Kelowna, BC, Dec. 02, 2019 (GLOBE NEWSWIRE) —
- Launched ultra-premium goods delivering access to 135 retail retailers, fulfilling acquire orders from British Columbia Liquor Distribution Branch and Saskatchewan distributor
- Initial item launch in the Province of B.C. sold-out on its very first day, with a subsequent acquire order at present becoming fulfilled
- Enhanced item high quality has resulted in a substantial enhance in GTEC’s promoting price tag
- Sector top gross margins anticipated to enhance with economies of scale (A)
GTEC Holdings Ltd. (TSX-V:GTEC) (OTCQB:GGTTF) (FRA:1BUP) (“GTEC” or the “Corporation”), a multi-licenced producer of premium indoor flower, announced that it has formally launched its recreational adult-use brands in the Provinces of British Columbia and Saskatchewan.
“We set out a mandate to create ultra-premium cannabis that is superior to the readily available choice in the existing legal marketplace, made from exclusive cultivars,” said Norton Singhavon, Founder, Chairman and CEO of GTEC. “This item launch marks a pivotal chapter in our development and approach. We are incredibly excited about our fiscal 2020 year, as we count on to recognize substantial increases in production, income and gross margins, which we anticipate will drive GTEC into profitability.”
“Since day 1, it has been our aim to create a brand and item portfolio that caters to what buyers are browsing for no matter if new to the marketplace, or legacy cannabis connoisseurs,” mentioned Adil Hirji, Head of Marketing and advertising at GTEC. “We are confident that our meticulous efforts from seed to shelf will separate ourselves from other people, establishing a sustainable competitive benefit even though creating customer loyalty.”
Initial orders had been fulfilled and shipped in November to the British Columbia Liquor Distribution Branch (“BCLDB”) and a private Saskatchewan distributor, with wholesale and retail sales commencing in the course of the week of November 25, 2019. The acquire orders have supplied GTEC’s goods access to 135 retail retailers involving each Provinces. The goods have been priced amongst the highest tier inside BCLDB sales channels, and promptly sold-out inside hours of becoming readily available for wholesale distribution and to public buyers, which demonstrates the robust demand for GTEC’s goods in British Columbia.
A subsequent acquire order was received from the BCLDB, which is at present becoming fulfilled and anticipated to be delivered this week. The Corporation expects to continue to expand its national distribution into other Provinces in the close to future.
Launched goods involve:
- BLK MKT™: Born out of passion and dedication to the craft. This brand is for the accurate connoisseur, in search of uncommon leading-shelf cultivars with a greater THC.
- Wedding Crasher: ultra-premium high quality | GTEC exclusive cultivar
- Cherry Punch: ultra-premium high quality | GTEC exclusive cultivar
- Tenzo™: A balanced life style brand, with a assortment of strains that offer a diverse palette of preferred experiences to buyers
- Purple Punch two.: premium high quality | GTEC exclusive cultivar
- Cold Creek Kush: premium high quality | non-exclusive cultivar
The not too long ago launched goods have been made from GTEC’s exclusive cultivar collection, with the high quality of flowering escalating from premium to ultra-premium, resulting in a substantial enhance in GTEC’s promoting price tag. Management anticipates that its typical promoting price tag and sector-top gross margins(A) will continue to enhance as it realizes economies of scale and transitions its production to its exclusive cultivar collection.
Note A: This evaluation is primarily based on the most not too long ago readily available Monetary Statements on SEDAR from publicly listed Licenced Producers (like GTEC), as of November 19, 2019. Corporations integrated, had been these listed on New Cannabis Ventures Canadian Cannabis LP Index, that at present create in a greenhouse, indoor operation, or a mixture of each, with quarterly sales higher than $1 million. These with outside operations had been excluded from the evaluation. Primarily based on the evaluation GTEC had the third highest gross margin in the sector, and the no.1 highest primarily based on these solely with indoor operations.
GTEC Holdings Restricted is a specialized cannabis enterprise which produces and distributes extremely sought-immediately after ultra-premium cannabis goods in Canada. The Corporation has 4 licensed and operational assets and is at present distributing cannabis by means of healthcare and recreational sales channels. GTEC’s goods are at present attaining amongst the highest gross margins and retail pricing inside its sector in Canada (A).
GTEC’s exclusive cultivar collection consists of uncommon and exceptional cultivars, which are not at present readily available from other Licenced Producers. GTEC’s premium and ultra-premium item portfolio includes BLK MKT, Tenzo, GreenTec, Cognōscente and Treehugger.
The Corporation wholly owns operations in BC, Alberta and Ontario, and is licensed by Overall health Canada for the following: cultivation at 3 operations, sales into recreational provide chains, direct sales to healthcare sufferers, extraction, and analytical testing.
GTEC is a publicly traded corporation, listed on the TSX Venture Exchange (GTEC), OTCQB Venture Market place (GGTTF) and Frankfurt Stock Exchange (1BUP). The Company’s headquarters is primarily based out of Kelowna, British Columbia.
To view extra about the enterprise or to request our most current corporate presentation, please pay a visit to our site at www.gtec.co
Neither the TSX Venture Exchange nor its Regulation Solutions Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts duty for the adequacy or accuracy of this release.
CAUTIONARY STATEMENT Relating to FORWARD-Searching Details:
This news release consists of specific “forward-hunting statements” beneath applicable Canadian securities legislation. Forward-hunting statements are necessarily primarily based upon a quantity of estimates and assumptions that, even though regarded as affordable, are topic to identified and unknown dangers, uncertainties, and other variables which may possibly result in the actual outcomes and future events to differ materially from these expressed or implied by such forward-hunting statements. Such variables involve, but are not restricted to: basic company, financial, competitive, political and social uncertainties delay or failure to obtain board, shareholder or regulatory approvals, exactly where applicable and the state of the capital markets. There can be no assurance that such statements will prove to be correct, as actual outcomes and future events could differ materially from these anticipated in such statements. For instance, there can be no assurance that production, typical promoting price tag, income or gross margins will enhance, that the Corporation will attain profitability, that the Corporation will be prosperous in establishing a sustainable competitive benefit or creating customer loyalty, that equivalent demand for GTEC’s goods will continue, that the Corporation will be in a position to fulfill the acquire order received from the BCLDB, that distribution into other Provinces will be authorized or that it will be accomplished in the close to future or that typical promoting costs will continue to enhance. Accordingly, readers should really not spot undue reliance on forward-hunting statements. The Corporation disclaims any intention or obligation to update or revise any forward-hunting statements, no matter if as a outcome of new info, future events or otherwise, except as needed by law.
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