GTEC Holdings Announces Initial Cannabis Stores Scheduled to Be Operational in 2018

Published: October 11, 2018

GTEC Holdings Announces Initial Cannabis Stores Scheduled to Be Operational in 2018

GTEC Holdings Ltd. is pleased to provide the following updates on its retail operations.

Alberta – Cannabis Cowboy 25 Locations at Full Deployment

Cannabis Cowboy has currently received 10 development permits from their respective municipalities in Alberta, which include locations in CalgaryRed Deer, and Lethbridge. Permits are subject to final Provincial and Municipal licensing. Cannabis Cowboy expects to have 11 retail locations opened and operational in Q4 2018, with an additional 14 locations to be opened in Q1 2019. Over the coming weeks, GTEC will be working closely with Cannabis Cowboy and Invictus on finalizing product supply, brand launches and retail grand openings.

Saskatchewan – Retail & E-commerce

GTEC has completed and submitted to the Saskatchewan Liquor and Gaming Authority (SLGA) all the required documentation for a retail license. The Company is currently finalizing the following: construction of its retail storefront in Nipawin, construction of its e-commerce fulfillment warehouse in Saskatoon, and completion of its e-commerce platform. The Company anticipates both the warehouse and e-commerce platform to be operational in Q4 2018.

Manitoba Retail – 7 Locations

GTEC had submitted a proposal to a Request For Proposal (RFP) issued by the Province of Manitoba for 7 retail locations. On September 28, 2018, GTEC was notified by the Procurement Services Branch that it had passed the initial screening and has been included to the pre-qualified list for the opportunity to enter a lottery for a cannabis retail store licence. A lottery date has not yet been determined.

British Columbia Retail

GTEC is actively pursuing retail opportunities in the Greater Vancouver area and Thompson-Okanagan region. The company is seeking to establish a total of 8 retail locations in the province of British Columbia.

Management Commentary

Canada has established itself as the world leader in Cannabis legislation, and with legalization less than a week away we are extremely pleased with the rapid execution of our retail teams,” said Norton Singhavon, Chairman and CEO of GTEC. “Once the doors to our first retail locations open in the coming weeks and months, we will have successfully executed our vision of becoming one of the few companies that have achieved full vertical integration, controlling the entire value-chain from seed to shelf. This methodical approach will allow us to deliver a quality end product to consumers while eliminating significant inefficiencies that exist in traditional supply chains.”

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