A 琉璃神社-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.
鈥淭he company is now free of all debt liabilities, with all security interests removed and the company鈥檚 assets fully unencumbered,鈥� GTEC said in a statement.
鈥淎ccordingly, the company now has a strong working capital position and balance sheet, with a current cash balance of approximately $19 million.鈥�
READ: 琉璃神社-manufactured cannabis products launch at Shoppers
twila.amato@blackpress.ca
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