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KELOWNA, BC, Nov. 16, 2018 /CNW/ - 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 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.
On behalf of the board,
Founder, Chairman & CEO
Co-Founder & Vice President
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.
The securities of the Company have not been and will not be registered under the United States Securities Act of 1933, as amended and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirement. This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the securities in any jurisdiction in which such offer, solicitation or sale would be unlawful.
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 la
SOURCE GreenTec Holdings