KELOWNA, BC, Dec. 21, 2018 /CNW/ - GTEC Holdings Ltd. (TSXV:
GTEC) (OTCQB: GGTTF) ("GTEC" or the "Company"), a
specialized and vertically integrated premium cannabis company, is
pleased to provide the following letter to its shareholders from
Founder, Chairman & CEO Norton
Singhavon.
To our valued shareholders,
Tomorrow marks the six-month anniversary since we went public on
the TSX Venture Exchange on June
22nd, 2018. Prior to going public we raised over
$30 million dollars privately amongst
roughly 500 shareholders. To those original shareholders, and all
the new shareholders we have gained since going public, I wanted to
thank you for your support and patience as we continue to execute
our vision in becoming one of Canada's leading vertically integrated
Cannabis Companies.
The cannabis sector has shown signs of volatility in the public
markets and we would like to instill confidence in those of you who
are supporting our vision. As a private company, we set out a
mandate to all of you that we would achieve vertical integration
within the premium segment of the market. Since going public, our
team has continued to execute this vision and accomplished the
following key milestones that we feel are imperative in delivering
long term shareholder value:
- July 2018: Obtained a
Dealer's License at Zen Labs for analytical testing and
extraction
- July 2018: Awarded a
recreational Retail Dispensary License in Saskatchewan, which also allows an online
e-commerce website to ship to anyone over the age of 19+ in the
Province
- July 2018: Formed 3PL
Ventures, which will onboard about 7,000kg on its First Phase, with
GTEC only committing the final $1
million in the project
- August 2018: Signed a
supply agreement with Namaste & CannMart, in which we executed
our first sale earlier this month
- August 2018: Received a
strategic $2 million investment from
Invictus MD, with a favorable $1.50
conversion price
- September 2018: Signed an
exclusive supply agreement with Pack4U, which enables GTEC to
supply cannabis capsules alongside their wholesale distributors
McKesson, Cardinal Health and AmerisourceBergen
- October 2018: Launched our
flagship trademarked brands; BLK MKT TM; Tenzo
TM, GreenTec TM, cognōscente TM,
FN TM, and Treehugger TM, which have received
positive reviews and feedback from the Provincial liquor
boards
- October 2018: Awarded the
opportunity to enter into a lottery for recreational Retail
Dispensary Licenses in the Province of Manitoba
- November 2018: Entered
into binding LOIs to establish 3 recreational Retail Dispensaries
in Vancouver, complemented by the
existing 18 Development Permits with Cannabis Cowboy in
Alberta
- November
2018: Announced a strategic merger with Invictus on
November 16, 2018, to form
Western Canada's largest indoor
(non-greenhouse) cultivation footprint.
- December 2018: Became
officially revenue generating, by selling bulk cannabis to multiple
LP's with the ability to sell some of our product to patients under
our flagship medical brand GreenTec TM
As we wrap up the calendar year of 2018 and enter into 2019, I
wanted to provide some insight of where we see our assets and the
company in the New Year
- Alberta Craft Cannabis will continue to be revenue generating
and producing about 1,500kg per annum
- Tumbleweed and Grey Bruce near completion of construction,
which will add another 2,500kg of production capacity
- GreenTec Bio-Pharmaceuticals anticipated to complete
construction in Q2 2019, which will add an additional 2,250kg
- 3PL to complete construction in Q3 2019, which will add another
7,000kg
- For a total of over 13,000kg of production capacity across 3
Provinces
- A retail footprint of over 30+ locations across the 3 Western
Provinces, with additional potential locations in Manitoba if we are successful in the lottery
process
Our Operations team has been working relentlessly to deliver
revenue from ACC and to complete construction at Tumbleweed and
Grey Bruce. We have executed and delivered a product that has a THC
content significantly higher than the average for this particular
cultivar and achieved an average wholesale bulk selling price above
$6.50 per gram.
For those of you that have contacted me or the Company with
questions regarding the details of the Invictus merger, I ask that
you please remain patient as we work to finalize further details
and release this information to our shareholders and the public. As
you can respect and understand, we are not permitted to disclose
any details to individuals that are not already widely
disseminated. Rest assured that both companies are currently
progressing with obtaining board approval, due diligence and we
will have some further solidified details in the coming weeks, with
a target close sometime in Q1 2019. There will be a comprehensive
information package, as well as a detailed circular highlighting
and informing you of the full transaction details. We remain
confident that this merger is in the best interest of the company
and shareholders.
In the short timeframe since being a publicly traded company, we
have made significant progress on achieving goals and milestones
for our shareholders. Some delivered on schedule, some delivered
slightly behind schedule, but our dedication to this organization
and vision will continue as we seek to establish ourselves as the
leader of premium craft cannabis products. We believe that the
current volatile market conditions are not indicative of the
company's execution and vision. We remain confident that if we
continue our relentless dedication to execute on building the
company, generate earnings and operate in a disciplined an
appropriately governed manner, that we will eventually deliver
long-term value to our shareholders.
Thank you for your support of our company in 2018. We look
forward to 2019 being an outstanding year for our company and
vision. On behalf of GTEC Holdings, we would like to wish everybody
Happy Holidays.
Sincerely,
Norton Singhavon
Founder, Chairman & CEO
About GTEC
GTEC Holdings is a specialized craft cannabis company dedicated
to cultivating premium quality cannabis in purpose-built indoor
facilities. The company is vertically integrated across all
major sectors of the Canadian cannabis industry and holds
Cultivation, Extraction and Analytical testing licenses. The
management team is comprised of a diverse skill set sourced from
leading global food & beverage and premium alcohol
companies. GTEC's retail division is pursuing licensing for
over 35 recreational cannabis stores across Western Canada.
GTEC's premium indoor cannabis will be marketed and sold under its
flagship trademarked brands; BLK MKT TM; Tenzo
TM, GreenTec TM, cognōscente TM,
FN TM, and Treehugger TM. The Company is
actively pursuing sales and distribution opportunities across all
major business channels: medical, recreational, B2B and export.
GTEC is a publicly traded corporation, listed on the TSX Venture
Exchange and the OTCQB Venture Market. The Company is headquartered
in Kelowna, British Columbia.
To view more about the company or to request our most recent
corporate presentation, please visit our website
at www.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
