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A Kelowna cannabis company recently entered into an agreement with a B.C. development firm that will result in a large production facility for the production of high-grade craft cannabis.
GTEC Holdings has teamed up with F-20 Development Corp. to create 3PL Ventures. GTEC will apply for and transfer licences to 3PL to become a Health Canada licensed producer.
Earlier this summer the two parties announced they would build a production facility in Vernon. The first phase will be a 60,000 square-foot operation, and the second will be 180,000 for a total of 240,000 square feet.
“It’s going to be onboarding more capacity for us of indoor premium flower,” GTEC founder, chairman and CEO Norton Singhavon said. “We have a very strict mandate that the flower that we produce will be grown indoors. We may eventually migrate into greenhouses for extraction and edibles, but for now it is premium, indoor flower.
“… It gives us more capacity in our own backyard, which we love. We want to be in the Okanagan. We’re an Okanagan-based company.”
GTEC, a public company that is listed on the TSX Venture Exchange, was founded last year, and its mission is to produce premium, quality craft cannabis in purpose-built indoor facilities and to be vertically integrated, which means it will produce, test, extract and retail cannabis.
F-20 is a privately held B.C. corporation whose principals have been involved in the financing, construction and development of licensed cannabis cultivation facilities in Canada and the U.S.
GTEC, which has cannabis facilities across the country, believes the current cannabis shortage following last month’s legalization is an opportunity for the company. Singhavon said there’s a shortage because the provinces, especially B.C. and Alberta, are not paying decent prices for the product.
“We’re looking at the provinces as kind of a last resort to supply into,” Singhavon said.
The Vernon facility is expected to be ready next summer.
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