GTEC ENTERS AGREEMENT TO ACQUIRE OF CANNABIS GENETICS GTEC Holdings Ltd. has executed an agreement to facilitate acquisition of cannabis genetics through its wholly owned subsidiary, Tumbleweed Farms Corp.
Tumbleweed signed an agreement with 1183279 B.C. Ltd., an Okanagan-based cannabis consulting firm, dated Oct. 19, 2018, in order to facilitate acquisition of cannabis genetics when it acquires its cultivation licence. This process is being done in accordance with the provisions of the Cannabis Act and its associated regulations.
The consultant will assist Tumbleweed both in acquiring and cultivating premium-quality cannabis cultivars. In return for these services, the company will provide the consultant with 200,000 GTEC shares (for specific cultivars) and a two-year royalty payment (for other cultivars).
"Superior genetics are the cornerstone of premium-quality cannabis," said Norton Singhavon, chairman and chief executive officer of GTEC. "This agreement represents a key element of our plan to become Canada's leading vertically integrated craft cannabis company."
The agreement between GTEC and 1183279 B.C. Ltd. remains subject to final approval of the TSX Venture Exchange.
GTEC is focused on growing premium-quality craft cannabis in purpose-built indoor facilities. GTEC currently holds a 100-per-cent interest in GreenTec Bio-Pharmaceuticals Corp., Alberta Craft Cannabis Inc. Grey Bruce Farms Inc., Tumbleweed Farms, Zenalytic Laboratories Ltd. and Spectre Labs Inc.