GreenTec Holdings (TSXV:GTEC)(OTC: GGTTF) (FRA: 1BUP) (“GTEC” or the “Company”) is pleased to announce that it has entered into a definitive agreement dated April 10, 2019 (the “Definitive Agreement”), between GTEC, GreenTec Retail Ventures Inc., a wholly owned subsidiary of GTEC (“GRV”), and the shareholders (the “Vendors”) of 1203648 B.C. Ltd. (“RetailCo”), pursuant to which GRV will acquire all the issued and outstanding shares of RetailCo for an aggregate purchase price of $2,113,000.00 (the “Acquisition”). The location will serve as GTEC’s flagship store in Western Canada, which will be operated under GRV’s storefront name, “Cake Cannabis Co.”

Transaction Highlights:


  • Over 4,000 square ft of available retail space
  • Location was previously licensed to operate and sell medical cannabis under the City of Vancouver’s Medical Marijuana Related Use program (which had ceased all operations prior to October 17th, 2018)
  • Located in one of Vancouver’s most affluent and diverse neighbourhoods
  • A high-end interior design, in which over $500,000 was spent in leasehold improvements, fixtures and finishings
  • Surrounded by various large retail businesses
  • Significant foot and vehicle traffic in one of Vancouver’s busiest arteries
  • Over 1400 pedestrians per day on average (source: City of Vancouver 2013 pedestrian survey)
  • Neighbourhood population of over 43,000 with a 40% population between the ages of 20-39
  • The capacity to develop a consumption lounge in the future, if regulations permit

“With the recent M&A activity in the retail cannabis sector in Vancouver, we have seen some stores produce significantly higher than expected sales and revenue, which we believe is a clear indication of the demand for adult-use retail cannabis stores in the city,” said Norton Singhavon, Founder, Chairman & CEO of GTEC. “We are extremely excited about this opportunity and are confident that its location will serve as a great flagship location, as it is currently the largest store in our portfolio of diversified and vertically integrated assets.”

RetailCo is in the process of obtaining certain Municipal and Provincial approvals (the “Application Materials”) in connection with a non-medical cannabis retail licence (the “Licence”) at the premises. RetailCo has a long-term lease in place and a development permit for a non-medical cannabis store at the premises issued by the City of Vancouver.

Pursuant to the Purchase Agreement, upon closing GTEC will:

  • Pay the sum of $47,705.75 in cash to the Vendors;
  • Cancel debt in the amount of $2,294.25 owing by the Vendors to GTEC; and
  • Issue $2,063,000 worth of common shares in the capital of GTEC (the “Common Shares”) to the Vendors, in the following:
    • 50% of the Common Shares to be issued at closing; and
    • 50% of the Common Shares to be issued and held in escrow to be released upon RetailCo successfully obtaining all necessary Provincial and Municipal approvals for the retail sale of non-medical cannabis. (In the event RetailCo does not obtain all necessary Provincial and Municipal approvals within twelve months from the date of closing, the escrowed Common Shares will be returned to GTEC treasury for cancellation.)

Accordingly, upon closing, GTEC intends to issue 3,438,333 Common Shares to the Vendors at a deemed price of $0.60 per share. The Common Shares will be subject to a statutory hold period of four months and one day from the date of issuance thereof.

In connection with the Acquisition, the board of directors of GTEC considered the merits of the Acquisition without the involvement of Chairman and CEO, Norton Singhavon, who recused himself from deliberation, as Mr. Singhavon’s brother, Norman Singhavon is one of the Vendors of RetailCo.

The Definitive Agreement and the transactions contemplated therein remain subject to final approval of the TSX Venture Exchange.About GTEC

GTEC Holdings is a specialized cannabis company dedicated to cultivating ultra-premium quality cannabis in purpose-built indoor facilities. The company is vertically integrated across all major sectors of the Canadian cannabis industry and is currently licensed by Health Canada for Standard Cultivation, Standard Processing and Analytical testing. The management team is comprised of a diverse skill set sourced from leading global food & beverage and premium alcohol companies. GTEC has completed three cultivation facilities and is currently cultivating and selling cannabis.

The Company has two additional facilities coming on stream in the latter half of 2019, which will increase annual capacity from 4,000 kg to 14,000 kg. GTEC’s retail division is pursuing licensing for over 35 recreational cannabis stores across Western Canada. GTEC’s ultra-premium indoor flower will be marketed and sold under its flagship trademarked brands; BLK MKT™, Tenzo™, GreenTec™, Cognōscente™, Treehugger™, and FN™.

