GTEC Completes Initial Sale and Shipment of Cannabis to CannMart

Published: December 4, 2018

GTEC Completes Initial Sale and Shipment of Cannabis to CannMart

GTEC Holdings Ltd. announced that its wholly owned subsidiary, Alberta Craft Cannabis, has completed its first sales of cannabis to CannMart Inc., a wholly owned subsidiary of Namaste Technologies Inc. Albert Craft received its updated Cultivation License from Health Canada on November 8th, 2018, permitting the sales of bulk cannabis to other Licensed Producers. This enabled the Company to explore opportunities to immediately generate revenue from its initial harvests, in a market environment characterized by supply shortages and high spot prices across Canada.
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The Company elected to prioritize strategic partnerships for its initial bulk sales. Accordingly, during the final week of November, ACC completed its first shipment of bulk cannabis to CannMart, pursuant to the terms of the supply agreement that was announced on August 27, 2018. Under the terms of this agreement, CannMart purchased cannabis flower from ACC, for resale on CannMart’s on-line platform, under GTEC’s flagship medical brand, GreenTec.

With the completion of Albert Craft’s initial harvests, the Company has demonstrated its ability to produce a premium and superior product. The Certificate of Analysis for this product indicates a THC content which is significantly higher than the industry average published on Lift & Co. Cannabis Review for this particular cultivar. The Company has additional inventory and will continue to explore opportunities to maximize revenues for its shareholders, while entertaining other strategic opportunities.

“We would like to give credit to the relentless efforts of our team, for producing a product that is in-line with our vision and overall strategy to become a leader in the premium segment of the market.
I am quite proud to say that we are officially revenue generating,” said Norton Singhavon, Chairman & CEO of GTEC. “As we shift into 2019, we look forward to establishing consumer loyalty within the premium segment of the market, while delivering value to our shareholders through our revenue and earnings.”

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