Looking for cannabis penny stocks to watch? Well, we have you covered. We're checking out GTEC Holdings (TSXV:GTEC), a Kelowna-based vertically integrated cannabis company.
Cannabis Penny Stocks: GTEC Holdings
So what happened? Zenalytic Laboratories, GTEC's wholly-owned subsidiary, received approval from Health Canada to expand the scope of its Dealer's License, which came into effect as of September 6th.
The original Dealer's License allowed the company to perform analytical testing on cannabis and specific cannabinoids, but the expansion now authorizes Zen Labs to process cannabis flower into cannabis oil.
And it seems the company may have a specific reason for this move; Zen Labs can now explore cannabis beverages, of which, a necessary ingredient is cannabis oil.
"Given the recent surge of interest in our industry from global alcoholic beverage companies, we are very excited to now be licensed to produce cannabis oils and expand our own value-add product offerings," said Norton Singhavon, Chairman & CEO of GTEC Holdings.
"This development improves GTEC's ability to capitalize on opportunities associated with cannabis oil, and the downstream products derived from it."
A New Global Marketing and Branding Director
Let's not forget that recently, GTEC also hired a new Global Marketing and Branding Director. None other than Lawrence Law, a veteran of the alcoholic beverage industry who was previously Global Brand director for Diageo, the largest alcoholic beverages group in the world.
So is it presumptuous to say that GTEC may be looking to move into the cannabis drinks sector? This is a massive new sector for the cannabis industry and could bring in millions in revenue, so now is the time to explore it.
Spying the potential, we've seen countless companies strike a deal ready to take their chunk of this market.
Is GTEC going to do the same?
Featured Image: GTEC Holdings