Kelowna, BC – November 16, 2018 – GTEC Holdings Ltd. (TSXV: GTEC) (OTC: GGTTF) (“GTEC” or the “Company”) is pleased to announce that is has executed an agreement to facilitate acquisition of cannabis genetics, via its wholly owned subsidiary, Tumbleweed Farms Corp. (“Tumbleweed”).
Tumbleweed signed an agreement with 1183279 B.C. Ltd., an Okanagan-based cannabis consulting firm (the “Consultant”), dated October 19, 2018, in order to facilitate acquisition of cannabis genetics when it acquires its cultivation license. This process is being done in accordance with the provisions of the Cannabis Act, and its associated regulations.
The Consultant will assist Tumbleweed both in acquiring and cultivating premium quality cannabis cultivars. In return for these services, the Company will provide the Consultant with 200,000 GTEC shares (for specific cultivars) and a two-year royalty payment (for other cultivars).
“Superior genetics are the cornerstone of premium quality cannabis,” said Norton Singhavon, Chairman & CEO of GTEC. “This agreement represents a key element of our plan to become Canada’s leading vertically integrated craft cannabis company.”
The agreement between GTEC and 1183279 B.C. Ltd. remains subject to final approval of the TSX Venture Exchange.
GTEC is an emerging vertically integrated, diversified cannabis company founded in 2017. 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
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