KELOWNA, BC, July 16, 2018 /CNW/ - GTEC Holdings Ltd.
(TSXV: GTEC) ("GTEC" or the "Company") is pleased to announce that
its wholly owned subsidiary Zenalytic Laboratories ("Zen Labs")
received its Dealer's License from Health Canada on July 13, 2018.
On June 26th, 2018, Health
Canada's Regional Regulatory Compliance & Enforcement Team was
on-site for a scheduled licensing inspection at Zen Labs. The Zen
Labs Dealer's License was issued 17 days later pursuant to the
provisions of the Controlled Drugs and Substances Act - Narcotic
Control Regulations. Accordingly, Zen Labs is now classified as a
Licensed Dealer.
Zen Labs is now authorized to perform analytical testing on
cannabis and specific cannabinoids. In addition, Zen Labs intends
to apply for amendments to the license to further conduct other
activities relating to cannabis.
"Obtaining a Dealers License is a major step forward for the
GTEC group of companies," said Norton Singhavon, Chairman & CEO
of GTEC Holdings. "The Dealers License will play a key role in
allowing GTEC to achieve greater control of its cannabis production
supply chain. We are extremely pleased that the turnaround time
with Health Canada was only 17 days from the initial
inspection."
About Zen Labs
Zen Labs is a full-service chemical and microbiological
diagnostics laboratory for soil, water, and cannabis. Zen Labs will
analyze cannabinoid profiles, moisture content, heavy metals,
microbials, aflatoxins, pesticides and other contaminants as per
the regulations set out by Health Canada's ACMPR, for Licensed
Producers, Production for Own Medical Purposes, Production by a
Designated Person, and individuals who are authorized for personal
medical consumption. Zen Labs also intends to conduct full
analytical testing on terpene profiling and residual solvents for
authorized clients.
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., Falcon Ridge Naturals Ltd., 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
http://www.gtec.co
On behalf of the board,
Norton Singhavon
Founder, Chairman & CEO
778-760-8288
Michael Blady
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 law.
SOURCE GreenTec Holdings