GTEC Holdings’ (GTEC.V) ultra-premium indoor flower will soon be grown in Chase, B.C.
Construction has just been completed on Tumbleweed Farms’ new indoor facility. The building will handle production of GTEC’s ultra-premium flower. Tumbleweed Farms is a wholly-owned subsidiary of GTEC.
The indoor flower facility covers 10,000 sq. ft. and is located less than 10 kilometres from a major highway. GTEC thinks Tumbleweed is in a great location and has a lot of potential for future development. The farm is located on a 23-acre parcel with “significant future expansion capabilities” and the property has an on-site well for water.
We are extremely proud of the work that our operations team has put in over the duration of this process. Our team is excited to expand existing production of our ultra-premium indoor flower, with our unique and exotic genetics for the Canadian medical and adult-use markets.
— Norton Singhavon, founder, chairman, and chief executive officer of GTEC
GTEC has almost finished its “video evidence package” for Health Canada and plans to send it through before Feb. 8. The video is designed to show how GTEC has completed its requirements under the Cannabis Act for Tumbleweed Farms. If approved, Health Canada will then issue a standard cultivation license so that Tumbleweed can start growing their ultra-premium indoor flower immediately.
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The building at Tumbleweed Farms is the first in a slew of indoor facilities GTEC is constructing over the course of 2019. In total, the company plans to add enough space to produce upwards of 13,000 kgs of product by the end of 2019.
According to the company, Edmonton’s Alberta Craft Cannabis will produce about 1,500 kgs this year and both Tumbleweed Farms and Ontario’s Grey Bruce Farms will produce about 2,500 kgs. In Kelowna, both GreenTec Bio-Pharmaceuticals (2,250 kgs) and 3PL Ventures (7,000 kgs) will push the production total above 13,000 kgs for 2019.
After GTEC completes its 2019 building projects, the company plans to have a cultivation footprint of roughly 120,000 sq. ft. covering B.C., Alberta, and Ontario.
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GTEC Holdings has already been sending cannabis to market. Alberta Craft Cannabis, another of the company’s wholly-owned subsidiaries, has been delivering product to CannMart retail stores. CannMart is a subsidiary of Namaste (N.V).
Registered medical patients have been able to find GTEC’s flagship medical brand, GreenTec, at CannMart outlets since early December.
In a letter to shareholders at the end of 2018, Singhavon wrote about how his company’s production capacity goals, aligned with its vertically integrated structure, are reasons for shareholders to remain confident in GTEC’s continued success.
We remain confident that if we continue our relentless dedication to execute on building the company, generate earnings and operate in a disciplined an appropriately governed manner, that we will eventually deliver long-term value to our shareholders.
— Norton Singhavon, founder, chairman and chief executive officer of GTEC
Full Disclosure: GTEC Holdings is an Equity Guru marketing client.
— M.J. Jordan