Kelowna, BC, Aug. 19, 2019 (GLOBE NEWSWIRE) —
- Tumbleweed Receives Cultivation, Processing and Health-related Sales Licences
- GTEC now owns 3 licensed cultivation facilities, such as two facilities licensed for each healthcare sales and Provincial adult-use sales
- Estimated Annual production of four,000 kg of indoor flower
- Executed all 3 Wellness Canada licensing milestones for 2019
- Cultivation has right away commenced at Tumbleweed
GTEC Holdings Ltd. (TSX-V:GTEC) (OTCQB:GGTTF) (FRA:1BUP) (“GTEC” or the “Business”), a vertically integrated premium cannabis producer, is pleased to announce that its wholly-owned subsidiary, Tumbleweed Farms Inc. (“Tumbleweed”), was granted Common Cultivation, Common Processing and Health-related Sales Licences, pursuant to the Cannabis Act and Regulations by Wellness Canada on August 16, 2019.
With the licensing of Tumbleweed, management expects the following forecasts across the organization’s 3 operational cultivation facilities:
- Estimated Annual production of four,000 kg of flower and 1,000 kg trim
- GTEC to obtain good money flow in the close to future, upon Tumbleweed and Grey Bruce getting into into complete production and sales
GTEC is at present implementing its new cultivars into Alberta Craft Cannabis (“ACC”) and will transition its sales efforts from B2B wholesale, to Provincial & Territorial adult-use provide chains and direct to healthcare individuals, with the expectation that its typical promoting cost will raise. The Business anticipates the completion of two far more facilities (GreenTec Bio-Pharma and 3PL) in the close to future, which is anticipated to raise the organization’s production output in 2020.
Inside the most current six weeks, the Business has effectively executed on accomplishing all 3 of its cannabis licensing objectives for 2019, which incorporate the following:
- Common Cultivation Licence at Grey Bruce Farms – July five, 2019
- Common Processing and Health-related Sales Licence at Alberta Craft Cannabis – July 26, 2019
- Common Cultivation, Processing and Health-related Sales Licence at Tumbleweed Farms – August 16, 2019
“We are extremely proud of the dedication and commitment of our subsidiaries in accomplishing the most not too long ago issued licences,” said Norton Singhavon, GTEC Founder Chairman and CEO. “As the organization progresses in the path of profitability, we will persevere to make certain that Tumbleweed and Grey Bruce develop into money flow good in the close to future, although striving to total the develop-outs of GreenTec Bio-Pharma and 3PL.”
In accordance with the Cannabis Act and Regulations, Tumbleweed has right away commenced cultivation of cannabis plants from a portfolio of higher-finish cultivars (far more typically identified as genetics). Management believes that its mixture of exceptional genetics and knowledgeable cultivation strategies will develop a lengthy-term sustainable competitive benefit for the Business and supply resistance to all round cost compression.
Tumbleweed is a objective-constructed cultivation facility positioned in Chase, British Columbia. This facility was developed, constructed and equipped in a manner intended to optimize its capacity to create the highest high-quality cannabis flower. The initial phase of the facility is 10,000 sq. ft. and is projected to create 1,000 kg of cannabis flower annually, with considerable expansion capabilities.
GTEC Holdings is a specialized cannabis organization devoted to cultivating ultra-premium high-quality cannabis in objective-constructed indoor facilities. The organization is vertically integrated across all big sectors of the Canadian cannabis sector and at present holds the following licences issued by Wellness Canada pursuant to the Cannabis Act and Regulations three Common Cultivation licences estimated to create four,000 kg of indoor flower annually, two Common Processing licences (for adult-use sales into the Provincial provide chains), two Health-related Sales licences (for direct to healthcare individuals), Common Processing (for extraction), and Analytical Testing.
The management group is comprised of a diverse ability set sourced from top worldwide meals & beverage, CPG and premium alcohol organizations. GTEC has completed 3 cultivation facilities and is at present cultivating and promoting cannabis. GTEC’s retail division is pursuing licensing for recreational cannabis retailers across Western Canada.
GTEC’s genetic portfolio is comprised of more than 30 exceptional cultivars that have been created by way of a extensive phenotyping approach, which is anticipated to provide a sustainable competitive benefit and supply favourable gross margins. GTEC’s ultra-premium indoor flower will be marketed and sold beneath its flagship trademarked brands BLK MKT™, Tenzo™, GreenTec™, Cognōscente™ and Treehugger™.
GTEC is actively pursuing sales and distribution possibilities across all big business enterprise channels: healthcare, recreational, B2B and export. GTEC is a publicly traded corporation, listed on the TSX Venture Exchange, OTCQB Venture Marketplace and Frankfurt Stock Exchange. The Business is headquartered in Kelowna, British Columbia.
To view far more about the organization or to download our most current corporate presentation, please take a look at our web site at www.gtec.co
On behalf of the board,
Founder, Chairman & CEO
Co-Founder & Vice President
Neither the TSX Venture Exchange nor its Regulation Solutions Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts duty for the adequacy or accuracy of this release.
CAUTIONARY STATEMENT With regards to FORWARD-Searching Facts:
This news release contains particular “forward-hunting statements” beneath applicable Canadian securities legislation. Forward-hunting statements are necessarily primarily based upon a quantity of estimates and assumptions that, although deemed affordable, are topic to identified and unknown dangers, uncertainties, and other things which may well trigger the actual outcomes and future events to differ materially from these expressed or implied by such forward-hunting statements. Such things incorporate, but are not restricted to: basic business enterprise, financial, competitive, political and social uncertainties delay or failure to get board, shareholder or regulatory approvals, exactly where applicable and the state of the capital markets. There can be no assurance that such statements will prove to be correct, as actual outcomes and future events could differ materially from these anticipated in such statements. For instance, there can be no assurance that the Company’s all round annual production will raise to four,000 kg of flower and 1,000 kg of trim that GTEC will obtain good cashflow that the Company’s facilities will enter into complete production, output and sales that GTEC will obtain a weighted typical promoting cost of $five per gram in between each flower and trim that ACC will effectively transition its sales efforts from B2B to wholesale that ACC’s typical promoting cost of flower and trim will raise that GreenTec Bio-Pharma and 3PL facilities (the “Facilities”) will be completed that upon completion of the Facilities, the Company’s annual production output of flower and trim will increase that Tumbleweed will be income producing that Tumbleweed will be capable to create the highest high-quality cannabis flower that the Company’s genetics and cultivation strategies will develop a sustainable competitive benefit for the Business that Tumbleweed will be capable to create 1,000 kg of cannabis flower annually. Accordingly, readers ought to not spot undue reliance on forward-hunting statements. The Business disclaims any intention or obligation to update or revise any forward-hunting statements, irrespective of whether as a outcome of new details, future events or otherwise, except as needed by law.
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