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.
“The company is now free of all debt liabilities, with all security interests removed and the company’s assets fully unencumbered,” GTEC said in a statement.
“Accordingly, the company now has a strong working capital position and balance sheet, with a current cash balance of approximately $19 million.”