KELOWNA, BC, Sept. 24,
2018 /CNW/ - GTEC Holdings Ltd. ("GTEC" or the
"Company") (TSXV: GTEC) (OTCPK: GGTTF) is pleased to
announce that it has entered into a binding letter agreement (the
"Supply Agreement") with Pack4U Holdings
(Canada) Ltd.
("Pack4U").
Pack4U is dedicated to providing pharmacies, once the Pharmacy
Legislation (as defined below) is in effect, with access to medical
cannabis in oral dosage form, packaged in a multi-dose strip format
through its unique central fill and inventory tracking system,
which features billing & logistics integration with wholesale
distributors such as McKesson, Cardinal Health and
AmerisourceBergen. The agreement would position GTEC alongside
Pack4U's wholesale distribution network as its exclusive provider
of cannabis to the Canadian market. The exclusivity will
extend to January 31, 2020.
"On Friday September
21st, Canada's
largest pharmacy chain received Health Canada approval to dispense
medical cannabis to patients, in which we anticipate that many
other pharmacies will seek a solution to service their patient's
needs. We are excited to be partnering with an established group
like Pack4U, who has significant relationships and partnerships
within the pharmacy industry," said Norton Singhavon, Chairman and
CEO of GTEC. "We view the pharmacy distribution channel as
being fundamental to acquiring medicinal patients. The exclusivity
period provides us with significant runway to demonstrate our
ability to provide a quality medicinal product into these
distribution channels."
The Supply Agreement provides for distribution solutions that
benefit GTEC both before and after legislation which will permit
Canadian pharmacies to fill and dispense prescriptions for cannabis
(the "Pharmacy Legislation"). Furthermore, upon the Pharmacy
Legislation being implemented, Pack4U will list GTEC's wholly owned
ACMPR Licensed Producer subsidiaries, as its exclusive wholesale
supplier of cannabis for use within the Pack4U System. Pharmacies
will be able to access pre-packaged prescription cannabis orders,
which would be patient specific without the requirement to carry
any inventory on site.
This partnership enables GTEC to position itself alongside an
established and rapidly growing pharmacy Network already leveraging
Pack4U's unique model. Pack4U is deploying spencer®, the in-home
medication dispenser and connected health hub, with major health
systems across North America.
spencer® allows for patient-reported health outcomes, giving the
ability to directly correlate administration of GTEC products with
clinical data in support of mass adoption.
Subject to the implementation of federal, provincial and
territorial legislation in Canada
that permits the distribution and sale of alternate formats of
cannabis products including, without limitation, capsules and
tablets (the "Products"), GTEC and Pack4U will collaborate
to package, distribute, sell and market the Products at both the
wholesale and retail levels through using the Pack4U System.
"We are extremely pleased to partner with the GTEC team to
distribute cannabis in solid oral dosage forms. The vertical
integration that GTEC has built out provides Pack4U with the
comfort of full accountability from plant to pill, which is a key
factor in why we believe GTEC will become a leader within the
Canadian cannabis industry," said Chris
Williams, Director of Business Development of Pack4U. "Once
legislation is implemented, pharmacies will require a solution to
support the health of patients through the use of cannabis. The
Pack4U system creates a seamless process for pharmacies to
participate in the care of the patients without the burden of
carrying inventory."
About Pack4U
Pack4U is committed to providing pharmacies, once the Pharmacy
Legislation is in place, with access to medications such as
cannabis in solid oral form packaged in multi dose strip packaging
format through its unique inventory tracking system. Pharmacies
will be able to access patient specific packaged prescription
cannabis orders without the requirement to carry inventory on
site.
Pack4U is also integrated with spencer®, a countertop medication
dispenser for at-home adherence and connected care. spencer® links
to Bluetooth health devices, allows for telehealth engagement,
tracks compliance adherence and allows for the unique real time
collection of data around the impact of Cannabis on health
outcomes. For more information visit
www.meetspencertoday.com
Pack4U currently operates two high volume central fill
pharmacies which package prescriptions for other pharmacies, one in
Orlando, Florida and the other in
the Greater Toronto Area
(GTA). In Q1 2019 Pack4U will be opening Pack4U California and the 2019 roadmap includes two
additional Canadian locations, one on the west coast and the other
on the east coast. Pack4U leverages Catalyst Healthcare's adherence
platform to enable short cycle dispensing in multi-dose compliance
packaging with connectivity to at home digital devices. For
more information please visit www.pack4u.com.
About GTEC
GTEC was founded in 2017 to capitalize on opportunities in the
nascent and rapidly growing legal cannabis industry. GTEC is
focused on growing premium quality craft cannabis in purpose-built
indoor facilities. The Company also has a number of retail cannabis
initiatives in Western Canada. GTEC currently holds a 100%
interest in GreenTec Bio-Pharmaceuticals Corp., Tumbleweed Farms
Corp., Falcon Ridge Naturals Ltd., Alberta Craft Cannabis Inc.,
Grey Bruce Farms Inc., Zenalytic Laboratories Ltd. and Spectre Labs
Inc. GTEC is a publicly-traded corporation based in Kelowna, British Columbia. The Company's
shares are listed on the TSX Venture Exchange and OTC Pink
Sheets.
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.
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
