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Kelowna’s GTEC Holdings hopes to acquire a facility from Canopy Growth that will significantly increase its annual cannabis output.
Canopy has been constructing a cultivation facility in Kelowna, and GTEC has entered into an agreement to purchase it for $13 million. It will cost $2 million to complete the facility.
“We are very excited about this opportunity, as the facility has been thoughtfully designed and built out, and is located in our own backyard,” GTEC founder, chair and CEO Norton Singhavon said in a press release. “With the increasing demand of our premium flower, we look forward to further increasing our production capacity by 2020.”
Thanks to the new facility, GTEC says it will be able to produce an additional 4,000 kilograms of premium flower that will bring its annual total to approximately 18,000 kilograms by 2020.
The building is located at the corner of Alcan Road and Hwy 97.
The conditions deadline is Aug. 15, and if that happens the deal will close later this year.
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