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GTEC Holdings Announces First Retail Cannabis Stores Scheduled

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GTEC Holdings Announces First Retail Cannabis Stores Scheduled to Be Operational in 2018

KELOWNA, BC, Oct. 11, 2018 /CNW/ - GTEC Holdings Ltd. (TSXV: GTEC) (OTCPK: GGTTF) ("GTEC" or the "Company") is pleased to provide the following updates on its retail operations.

GreenTec Holdings (CNW Group/GreenTec Holdings)

Alberta – Cannabis Cowboy 25 Locations at Full Deployment

Cannabis Cowboy has currently received 10 development permits from their respective municipalities in Alberta, which include locations in Calgary, Red Deer, and Lethbridge. Permits are subject to final Provincial and Municipal licensing. Cannabis Cowboy expects to have 11 retail locations opened and operational in Q4 2018, with an additional 14 locations to be opened in Q1 2019. Over the coming weeks, GTEC will be working closely with Cannabis Cowboy and Invictus (TSXV: GENE) (OTC: IVITF) (FRA: 8IS1) on finalizing product supply, brand launches and retail grand openings.

Saskatchewan – Retail & E-commerce

GTEC has completed and submitted to the Saskatchewan Liquor and Gaming Authority (SLGA) all the required documentation for a retail license. The Company is currently finalizing the following: construction of its retail storefront in Nipawin, construction of its e-commerce fulfillment warehouse in Saskatoon, and completion of its e-commerce platform. The Company anticipates both the warehouse and e-commerce platform to be operational in Q4 2018.

Manitoba Retail – 7 Locations

GTEC had submitted a proposal to a Request For Proposal (RFP) issued by the Province of Manitoba for 7 retail locations. On September 28, 2018, GTEC was notified by the Procurement Services Branch that it had passed the initial screening and has been included to the pre-qualified list for the opportunity to enter a lottery for a cannabis retail store licence. A lottery date has not yet been determined.

British Columbia Retail

GTEC is actively pursuing retail opportunities in the Greater Vancouver area and Thompson-Okanagan region. The company is seeking to establish a total of 8 retail locations in the province of British Columbia.

Management Commentary

"Canada has established itself as the world leader in Cannabis legislation, and with legalization less than a week away we are extremely pleased with the rapid execution of our retail teams," said Norton Singhavon, Chairman and CEO of GTEC. "Once the doors to our first retail locations open in the coming weeks and months, we will have successfully executed our vision of becoming one of the few companies that have achieved full vertical integration, controlling the entire value-chain from seed to shelf. This methodical approach will allow us to deliver a quality end product to consumers while eliminating significant inefficiencies that exist in traditional supply chains."

About Cannabis Cowboy

"Cannabis Cowboy" is a team of revolutionary pioneers blazing a trail for recreational cannabis retail in Canada. Legalization is fast approaching, and the team has been rapidly growing to meet the demand for recreational cannabis products and services. Cannabis Cowboy has developed an ambitious growth strategy to develop up to 30 turnkey retail locations in Alberta, with an aggressive real estate acquisition strategy for retail locations in the British Columbia and Ontario markets.

www.cannabiscowboy.ca

(please note, that there are no affiliations with Cannabis Cowboys, which is an illicit black market online dispensary)


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., Alberta Craft Cannabis, Grey Bruce Farms, Tumbleweed Farms, Zenalytic Laboratories, and Spectre Labs.

To view more about the company or to request our most recent corporate presentation, please visit our website at www.gtec.co.

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