Marijuana facility on track in Vernon

$10 million, 240,000 square foot building in the plans

A Vernon facility has been harvested for potential cannabis cultivation and some major growth.

GreenTec Holdings Ltd. (GTEC) has entered into an exclusive binding letter of intent with F-20 Developments Corp. to develop a 240,000 sq. ft. indoor cultivation facility in Vernon.

F-20, a privately held corporation whose principals have been involved in the financing and construction of licensed cultivation facilities in Canada and the U.S, has secured a property with an existing 60,000 sq. ft. building that will be retrofitted as part of the first phase of construction to allow for the cultivation of cannabis. A second phase of the project will see the construction of a secondary purpose-built building to be 180,000 sq ft. in size. Phase 1 construction is expected to commence immediately upon the parties finalizing the definitive and ancillary agreements, and upon GTEC and F-20 incorporating a new company.

Despite some specultion, the location is not in the Ace Courier building (former roller rink location). Ace Courier has been at the Waddington Drive location for more than 25 years and is still in full operation. In fact, with the end of Greyhound services Oct. 1, the local company welcomes any one wanting to ship parcels to get in touch.

The North Okanagan is already home to one cannabis facility, True Leaf in Lumby.

F-20 has committed to fund the large majority of the Phase 1 project costs up to $9 million, with GTEC committing to fund the final $1 million towards the estimated $10 million budget to complete Phase 1. F-20 will be the project manager and be responsible for the project’s Phase 1 construction and building retrofit, supported with oversight and guidance from GTEC’s operations and regulatory team.

“This project with F-20 further increases our production capacity in BC, which positions the Company one step closer to realizing our objective,” said Norton Singhavon, Chairman and CEO of GTEC Holdings. “The property is ideally located to maximize synergies with GTEC’s existing production and laboratory facilities. The ability to utilize F-20’s financial capacity and construction expertise will allow for GTEC to maintain focus on building and operating our existing facilities while leveraging our expertise to further foster the Company’s growth strategy.”

The closing will be subject to a number of conditions.

GTEC was founded in 2017 to capitalize on opportunities in the recent and rapidly growing legal cannabis industry. GTEC is a public corporation listed on the TSX Venture Exchange and based in Kelowna. GTEC is focused on growing premium quality craft cannabis in purpose-built indoor facilities. GTEC currently holds a 100 per cent interest in GreenTec Bio-Pharmaceuticals Corp., Grey Bruce Farms Inc., Zenalytic Laboratories Ltd. (in Kelowna), Falcon Ridge Naturals Ltd., Alberta Craft Cannabis Inc., and Tumbleweed Farms Corp. GreenTec is currently in the construction phase of an 80,000 square foot Health Canada Access to Cannabis for Medical Purposes Regulations facility. GreenTec also has expansion capabilities for a second site located on 160 acres in the North Okanagan, as well as a third site located on 35 acres on the Trans Canada Highway in Revelstoke.

GTEC has already secured two retail locations that comply with their respective municipal zoning bylaws.

 

Just Posted

Open burning permitted again in Kamloops Fire Centre

Low fire rating prompts decision throughout Kamloops Fire Centre

B.C. Rural Party co-founder rebukes pro-NDP accusation

Telkwa Mayor Darcy Repen disputes being NDP campaign supporter

Glimpses of Revelstoke’s past for Sept.

120 Years Ago: Revelstoke Herald, September 17, 1898 A freight boat that… Continue reading

Covered in mud at the Revelstoke Women’s Enduro

108 women rode in the annual Revelstoke Women’s Enduro race on Saturday.… Continue reading

Parking closures for Hallmark movie filming in Revelstoke

Areas will be closed for parking Sept. 24-28

B.C. RCMP turn to Const. Scarecrow to shock speeders into slowing down

New addition will watch over drivers from a Coquitlam median for first-of-its-kind pilot in Canada

B.C. woman facing animal cruelty charges after emaciated dog seized

Kira, a Rottweiler, had kidney and bladder infections

Kim agrees to dismantle main nuke site if US takes steps too

Kim promised to accept international inspectors to monitor the closing of a key missile test site and launch pad and to visit Seoul soon.

Dozens speak at Vancouver hearing that could see duplexes replace single homes

The city clerk says 73 people signed up to speak at the hearing that began early Tuesday evening and adjourned hours later with 34 speakers still waiting.

North Carolina gov pleads with storm evacuees to be patient

The death toll rose to at least 37 in three states Tuesday, with 27 fatalities in North Carolina.

North and South Korea say they plan to bid for 2032 Olympics

Moon and Kim announced a sweeping set of agreements including a vow to work together to host the Summer Olympics in 2032.

Russia’s reinstatement after doping scandal goes to a vote

The World Anti-Doping Agency is due to vote Thursday Sept. 20, 2018, on possible reinstatement of Russia.

Ontario wins stay on ruling that struck down council-cutting plan

The province had argued the stay was necessary to eliminate uncertainty surrounding the Oct. 22 vote, and the Court of Appeal agreed.

B.C. cannabis producer Tilray hits at $20-billion high as stock price explodes

This is the first export of a cannabis product from a Canadian company to the U.S.

Most Read