GTEC Completes Initial Phase Construction of Purpose-Built Indoor Facility Tumbleweed Farms
GTEC Holdings Ltd. (TSXV: GTEC) (OTC: GGTTF) (FRA: 1BUP) (“GTEC” or the “Company”) is pleased to announce the completion of its initial phase construction at its purpose-built indoor cultivation facility, Tumbleweed Farms.
Tumbleweed Farms is the first of multiple purpose-built indoor facilities that GTEC is in the process of building in order to produce its ultra-premium flower. The Company’s initial planned cultivation footprint is expected to span a total of 120,000 square feet, across three Provinces, with the anticipation of reaching an estimated annual output of 14,000 kg of indoor flower by Q3 of 2019.
“We are extremely proud of the work that our operations team has put in over the duration of this process,” said Norton Singhavon, Founder, Chairman & CEO of GTEC. “Our team is excited to expand existing production of our ultra-premium indoor flower, with our unique and exotic genetics for the Canadian medical and adult-use markets.”
The Company is in the final stages of compiling its Video Evidence Package, with the expectation of its final submission into Health Canada by next week. Once Health Canada confirms that the requirements of the Cannabis Act and Regulations have been met, a Standard Cultivation license will be issued and the Company will immediately commence cultivation.
GTEC’s initial harvests from Alberta Craft Cannabis are currently available to registered medical patients, under its flagship medical brand GreenTec ™, exclusively at Namaste’s (TSXV: N) (FRANKFURT: M5BQ) (OTCMKTS: NXTTF) CannMart (www.cannmart.com).
Tumbleweed Farms’ initial phase consists of 10,000 square feet for indoor cultivation, strategically located in Chase BC, about 8kms from the Trans-Canada Highway and situated just outside of the Kamloops city limits. The property sits on 23 acres of land with significant future expansion capabilities and access to an on-site gravity fed natural artesian well.
The Company announces that 200,000 incentive stock options have been granted to Jeremy Wright, the Chief Financial Officer of the Company. The stock options vest immediately and have an exercise price of $0.60 per share and are exercisable for a period of three years from the grant date. The options are subject to, in all respects, the terms of the Company’s stock option plan and the requirements of the TSX Venture Exchange.
About GTEC
GTEC Holdings is a specialized cannabis company dedicated to cultivating ultra-premium quality cannabis in purpose-built indoor facilities. The company is vertically integrated across all major sectors of the Canadian cannabis industry and holds Cultivation, Extraction and Analytical testing licenses. The management team is comprised of a diverse skill set sourced from leading global food & beverage and premium alcohol companies. GTEC’s retail division is pursuing licensing for over 35 recreational cannabis stores across Western Canada. GTEC’s premium indoor cannabis will be marketed and sold under its flagship trademarked brands; BLK MKT ™, Tenzo ™, GreenTec ™, cognoscente ™, FN ™, and Treehugger ™. The Company is actively pursuing sales and distribution opportunities across all major business channels: medical, recreational, B2B and export. GTEC is a publicly traded corporation, listed on the TSX Venture Exchange and the OTCQB Venture Market. The Company is headquartered in Kelowna, British Columbia.
To view more about the company or to request our most recent corporate presentation, please visit our website at www.gtec.co
