Canada's GTEC Holdings Ltd., through its unit GreenTec Holdings Ltd., agreed to form a joint venture with BATC Investments Inc.
The venture, named GreenTec Retail SK Inc., will identify, secure, and develop cannabis retail opportunities in the province of Saskatchewan.
Under an option agreement dated Nov. 5, 2018, GreenTec Holdings and BATC Investments will own 75 and 25 class A common shares in the JV, respectively.
BATC Investments has the option to exit the JV six months after the first GreenTec Retail SK opens to the public for business. In exchange, BATC Investments will receive GTEC Holdings common stock equivalent to its stake in GreenTec Retail SK, to be determined by a chartered business valuator. The exchange remains subject to TSX Venture Exchange approval.
GTEC Holdings, a specialized craft cannabis company, is in the process of being acquired by Invictus MD Strategies Corp.