(File)

$13 million Kelowna cannabis facility deal terminated

GTEC Holdings did not give a reason for the purchase’s cancellation

The purchase of an empty cannabis growing facility along Highway 97 has now been terminated.

On Wednesday, GTEC Holdings announced the dissolution of the $13 million agreement to purchase the 22,580 square foot building from Canopy Growth.

The facility was initially purchased by Canopy in 2017 but the company never finished the renovations needed for growing cannabis.

GTEC estimated a $2 million price tag on upgrades needed to finish the building upon the announcement of the agreement in July.

No reason for the termination was given by the company.

READ MORE: Lake Country aims to find happy-medium in Airport Inn shutdown

READ MORE: Mayor says speculation tax is misplaced in West Kelowna


@michaelrdrguez
michael.rodriguez@kelownacapnews.com

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