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A third cannabis operation owned by Kelowna based company GTEC Holdings has received licencing from Health Canada.
On Monday, GTEC Holdings announced its Tumbleweed Farms Inc., facility located in Chase, BC, has received a Standard Cultivation, Processing and Medical Sales licence.
Tumbleweed Farms’ 10,000 square-foot facility is expected to produce 1,000 kilograms of dried cannabis annually.
Health Canada grants Cultivation, Processing & Medical Sales Licences to GTEC Subsidiary Tumbleweed Farms https://t.co/zVrvbhW4V6 $GTEC $GTEC.V $GGTTF
— GTEC Holdings (TSXV: GTEC) (@gtec_holdings) August 19, 2019
Once fully operational, the facility is expected to boost GTEC’s annual production to 4,000 kilograms of dried flower and 1,000 kilograms of trim between its three cultivation sites.
“We are incredibly proud of the dedication and commitment of our subsidiaries in accomplishing the most recently issued licenses,” GTEC founder and CEO Norton Singhavon said.
“As the organization progresses in the direction of profitability, we will persevere to ensure that Tumbleweed and Grey Bruce become cash-flow positive in the near future, while striving to complete the build-outs of GreenTec Bio-Pharma and 3PL.”
On Monday, Aug. 19, GTEC’s stock (GTEC:CVE) received a bit of a bump following the news, peaking at 36 cents before finishing the day trading at 34 cents.
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