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Kelowna  

Pot biz deal falls through

GTEC Holdings will not be purchasing a large Kelowna cultivation facility from Canopy Growth Corp. after all.

GTEC, a Kelowna company focused on cultivating premium quality cannabis in purpose-built indoor facilities, was attempting to buy the facility, which is located on Alcan Road and is nearing completion. The company entered into an agreement to purchase it from Canopy for $13 million in May.

However, GTEC entered into an amending agreement in August since it was still trying to come up with the funding required for the purchase.

It appears that didn’t happen, and now GTEC will receive its $250,000 deposit on the facility without penalty.

GTEC said in July that the purchase of the facility would allow it to produce an additional 4,000 kilograms of premium flower that would have brought its annual total to approximately 18,000 kilograms by 2020.



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