GTEC Holdings Receives Updated License from Health Canada Permitting B2B Cannabis Sales

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GreenTec Holdings

Nov 09, 2018, 08:30 ET

KELOWNA, BC, Nov. 9, 2018 /CNW/ - 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:

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:
https://laws-lois.justice.gc.ca/eng/regulations/SOR-2018-144/page-3.html#h-9

For more information on activities authorized under Cannabis Act, please go to:
https://laws-lois.justice.gc.ca/eng/acts/C-24.5/page-9.html#h-18

About GTEC

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

On behalf of the board,
Norton Singhavon,
Founder, Chairman & CEO
[email protected]

Michael Blady
Co-Founder & Vice President
[email protected]

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.

The securities of the Company have not been and will not be registered under the United States Securities Act of 1933, as amended and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirement. This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the securities in any jurisdiction in which such offer, solicitation or sale would be unlawful.

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.

SOURCE GreenTec Holdings

GTEC Holdings Ltd., 1-800-351-6358, [email protected]

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GreenTec Holdings