GreenTec Holdings Ltd. (“GTEC”) and Black Birch Acquisition III Corp. (TSXV:BBC.H) (“Black Birch”) are pleased to announce that GTEC’s wholly owned subsidiary Zenalytic Laboratories (“Zen Labs”) has received notification from Health Canada’s Office of Controlled Substances – Controlled Drugs Section, that it’s inspection request has been confirmed and scheduled for late June 2018. This inspection is required to confirm that Zen Lab’s security has been properly installed and is in accordance with Health Canada’s Directive on Physical Security Requirements for Controlled Substances. Upon satisfying the Office of Controlled Substances of the Security Requirements, Zen Labs expects a follow up inspection on implementation of it’s instruments, SOP’s, record keeping and analytical processes before being granted its final License.
The Dealer’s License will allow GTEC Licensed Producer subsidiaries (under the ACMPR) to conduct a full spectrum of analytical testing for the aforementioned items. Currently there is only one other analytical testing lab in the Okanagan authorized to conduct testing for cannabinoids. Once Zen Labs receives its final Licensing, GTEC will be able to conduct in-house analytical testing without the risk of delays associated with outsourcing. GTEC plans to request amendments to the Dealer’s License to allow for further activities related to cannabinoid profiling, genetic selection, R&D and product development.
“With the confirmation of its initial inspection by the Office of Controlled Substances, we are another step closer to GTEC being fully self-sustaining” said Norton Singhavon, Chairman & CEO of GTEC Holdings. “The ability to perform in-house analytical testing and other activities related to delivering premium indoor craft cannabis, will further support GTEC, on our quest to become one of Canada’s leading vertically integrated cannabis companies”
About Zen Labs
Zen Labs is a full service chemical and microbiological diagnostics laboratory for soil, water, and cannabis. Zen Labs is in the process of obtaining a Section 56 Class Exemption Dealer’s License under the Narcotic Control Regulations. Zen Labs will analyze cannabinoid profiles, moisture content, heavy metals, microbials, aflatoxins, pesticides and other contaminants as per the regulations set out by Health Canada’s ACMPR, for Licensed Producers, Production for Own Medical Purposes, Production by a Designated Person, and individuals who are authorized for personal medical consumption. Zen Labs also intends to be able to conduct full analytical testing on terpene profiling and residual solvents for authorized clients.
GreenTec Holdings Ltd. was founded in 2017 to capitalize on opportunities in the nascent and rapidly growing legal cannabis industry. GreenTec is a private corporation based in Kelowna, British Columbia. GreenTec is focused on growing premium quality craft cannabis in purpose-built indoor facilities. The Company currently holds a 100% interest in GreenTec Bio-Pharmaceuticals Corp., Grey Bruce Farms Inc., Zenalytic Laboratories Ltd., Falcon Ridge Naturals Ltd., Alberta Craft Cannabis Inc. (formerly Grenex Pharms Inc.), and Tumbleweed Farms Corp.
To view more about the company or to request our most recent corporate presentation, please visit our website at www.gtec.co
The TSX Venture Exchange has neither approved nor disapproved the contents of this news release.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
The securities of the Black Birch or GTEC have not been and will not be registered under the United States Securities Act of 1933, as amended and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirement. This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the securities in any jurisdiction in which such offer, solicitation or sale would be unlawful.
CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION: This news release includes certain “forward-looking statements” under applicable Canadian securities legislation. Forward-looking statements include, but are not limited to, statements with respect to the terms of and the completion of the Transaction. Forward-looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable, are subject to known and unknown risks, uncertainties, and other factors which may cause the actual results and future events to differ materially from those expressed or implied by such forward-looking statements. Such factors include, but are not limited to: general business, economic, competitive, political and social uncertainties; delay or failure to receive board, shareholder or regulatory approvals. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements. GreenTec disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.
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