GTEC Enters into Agreement to Facilitate Acquisition of Cannabis Genetics

Published: November 19, 2018

GTEC Enters into Agreement to Facilitate Acquisition of Cannabis Genetics

GTEC Holdings Ltd. has executed an agreement to facilitate acquisition of cannabis genetics, via its wholly owned subsidiary, Tumbleweed Farms Corp. Tumbleweed signed an agreement with 1183279 B.C. Ltd., an Okanagan-based cannabis consulting firm, dated October 19, 2018, in order to facilitate acquisition of cannabis genetics when it acquires its cultivation license. This process is being done in accordance with the provisions of the Cannabis Act, and its associated regulations.

The Consultant will assist Tumbleweed both in acquiring and cultivating premium quality cannabis cultivars. In return for these services, the Company will provide the Consultant with 200,000 GTEC shares (for specific cultivars) and a two-year royalty payment (for other cultivars).

“Superior genetics are the cornerstone of premium quality cannabis,” said Norton Singhavon, Chairman & CEO of GTEC. “This agreement represents a key element of our plan to become Canada’s leading vertically integrated craft cannabis company.”

The agreement between GTEC and 1183279 B.C. Ltd. remains subject to final approval of the TSX Venture Exchange.

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