GTEC enters into agreement to acquire facility in Kelowna

GTEC enters into agreement to acquire facility in Kelowna

Cannabis company to expand in Kelowna

GTEC enters into agreement to acquire facility in Kelowna

A second expansion site is on the books for a cannabis company in Kelowna.

GTEC and Canopy Growth Corporation entered into a purchase and sale agreement to acquire a second facility which, given a receipt of cultivation license by Health Canada, will increase GTEC’s annual production capacity by 4,000 kg.

This would bring the company’s total annual output to 18,000 kg through 160,00 sq. ft. of indoor flowering space by 2020.

READ MORE: Experimental pot lab sprouting cannabis-infused drinks, new edibles

It will cost approximately $2 million to construct the Facility which is almost near completion.

Norton Singhavon, GTEC Founder, Chairman and CEO stated that given that the Facility is near completion, GTEC anticipates that it will be ready to submit its application and evidence package to Health Canada, which with approval will mean cultivation commence Canada in early 2020.

READ MORE: Martha Stewart partners with Canadian cannabis firm

The purchase price of the Facility is $13 million, which includes all rights, title, interest to land, growing equipment and project-related documents.

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