GTEC previously announced that it had acquired a warehouse located in Kelowna, B.C. for the purpose of submitting an application to the Office of Controlled Substances for a Dealer’s Licence. The site will be developed in a phased approach and will serve as a Good Manufacturing Practices (GMP) grade facility with extraction, formulation, compounding and export capabilities to support GTEC’s Licensed Producers and the global medical market. GTEC also intends to utilize this facility to manufacture edible products that are expected to be incorporated into Health Canada’s regulatory framework in 2019. Upon Health Canada approval of phase one, the facility will be capable of producing up to 24,500 grams of cannabis oil per day (equivalent to more than 8,500 kilograms per annum), with capacity to increase production through future phased development.
Spectre Labs’ Acceptance of Application for a Controlled Drugs and Substances Dealer’s Licence was received by Health Canada on July 07, 2018 and accepted for review on July 17, 2018 . From the time of receipt of a complete application, the Controlled Drugs Section commits to a service delivery standard of 180 business days for the issuance of a decision on an application for a new Dealer’s Licence for controlled substances.
“We are excited to be making positive progress at Spectre, which will be a cornerstone facility within GTEC’s vertically integrated cannabis supply chain. Given the success and timeline of Zen Labs receiving its license in a timely manner, we remain confident that Spectre’s licensing process will reflect our regulatory team’s efforts.” stated Norton Singhavon, Chairman & CEO of GTEC. “The Spectre facility will allow us to compete in a broad range of value-added cannabis market segments”.
About GTEC Holdings Ltd.
GTEC was founded in 2017 to capitalize on opportunities in the nascent and rapidly growing legal cannabis industry. GTEC is focused on growing premium quality craft cannabis in purpose-built indoor facilities. The Company also has a number of retail cannabis initiatives in Western Canada. GTEC currently holds a 100% interest in GreenTec Bio-Pharmaceuticals Corp., Tumbleweed Farms Corp., Falcon Ridge Naturals Ltd., Alberta Craft Cannabis Inc., Grey Bruce Farms Inc., Zenalytic Laboratories Ltd. and Spectre Labs Inc. GTEC is a publicly-traded corporation based in Kelowna , British Columbia. The Company’s shares are listed on the TSX Venture Exchange and OTC Pink.
On behalf of the board,
Founder, Chairman & CEO
Co-Founder & Vice President
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.
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