- GTEC Holdings (GTEC) has repaid its C$6 million loan and eliminated all debt
- The company repaid its two senior secured promissory notes with NFS Leasing Canada in full on April 9, 2021
- The complete elimination of the company’s debt will deliver over $1 million in interest savings over the next year
- The company’s cash position currently sits at $19 million
- GTEC Holdings cultivates, markets and distributes handcrafted, high-quality cannabis products
- GTEC Holdings (GTEC) is trading flat at $0.77 per share
GTEC Holdings (GTEC) has repaid its C$6 million loan and eliminated all debt.
The company repaid its two senior secured promissory notes with NFS Leasing Canada in full on April 9, 2021.
The complete elimination of the company’s debt will deliver over $1 million in interest savings over the next 12 months.
GTEC’s assets are now fully unencumbered. Accordingly, the company now has a stronger balance sheet with a current cash balance of approximately $19 million.
Norton Singhavon, founder and CEO of GTEC, commented,
“We would like to thank the team at NFS for supporting our vision as we navigated through a key phase of the growth of our emerging business. We are extremely pleased to become one of the few debt-free companies within the sector as we continue on our mission to become a leading producer of high-quality cannabis products in North America and globally.”
GTEC Holdings cultivates, markets and distributes handcrafted, high-quality cannabis products. The company has three fully-licensed and operational facilities that supply cannabis through medical and recreational sales channels.
GTEC Holdings (GTEC) is trading flat at $0.77 per share as of 10:52 am ET.