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Invictus, GTEC Holdings terminate merger plans

Canadian cannabis companies Invictus MD Strategies Corp. and GTEC Holdings Ltd. terminated their plans to merge.

The terminated all-stock deal, valued at about C$100 million, would have created the largest indoor vertically integrated cannabis company in Western Canada.

Invictus and GTEC Holdings said they maintain a working relationship under an agreement dated Aug. 30, 2018, which covers a $2 million convertible loan facility for GTEC Holdings and a right of first refusal to fill up to 30% of any cannabis purchase order for Invictus.