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GTEC launches new ultra-premium recreational cannabis brands in BC and Saskatchewan

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During the week of November 25, 2019, initial orders were fulfilled and shipped to the British Columbia Liquor Distribution Branch and a private Saskatchewan distributor, with wholesale and retail sales commencing at that time.

Additional Information:

Company: GTEC Holdings Ltd.
Website: http://www.gtec.co
Stock Symbol: TSXV: GTEC
Date Published: Dec 2, 2019
Transcript: Available

Video Transcript:

I’m Fiona Forbes for Investmentpitch Media

GTEC Holdings Ltd., a multi-licenced cannabis producer of premium indoor flower, has formally launched its recreational adult-use brands in the Provinces of British Columbia and Saskatchewan.

During the week of November 25, 2019, initial orders were fulfilled and shipped to the British Columbia Liquor Distribution Branch and a private Saskatchewan distributor, with wholesale and retail sales commencing at that time.

The purchase orders give the company’s products access to 135 retail stores between both Provinces.

The products were priced amongst the highest tier within the BC Liquor Distribution Branch sales channels, and promptly sold-out within hours of being available, which demonstrated the robust demand for GTEC’s products in British Columbia.

A subsequent purchase order was received from the BC Liquor Distribution Branch, 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.

Norton Singhavon, Founder, Chairman and CEO, stated: “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. 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.”

Adil Hirji, Head of Marketing, added: “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. 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.”

The recently launched products have been produced from the company’s exclusive cultivar collection, which include BLK MKT, Tenzo, GreenTec, Cognōscente and Treehugger, with the quality of flowering increasing from premium to ultra-premium, resulting in a significant increase in GTEC’s selling price.
The company wholly owns operations in BC, Alberta and Ontario, and is licensed by Health Canada for the following: cultivation at three operations, sales into recreational supply chains, direct sales to medical patients, extraction, and analytical testing.

The shares are trading at $0.205.

For more information, please visit www.gtec.co, call 1-800-351-6358 or email contact@gtec.co.

I’m Fiona Forbes for Investmentpitch Media