans and objectives, projections, expectations and intentions. These forward-looking statements are based on current expectations, estimates and projections about the Company’s industry, management’s beliefs and certain assumptions made by management.
The above communication, the attachments and external Internet links provided are intended for informational purposes only and are not to be interpreted by the recipient as a solicitation to participate in securities offerings. Investments referenced may not be suitable for all investors and may not be permissible in certain jurisdictions.
Spotlight Growth and its affiliates, officers, directors, and employees may have bought or sold or may buy or sell shares in the companies discussed herein, which may be acquired prior, during or after the publication of these marketing materials. Spotlight Growth, its affiliates, officers, directors, and employees may sell the stock of said companies at any time and may profit in the event those shares rise in value. For more information on our disclosures, please visit: http://spotlightgrowth.com/index.php/disclosures/
Source: SpotLight Growth Canabis
GTEC Holdings (TSXV: GTEC) (OTC Pink: GGTTF) Receives Updated License from Health Canada Permitting B2B Cannabis Sales
SpotLight Growth Canabis