GTEC is actively pursuing sales and distribution opportunities across all major business channels: medical, recreational, B2B and export. GTEC is a publicly traded corporation, listed on the TSX Venture Exchange, OTCQB Venture Market and Frankfurt Stock Exchange. The Company is headquartered in Kelowna, British Columbia.

To view more about the company or to request our most recent corporate presentation, please visit our website at www.gtec.co

On behalf of the board,

Norton Singhavon
Founder, Chairman & CEO
ns@gtec.co

Michael Blady
Co-Founder & Vice President
mb@gtec.co

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

The securities of the Company have not been and will not be registered under the United States Securities Act of 1933, as amended and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirement. This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the securities in any jurisdiction in which such offer, solicitation or sale would be unlawful.CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION:

This news release includes certain “forward-looking statements” under applicable Canadian securities legislation. Forward-looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable, are subject to known and unknown risks, uncertainties, and other factors which may cause the actual results and future events to differ materially from those expressed or implied by such forward-looking statements. Such factors include, but are not limited to: general business, economic, competitive, political and social uncertainties; delay or failure to receive board, shareholder or regulatory approvals, where applicable and the state of the capital markets. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements. The Company disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.

Attachment

For additional information please contact:

GTEC Holdings Ltd.

1-800-351-6358

contact@gtec.co

Click here to connect with GreenTec Holdings (TSXV:GTEC) for an Investor Presentation. 

Source: www.globenewswire.com

Legal cannabis is spreading. According to a new report by Grand View Research, the global legal marijuana market is expected to reach US$73.6 billion by 2027 with a compound annual growth rate of 18.1 percent.

A survey of over 1,000 US consumers found that the modern cannabis user is largely representative of the general population. Moreover, cannabis consumption today blurs the lines between strictly recreational or medical. In fact, more than 50 percent of consumers report using cannabis for both purposes. As THC and CBD products make their way into an even wider array of product categories, our frame of reference for the modern cannabis user will continue to evolve.

In 2019, the medical cannabis market took home a leading revenue share of 71 percent, driven by the widespread adoption of cannabis as a pharmaceutical alternative for a wide range of conditions, including cancer, arthritis, Parkinson’s disease and more. A growing need for effective pain management therapies is expected to boost product demand even further.

This INNspired Article is brought to you by:

Khiron Life Sciences Corp. (TSXV:KHRN) is a vertically-integrated medical cannabis company fully licensed to conduct its core operations in Colombia.Send me an Investor Kit

Major telehealth platforms in the medical cannabis industry

Telehealth represents the intersection between innovative technology and the forefront of medical science. While remote medical practice saw its beginnings more than half a century ago, recent technological advancements have connected more patients to physicians than ever before.

In the US, platforms like NuggMD and IndicaMD provide patients with an online medical cannabis card that enables remote purchase of the drug. Patients can meet with physicians over secure video chat and can be approved to access cannabis within minutes. Physicians typically follow-up with patients by email, recommending the types of cannabis that would best alleviate their ailments and ensuring that they don’t purchase the wrong products. Other platforms exist to oversee the rapid delivery of cannabis and hemp products to patients across participating states.

Other parts of the world are undergoing the same transition. It has been more than eight years since Colombia — a country that represents more than a quarter of the world’s total export quotas — decriminalized the possession of small amounts of the drug, and roughly four years since the country legalized medical cannabis. In 2019, Colombia’s Constitutional Court overruled a ban on the public consumption of cannabis, which many considered a stepping stone toward full legalization. Recently, Colombia became one of the first countries in the world to extend national health insurance for patients requiring medical cannabis as a first-line therapy.

Khiron Life Sciences (TSXV:KHRN) was the first firm in Colombia authorized to sell both high and low THC formulations of medical cannabis. The company owns a telehealth platform that has accounted for over 5,600 medical cannabis prescriptions issued to date. Additionally, in June 2020 the company’s Doctor Zerenia telehealth platform was responsible for 14 percent of Khiron’s total medical consultations.

Since becoming the first company to fill medical cannabis prescriptions in Colombia, Khiron reports that 92 percent of its patients have experienced a marked improvement in their primary condition after four months of treatment. In light of these results, the Government of Colombia issued a directive that Khiron’s medical cannabis products and clinic services be covered by the country’s major health insurance providers. While countries such as Germany and the Czech Republic have taken similar legislative actions, a key difference in Colombia is that cannabis is considered a first line therapy with a vast array of applicable medical conditions. With more than 94 percent of Colombia’s population carrying health insurance policies, Colombia is quickly becoming one of the most favourable jurisdictions in the world for patient access; moreover, it has been shown that patient uptake is significantly increased by insurance coverage.

