GTEC Holdings Receives Updated License from Health Canada Permitting B2B Cannabis Sales
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:
Invictus MD Strategies (TSXV: GENE) (OTCQX: IVITF) https://www.gtec.co/gtec-agreement-with-invictus-cannabis-retail-expansion/
Namaste Technologies (TSXV: N) (OTCQB: NXTTF) https://www.gtec.co/gtec-announces-supply-agreement-with-namaste-technologies-cannmart/
Valens Groworks (CSE: VGW) (OTC: MYMSF) https://www.gtec.co/gtec-signs-cannabis-extraction-agreement-with-valens/
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