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GTEC Enters World Hashish Industry with Export Agreement to Israel

Kelowna, BC, March 08, 2021 (World NEWSWIRE) — GTEC Holdings Ltd. (TSXV:GTEC) (OTCQB: GGTTF) (FRA: 1BUP) (“GTEC”, the “Company” or “GTEC Cannabis Co.”) a multi-licensed producer of handcrafted, significant quality cannabis, is delighted to announce the signing of an export deal pertaining to the Israeli medical cannabis market (the “Agreement”). Executes multi-yr settlement to export a bare minimum of 500 KG on a yearly basis to Israel, one of the world’s major import marketplaces for medical cannabisAgreement allows GTEC to enter into world wide distribution of its handcrafted extremely-quality flowerExport offer demonstrates the demand for GTEC merchandise in Canada and globally The Company has entered into an arrangement with Emphasis Health-related Herbs Ltd. (“Concentrate Healthcare”), an Israeli health-related hashish organization with which IM Hashish Corp. (“IMC”) (NASDAQ: IMCC) has distinctive distribution agreements to export hashish from Canada to Israel, subject matter to meeting all regulatory needs both of those in Israel and Canada. Under the phrases of this settlement, GTEC is predicted to turn into a vital supplier of cannabis to Aim Medical. The Company’s first shipments of hashish will be produced by its wholly-owned subsidiary, Grey Bruce Farms (“GBF”), situated in Tiverton, Ontario, with the expectation that GTEC will export 500 to 1,000 KG per year.Michael Blady, Co-founder and VP of GTEC commented, “We are incredibly psyched to signal this arrangement incorporating our extremely-premium item to the perfectly-known IMC model in Israel, this demonstrates the sturdy demand from customers for GTEC solutions within just Canada and globally. With the signing of this offer, GTEC will come to be an up-and-coming participant inside of the worldwide cannabis marketplace, though continuing to travel considerable incremental revenues and gross margin.”“Medical cannabis sufferers in Israel are commencing to need far more imported indoor products and solutions from Canada. By partnering with GTEC to supply superior-THC flower from its Canadian indoor facility, IMC is leveraging this increasing desire from people and will, for the 1st time, provide into Israel a genuinely ultra-premium good quality products. We are thrilled about the launch of this new group and hope to improve its market share domestically,” Oren Shuster, Main Govt Officer of IMC commented.In order to qualify as a provider to the Israeli medical hashish current market, GBF effectively concluded a rigorous audit system done by The Institute of High-quality & Regulate (“IQC), the greatest private certification system in Israel. This thorough audit course of action protected all areas of the GBF functions, together with cultivation, high-quality assurance and human assets. As a result, GBF has acquired its ICANN-G.A.P (Very good Agricultural Practices) accreditation from IQC.The Firm considers the Settlement to boost GTEC’s competitive advantage in the manufacturing of ultra-high quality cannabis. Now there are a lot more than 320 Regular Cultivation Licences issued by Wellbeing Canada, and becoming selected as Concentration Medical’s essential supplier demonstrates the excellent and desire of GTEC’s solutions. The Business will keep on to assess chances in just the world wide hashish market place, with the objective to even more extend its world-wide distribution channels.About IM Hashish Corp.IMC is a multi-nation operator (MCO) in the professional medical cannabis sector headquartered in Israel and with functions In Israel and Germany. Around the earlier decade, the IMC brand name has turn out to be synonymous with quality and consistency in the Israeli clinical hashish market. IMC has also expanded its organization to give intellectual property-linked providers to the health care cannabis market.In Europe, IMC operates by way of Adjupharm, a German-dependent subsidiary and EU-GMP certified healthcare cannabis distributor. IMC’s European existence is augmented by strategic alliances with a variety of pan-European EU-GMP cultivators and distributors to capitalize on the elevated demand from customers for healthcare cannabis products and solutions in Europe and convey the IMC brand and its product portfolio to European individuals.About Emphasis Healthcare Herbs Ltd. Emphasis Medical is 1 of eight authentic certified producers of medical hashish in Israel and has about 10 years of experience rising large-high-quality healthcare cannabis in the Israeli industry. Emphasis Healthcare is an “investee” of IMC below IFRS thanks to the IMC’s “de facto control” more than Emphasis Healthcare, in spite of not having any immediate or indirect ownership of it. Aim Health care has an exceptional professional arrangement with IMC to distribute its generation under the IMC manufacturer. In addition to its own capability, Concentration Health-related has signed supply agreements with other cultivators for extra source working with its proprietary genetics and for sale beneath the IMC brand.For events intrigued in global export prospects, you should call:Michael Blady – Co-Founder and Vice President [email protected] Private PlacementThe Company is also happy to announce that it has concluded its previously introduced non-brokered non-public placement (the “Offering”) of 13,750,000 models (every single, a “Unit”) at a price tag $.20 for every Device for gross proceeds of $2,750,000. Each “Unit” issued in the placement consists of 1 prevalent share and just one 50 % of 1 share order warrant entitling the holder to order a