The next step forward for telehealth platforms includes opportunities such as virtual patient education and the fast, reliable delivery of essential drugs such as medical marijuana. Virtual care is also expected to expand across different types of patients, including those requiring intensive care. In the wake of the COVID-19 pandemic, many long-term care facilities have already adapted remote patient monitoring to maintain the safety of staff and patients.

The focus: Accessibility and improving patient outcomes

Medical marijuana has the power to improve patient outcomes across demographics. In the wake of groundbreaking research, patients, physicians and retailers are working together to increase the drug’s accessibility for patients who require relief from a range of health conditions. Telehealth platforms have been instrumental in not only increasing accessibility to medical marijuana, but also in improving quality of life across diverse populations of people.

A recent study completed by Canopy Growth (NASDAQ:CGC,TSX:WEED) in November 2020 found the absence of long-term toxicity despite long-term usage of CBD in a preclinical model, supporting the advancement of recent initiatives aimed at discovering CBD’s full range of therapeutic benefits. While CBD and tetrahydrocannabinol (THC) offer many of the same benefits, high levels of THC are responsible for most of cannabis’s psychoactive effects.

While the chronic pain segment dominated the medical cannabis market in 2019, application toward mental illness is expected to witness the fastest growth over the seven-year forecast period. Worldwide, a growing number of people suffer from depression, anxiety and other debilitating mental conditions with few low-risk pharmaceutical alternatives.

Medical cannabis is also becoming more popular among older adults. A recent study highlighted that cannabis use among individuals aged 65 and older has been steadily increasing, a trend that is consistent with reports from physicians who recommend cannabis in their daily practices. In the face of growing public acceptance and reduced stigma, we are beginning to see an increasing number of older adults rely on cannabis for relief against chronic pain, insomnia, neuropathy, anxiety and other conditions that traditionally call upon pharmaceuticals.

Much of the momentum in the medical cannabis market can be owed to the rise of telehealth platforms and health digitization efforts, increasing ease of access and promoting transparency. Over the next decade, legalization, increased awareness and the rise of remote medicine are expected to facilitate growth, creating lucrative opportunities for market stakeholders.

Takeaway

Telehealth platforms represent one of the easiest ways for patients, providers and retailers to collaborate remotely and fulfill needs faster. As more physicians and policymakers begin to recognize digital health tools as an advantage for maximizing efficiency and safety in health care, existing medical cannabis platforms are well-positioned to take advantage of a large-scale digital transition.

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The presentation will be approximately 35 minutes, followed by a live question and answer session.

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World-Class Extractions Inc. (CSE:PUMP)(FRA:WCF)(OTCQB:WCEXF) (the “Company” or “World-Class”), reports that it has sold its 50% interest in Cobra Ventures Inc. (“Cobra”), which sale included all funds previously advanced by World Class to Cobra, to the remaining shareholder of Cobra, for $2,500,000 in cash

An investment group led by Richard Goldstein retains 100% control of Cobra, and its senior secured debenture of Hydrx Farms Ltd. (“Hydrx”), acquired by Cobra in October 2020.

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Cronos Group Inc. (NASDAQ: CRON) (TSX: CRON) (“Cronos Group” or the “Company”), an innovative global cannabinoid company, today announced that Kurt Schmidt, President and Chief Executive Officer, will speak at the 24th Annual CIBC Western Institutional Investor Conference on Friday, January 22, 2021 at 4:10 p.m. EST.

A recording will be available on the Investors section of the Company’s website at https://ir.thecronosgroup.com/events-presentations .

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MustGrow Biologics Corp. (CSE: MGRO) (OTC: MGROF) (FSE: 0C0) (the “Company”, “MustGrow”) is pleased to announce successful laboratory test results of its patented mustard-derived biopesticide on Aphanomyces euteiches zoospores (“Aphanomyces”) via an independent third party facility: 100% control at economic application rates within 24 hours. MustGrow will now advance to larger scale greenhouse and field tests. Study results and applicability are patent-protected under MustGrow’s existing suite of issued patents.

MustGrow’s remarkably safe and effective organic biopesticide is plant-based – harnessing the mustard seed’s natural defense mechanism to control diseases, pests, and weeds with an organic food-grade biopesticide.

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