Photo Credit: GTEC Holdings
A Kelowna based cannabis company has announced it has entered into an Amending Agreement to give them additional time to secure financing to purchase a cultivation facility in Kelowna.
In July, GTEC Holdings announced plans to acquire the facility from Canopy Growth Corporation. The facility, which is near completion, will have an estimated annual output of 4,000 KG when completed. The cost to complete construction is estimated to be approximately $2 million.
According to GTEC, the purchase price of the facility is $13 million, which include all rights, title and interest to the land, growing equipment, and project related documents.
The Amending Agreement, which extends the purchasing conditions to September 16, 2019 will allow GTEC time to pursue financing options to complete the transaction.
The company is currently exploring different options for financing, including commercial debt and/or divesting of certain non-core, non-operational assets.
If GTEC is unable unable to proceed with the transaction, they will be entitled to a full refund of its $250,000 deposit without penalty.
All Biz Releases Stories
