Kelowna, BC, Aug. 19, 2019 (GLOBE NEWSWIRE) —
- Tumbleweed Receives Cultivation, Processing and Medical Gross sales Licences
- GTEC now owns three licensed cultivation amenities, together with two amenities licensed for each medical gross sales and Provincial adult-use gross sales
- Estimated Annual manufacturing of 4,000 kg of indoor flower
- Executed all three Well being Canada licensing milestones for 2019
- Cultivation has instantly commenced at Tumbleweed
GTEC Holdings Ltd. (TSX-V:GTEC) (OTCQB:GGTTF) (FRA:1BUP) (“GTEC” or the “Firm”), a vertically built-in premium cannabis producer, is happy to announce that its wholly-owned subsidiary, Tumbleweed Farms Inc. (“Tumbleweed”), was granted Normal Cultivation, Normal Processing and Medical Gross sales Licences, pursuant to the Hashish Act and Laws by Well being Canada on August 16, 2019.
With the licensing of Tumbleweed, administration expects the next forecasts throughout the group’s three operational cultivation amenities:
- Estimated Annual manufacturing of 4,000 kg of flower and 1,000 kg trim
- GTEC to realize constructive money stream within the close to future, upon Tumbleweed and Gray Bruce getting into into full manufacturing and gross sales
GTEC is presently implementing its new cultivars into Alberta Craft Hashish (“ACC”) and can transition its gross sales efforts from B2B wholesale, to Provincial & Territorial adult-use provide chains and direct to medical sufferers, with the expectation that its common promoting value will enhance. The Firm anticipates the completion of two extra amenities (GreenTec Bio-Pharma and 3PL) within the close to future, which is anticipated to extend the group’s manufacturing output in 2020.
Inside the newest six weeks, the Firm has efficiently executed on engaging in all three of its cannabis licensing goals for 2019, which embody the next:
- Normal Cultivation Licence at Gray Bruce Farms – July 5, 2019
- Normal Processing and Medical Gross sales Licence at Alberta Craft Hashish – July 26, 2019
- Normal Cultivation, Processing and Medical Gross sales Licence at Tumbleweed Farms – August 16, 2019
“We’re extremely happy with the dedication and dedication of our subsidiaries in engaging in essentially the most just lately issued licences,” mentioned Norton Singhavon, GTEC Founder Chairman and CEO. “Because the group progresses within the course of profitability, we are going to persevere to make sure that Tumbleweed and Gray Bruce develop into money stream constructive within the close to future, whereas striving to finish the build-outs of GreenTec Bio-Pharma and 3PL.”
In accordance with the Hashish Act and Laws, Tumbleweed has instantly commenced cultivation of cannabis crops from a portfolio of high-end cultivars (extra generally referred to as genetics). Administration believes that its mixture of distinctive genetics and skilled cultivation strategies will create a long-term sustainable aggressive benefit for the Firm and supply resistance to general value compression.
Tumbleweed is a purpose-built cultivation facility situated in Chase, British Columbia. This facility was designed, constructed and geared up in a fashion meant to optimize its means to supply the very best high quality cannabis flower. The preliminary section of the ability is 10,000 sq. ft. and is projected to supply 1,000 kg of cannabis flower yearly, with important growth capabilities.
GTEC Holdings is a specialised cannabis firm devoted to cultivating ultra-premium high quality cannabis in purpose-built indoor amenities. The corporate is vertically built-in throughout all main sectors of the Canadian cannabis trade and presently holds the next licences issued by Well being Canada pursuant to the Hashish Act and Laws; three Normal Cultivation licences estimated to supply 4,000 kg of indoor flower yearly, two Normal Processing licences (for adult-use gross sales into the Provincial provide chains), two Medical Gross sales licences (for direct to medical sufferers), Normal Processing (for extraction), and Analytical Testing.
The administration workforce is comprised of a various talent set sourced from main international meals & beverage, CPG and premium alcohol firms. GTEC has accomplished three cultivation amenities and is presently cultivating and promoting cannabis. GTEC’s retail division is pursuing licensing for leisure cannabis shops throughout Western Canada.
GTEC’s genetic portfolio is comprised of over 30 distinctive cultivars which have been developed by a complete phenotyping course of, which is anticipated to ship a sustainable aggressive benefit and supply beneficial gross margins. GTEC’s ultra-premium indoor flower will likely be marketed and offered underneath its flagship trademarked manufacturers; BLK MKT™, Tenzo™, GreenTec™, Cognōscente™ and Treehugger™.
GTEC is actively pursuing gross sales and distribution alternatives throughout all main enterprise channels: medical, leisure, B2B and export. GTEC is a publicly traded company, listed on the TSX Enterprise Change, OTCQB Enterprise Market and Frankfurt Inventory Change. The Firm is headquartered in Kelowna, British Columbia.
To view extra in regards to the firm or to obtain our most up-to-date company presentation, please go to our web site at www.gtec.co
On behalf of the board,
Founder, Chairman & CEO
Co-Founder & Vice President
Neither the TSX Enterprise Change nor its Regulation Providers Supplier (as that time period is outlined within the insurance policies of the TSX Enterprise Change) accepts duty for the adequacy or accuracy of this launch.
CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION:
This information launch consists of sure “forward-looking statements” underneath relevant Canadian securities laws. Ahead-looking statements are essentially based mostly upon plenty of estimates and assumptions that, whereas thought-about affordable, are topic to identified and unknown dangers, uncertainties, and different elements which can trigger the precise outcomes and future occasions to vary materially from these expressed or implied by such forward-looking statements. Such elements embody, however will not be restricted to: normal enterprise, financial, aggressive, political and social uncertainties; delay or failure to obtain board, shareholder or regulatory approvals, the place relevant; and the state of the capital markets. There could be no assurance that such statements will show to be correct, as precise outcomes and future occasions might differ materially from these anticipated in such statements. For example, there could be no assurance that the Firm’s general annual manufacturing will enhance to 4,000 kg of flower and 1,000 kg of trim; that GTEC will obtain constructive cashflow; that the Firm’s amenities will enter into full manufacturing, output and gross sales; that GTEC will obtain a weighted common promoting value of $5 per gram between each flower and trim; that ACC will efficiently transition its gross sales efforts from B2B to wholesale; that ACC’s common promoting value of flower and trim will enhance; that GreenTec Bio-Pharma and 3PL amenities (the “Amenities”) will likely be accomplished; that upon completion of the Amenities, the Firm’s annual manufacturing output of flower and trim will enhance; that Tumbleweed will likely be income producing; that Tumbleweed will be capable of produce the very best high quality cannabis flower; that the Firm’s genetics and cultivation strategies will create a sustainable aggressive benefit for the Firm; that Tumbleweed will be capable of produce 1,000 kg of cannabis flower yearly. Accordingly, readers shouldn’t place undue reliance on forward-looking statements. The Firm disclaims any intention or obligation to replace or revise any forward-looking statements, whether or not because of new data, future occasions or in any other case, besides as required by regulation.
Get Actual-Time Updates from The Each day Marijuana Observer