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.
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.
On behalf of the board,
Norton Singhavon
Founder, Chairman & CEO
778-760-8288
ns@gtec.co
Michael Blady
Co-Founder & Vice President
604-720-3474
mb@gtec.co
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.
CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION: This
news release includes certain "forward-looking statements" under
applicable Canadian securities legislation. Forward-looking
statements are necessarily based upon a number of estimates and
assumptions that, while considered reasonable, are subject to known
and unknown risks, uncertainties, and other factors which may cause
the actual results and future events to differ materially from
those expressed or implied by such forward-looking statements. Such
factors include, but are not limited to: general business,
economic, competitive, political and social uncertainties; delay or
failure to receive board, shareholder or regulatory approvals,
where applicable and the state of the capital markets. There can be
no assurance that such statements will prove to be accurate, as
actual results and future events could differ materially from those
anticipated in such statements. Accordingly, readers should not
place undue reliance on forward-looking statements. The Company
disclaims any intention or obligation to update or revise any
forward-looking statements, whether as a result of new information,
future events or otherwise, except as required by law.
SOURCE GreenTec Holdings