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Kelowna cannabis company pays off $6M debt

GTEC Cannabis Co. is now one of the few debt-free companies in the sector
Twila Amato
Twila Amato
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A Kelowna-based cannabis company has paid off all its debts to the tune of $6 million, becoming one of the few debt-free companies in the industry.

GTEC Cannabis Co. announced on Friday, April 9 that it has repaid all its debts in full, which means it no longer has debt liabilities.

Paying off its debts also means GTEC will see over $1 million in interest savings over the next year.

91裸聊视频淭he company is now free of all debt liabilities, with all security interests removed and the company91裸聊视频檚 assets fully unencumbered,91裸聊视频� GTEC said in a statement.

91裸聊视频淎ccordingly, the company now has a strong working capital position and balance sheet, with a current cash balance of approximately $19 million.91裸聊视频�

READ: Kelowna-manufactured cannabis products launch at Shoppers


twila.amato@blackpress.ca
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Twila Amato

About the Author: Twila Amato

Twila was a radio reporter based in northern Vancouver Island. She won the Jack Webster Student Journalism Award while at BCIT and received a degree in ancient and modern Greek history from McGill University.
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