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GTEC Holdings Provides Update On Retail Operations
GTEC Holdings Provides Update On Retail Operations Canada NewsWire KELOWNA, BC, ...
About this update from Avant Brands Inc
[{"type":"text","content":"\n\n\n\nGTEC Holdings Provides Update On Retail Operations\n\n/* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n\n\n\n\n\n\n\nCanada NewsWire\nKELOWNA, BC, July 9, 2018\n\n\n\n/NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR RELEASE, PUBLICATION, DISTRIBUTION OR DISSEMINATION DIRECTLY, OR INDIRECTLY, IN WHOLE OR IN PART, IN OR INTO THE UNITED STATES./\n\n\n\nKELOWNA, BC, July 9, 2018 /CNW/ - GTEC Holdings Ltd. (TSXV: GTEC) (\"GTEC\" or the \"Company\") is pleased to provide the following update on the operations of its retail subsidiaries.\n\n\n \n \n\n \nAlberta Retail\n\nUpon commencement of the Company's TSX Venture listing, the Alberta Gaming and Liquor Commission (\"AGLC\") immediately processed 24 retail cannabis storefront applications under the name Cannabis Cowboy. \n\nOn March 6, 2018, GreenTec Holdings Ltd. (\"GreenTec\"), a wholly owned subsidiary of GTEC, subscribed for 25% of the issued and outstanding Common Shares of Cannabis Cowboy Inc. (\"Cannabis Cowboy\"). Concurrently with the subscription for shares, GreenTec entered into a unanimous shareholders' agreement Cannabis Cowboy and its other shareholders, which was amended and restated pursuant to an Amended and Restated Shareholders' Agreement dated March 20, 2018 and a Second Amended and Restated Shareholders' Agreement dated March 26, 2018 among the parties (the \"Cannabis Cowboy Shareholders' Agreement\").  \n\nCannabis Cowboy is a Calgary-based medical marijuana counselling organization which provides safe and reasonable clinic access to medical patients who qualify under Health Canada's ACMPR. Cannabis Cowboy has now completed the development of their adult recreational use brand and strategy. Subject to receiving the requisite licenses to operate cannabis retail stores, it intends to convert its existing medical consulting clinics to cannabis retail stores and has further secured additional retail locations in Alberta, each of which comply with its respective municipal zoning by-laws for the operation of cannabis retail stores. Cannabis Cowboy will own and operate each such cannabis r...