single supplemental share at $.30 for a period of a few decades from closing of the Providing.The Firm filed for price reservation centered on the closing value for each widespread share of $.245 on February 5, 2021 (which was the 52-7 days substantial for the Popular Shares as of February 5, 2021). Commitments to subscribe in the Featuring that were being obtained on or just before the near of marketplaces on February 9, 2021, totaled $2.75 million. Even further commitments ended up afterwards received with demand from customers significantly exceeding the $4 million, nonetheless as a end result of the maximize in the Company’s share price, the Organization elected to close the book and not accept any more commitments. All securities issued pursuant to the Providing are matter to a statutory maintain period long lasting 4 months and 1 day subsequent the closing of the Supplying.About GTEC Hashish CoGTEC Cannabis Co. cultivates, markets and distributes premium hashish solutions. The Corporation has four operational facilities licensed by Wellbeing Canada and currently distributes hashish by clinical and recreational product sales channels. GTEC’s leisure merchandise portfolio is crafted from exclusive cultivars and marketed under its BLK MKT™ , Tenzo™, Cognōscente™ and Treehugger™ brands. The Company’s healthcare cannabis brand, GreenTec™, is distributed nationally to experienced patients by its by way of its GreenTec Health-related net-site and a variety of accredited associates.GTEC is a publicly traded corporation, stated on the TSX Enterprise Exchange (GTEC), OTCQB Venture Market (GGTTF) and Frankfurt Stock Trade (1BUP). The Company’s headquarters is situated in Kelowna, B.C. and it has operations in the Canadian provinces of British Columbia, Alberta and Ontario.To find out a lot more about the Company or to obtain the most new Company Presentation, please visit our site at www.gtec.coNeither the TSX Undertaking Trade nor its Regulation Products and services Company (as that time period is described in the guidelines of the TSX Undertaking Trade) accepts duty for the adequacy or p
recision of this launch.CAUTIONARY Assertion Regarding Forward-Hunting Information and facts:This information release incorporates selected “forward-looking statements” and “forward-wanting information” beneath applicable Canadian securities legislation (collectively, “forward -seeking statements”). Forward-on the lookout statements forecast or explain our upcoming operations, enterprise ideas, business and investment decision tactics and the performance of our investments. These ahead-seeking statements are normally identified by their use of such conditions and phrases as “intend,” “goal,” “strategy,” “estimate,” “expect,” “project,” “projections,” “forecasts,” “plans,” “seeks,” “anticipates,” “potential,” “proposed,” “will,” “should,” “could,” “would,” “may,” “likely,” “designed to,” “foreseeable potential,” “believe,” “scheduled” and other very similar expressions. The forward-searching statements contained herein may possibly contain, but are not confined to, GTEC getting a key provider of cannabis to Concentration Professional medical, the expectation that GTEC will export 500 to 1,000 KG of cannabis per 12 months to Emphasis Health-related, GTEC getting an up-and-coming player inside of the world wide hashish market, although continuing to drive major incremental revenues and gross margin, and the Arrangement reinforcing GTEC’s competitive gain in the output of extremely-high quality cannabis. Forward-wanting statements are automatically based mostly on a amount of estimates and assumptions that, while thought of realistic, are issue to identified and not known dangers, uncertainties, and other elements which might induce the genuine final results and foreseeable future gatherings to vary materially from individuals expressed or implied by this kind of ahead-seeking statements. These things involve, but are not constrained to: basic organization, economic, competitive, political and social uncertainties delay or failure to obtain board, shareholder or regulatory approvals, exactly where applicable and the point out of the capital markets. There can be no assurance that these types of statements will confirm to be precise, as actual final results and foreseeable future occasions could differ materially from people predicted in these types of statements. For instance and among other matters, there are dangers that the COVID-19 pandemic may disrupt the Company’s operations, all those of the Company’s suppliers and distribution channels and negatively influence the use of the Company’s products, the Enterprise may perhaps not be in a position to effectively ship to Israel and produce good gross margins difficulties compliance with relevant environmental, economic, well being and safety, vitality and other guidelines and laws with respect to the use of cannabis steps of 3rd parties such as competition, activist investors or federal, provincial, territorial or community regulatory authorities, self-regulatory businesses, plaintiffs in litigation or individuals threatening litigation changes in regulatory requirements in relation to the Company’s enterprise and items. Appropriately, audience should really not spot undue reliance on forward-looking statements, which communicate only as of the day of this news release. The Enterprise disclaims any intention or obligation to update or revise any ahead-on the lookout statements, whether as a result of new info, long run occasions or otherwise, other than as demanded by law. Get hold of: For supplemental facts, be sure to call: GTEC Hashish Co. 1-800-351-6358 [email protected]