GTEC Holdings Ltd., a multi-licenced producer of premium indoor flower, has formally launched its recreational adult-use brands in the Provinces of British Columbia and Saskatchewan.
“We set out a mandate to produce ultra-premium cannabis that is superior to the available selection in the current legal marketplace, produced from exclusive cultivars,” said Norton Singhavon, Founder, Chairman and CEO of GTEC. “This product launch marks a pivotal chapter in our growth and strategy. We are very excited about our fiscal 2020 year, as we expect to realize significant increases in production, revenue and gross margins, which we anticipate will drive GTEC into profitability.”
“Since day one, it has been our goal to build a brand and product portfolio that caters to what consumers are searching for; whether new to the market, or legacy cannabis connoisseurs,” said Adil Hirji, Head of Marketing at GTEC. “We are confident that our meticulous efforts from seed to shelf will separate ourselves from others, establishing a sustainable competitive advantage while building consumer loyalty.”
Initial orders were fulfilled and shipped in November to the British Columbia Liquor Distribution Branch (“BCLDB”) and a private Saskatchewan distributor, with wholesale and retail sales commencing during the week of November 25, 2019. The purchase orders have provided GTEC’s products access to 135 retail stores between both Provinces. The products have been priced amongst the highest tier within BCLDB sales channels, and promptly sold-out within hours of being available for wholesale distribution and to public consumers, which demonstrates the robust demand for GTEC’s products in British Columbia.
A subsequent purchase order was received from the BCLDB, which is currently being fulfilled and expected to be delivered this week. The Company expects to continue to expand its national distribution into other Provinces in the near future.
Launched products include:
- BLK MKT™: Born out of passion and dedication to the craft. This brand is for the true connoisseur, seeking rare top-shelf cultivars with a higher THC.
- Wedding Crasher: ultra-premium quality | GTEC exclusive cultivar
- Cherry Punch: ultra-premium quality | GTEC exclusive cultivar
- Tenzo™: A balanced lifestyle brand, with a variety of strains that provide a diverse palette of desired experiences to consumers
- Purple Punch 2.0: premium quality | GTEC exclusive cultivar
- Cold Creek Kush: premium quality | non-exclusive cultivar
The recently launched products have been produced from GTEC’s exclusive cultivar collection, with the quality of flowering increasing from premium to ultra-premium, resulting in a significant increase in GTEC’s selling price. Management anticipates that its average selling price and sector-leading gross margins(A) will continue to increase as it realizes economies of scale and transitions its production to its exclusive cultivar collection.
GTEC Holdings Limited is a specialized cannabis company which produces and distributes highly sought-after ultra-premium cannabis products in Canada. The Company has four licensed and operational assets and is currently distributing cannabis through medical and recreational sales channels. GTEC’s products are currently achieving amongst the highest gross margins and retail pricing within its sector in Canada (A).