GTEC Holdings Ltd. (GTEC.V) (GGTTF) (“GTEC” or the “Company“) is pleased to provide an update on the operations of its wholly owned subsidiaries.
Alberta Craft Cannabis Inc. (“ACC”) is a Licensed Producer under Health Canada’s Access to Cannabis for Medical Purposes Regulations located in Edmonton , Alberta. ACC operates a 14,000 sq. ft. craft cannabis cultivation facility. ACC has currently completed its initial harvests and has notified Health Canada. The Company is now awaiting Sales License inspection to be completed within the expected timeline.
F-20 Joint Venture (“F-20”) is a GTEC agreement with F-20 Developments Corp. to develop a premium indoor cultivation facility in Vernon, British Columbia . GTEC’s operations team has completed the final design of Phase 1 construction plans. The building will be retrofitted to facilitate the cultivation of premium cannabis. Phase 1 of this partnership is currently underway, with completion anticipated for Q2 2019. GTEC expects to complete Phase 2 designs by Q1 of 2019.
Tumbleweed Farms Corp. (“Tumbleweed”) is a late stage ACMPR applicant based in Chase, British Columbia . Tumbleweed has completed its purpose-built exterior and is near completion of the interior construction. The Company anticipates that it will commence cultivation over the duration of the fall season. Tumbleweed has also signed a contract with the Pacific Agricultural Certification Society (“PACS”) with an objective to be one of the first certified organic cannabis companies in Canada .
GreenTec Bio-Pharmaceuticals Inc. (“GreenTec”) is a late stage ACMPR applicant based in Kelowna, British Columbia . GreenTec is currently in Phase 1 of development, building 20,000 sq. ft. of its planned 80,000 sq. ft. craft cannabis cultivation facility. GreenTec has recently completed the exterior of this building and anticipates completing the interior construction and commencing cultivation in Q1 2019.
Grey Bruce Farms Inc. (“Grey Bruce”) is a late stage ACMPR applicant based in Kincardine, Ontario . Grey Bruce is currently building a 15,000 sq. ft. craft cannabis cultivation facility. The Company has made substantial progress in completing a major retrofit of its existing industrial building and anticipates that it will commence cultivation in Q4 2018.
Falcon Ridge Naturals (“Falcon Ridge”) is a late stage ACMPR applicant located on a certified organic farm in Kelowna, British Columbia . Falcon Ridge was seeking to construct a 10,000 sq. ft. facility. On October 1st , Kelowna City Council voted against the Falcon Ridge project application, due to recently adopted land zoning issues related to the proposed facility being within the B.C. Agricultural Land Reserve. Accordingly, GTEC does not anticipate moving forward with this project, and plans to re-allocate Falcon Ridge capital funds to its larger facilities and/or for existing expansion opportunities.
Spectre Labs Inc. (“Spectre”) is a cannabis oil extraction facility based in Kelowna , British Columbia. Spectre has acquired land and building to develop a state-of-the-art facility. The Company has completed initial design work and submitted an application to the Office of Controlled Substances for a Dealer’s License. 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 Spectre to manufacture edible products that are expected to be incorporated into Health Canada’s regulatory framework in 2019. GTEC was notified on July 17 th by the Office of Controlled Substances, that Spectre has been assigned an application number. 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.
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