KELOWNA, BC, Dec. 13, 2018 /CNW/ – Valens GroWorks Corp. (CSE: VGW, OTC: MYMSF), a multi-licensed, vertically integrated provider of cannabis products and services focused on various proprietary extraction methodologies, distillation, cannabinoid isolation and purification, as well as associated quality testing, is pleased to announce that it has entered into a multi-year Extraction Services Agreement (the “Agreement”) with Canopy Growth Corporation (TSX: WEED; NYSE: CGC) for cannabis extraction services.
Under the terms of the multi-year agreement, Valens is partnering with Canopy Growth to provide extraction services, utilizing the Company’s proprietary technology and methodologies to process Canopy Growth’s whole flower and trim into high-grade cannabis resin. Valens expects to receive the first shipment for extraction processing under this agreement by the end of December 2018.
Valens previously joined Canopy Growth’s CraftGrow program in October 2017. CraftGrow provides craft cannabis producers with the opportunity to bring to market high quality cannabis product through Canopy Growth’s leading platforms. Having recently received its standard processing and standard cultivation license under the Cannabis Act, Valens expects to have its first branded products available through Canopy Growth’s sales channels for both the medical and recreational markets by the end of March 2019.
“We are pleased to provide specialized extraction services to support Canopy Growth’s innovative product offerings, while also capitalizing on our CraftGrow partnership to bring Valens branded products to market in the new year,” says Tyler Robson, CEO of Valens GroWorks Corp. “We take pride in our proprietary extraction processes and are honoured to be recognized for our capabilities in supporting the growth of the cannabis market, particularly with the increasing role cannabis oils will soon play in the edibles space.”
“Partnering with Valens, a company positioning itself as a specialized extractor, further builds on our own efforts to develop a consistent, high-quality supply of oils for products such as Softgels and other future innovations,” commented Mark Zekulin, President & Co-CEO, Canopy Growth. “Furthermore, we’re excited to see Valens progress in its licensing capabilities and add its products to our CraftGrow program, increasing the variety of high-quality cannabis products available for patients and recreational customers.”
About Valens GroWorks
Valens GroWorks Corp. is a research-driven, vertically integrated Canadian cannabis company focused on downstream secondary extraction methodology, distillation and cannabinoid isolation and purification, as well as associated quality testing with three wholly-owned subsidiaries located in and around Kelowna, BC. Subsidiary Valens Agritech (“VAL”) holds a license to cultivate cannabis and produce cannabis oil under the Cannabis Act, as well as a license to conduct analytical testing for the cannabis industry. VAL also has a supply agreement with Canopy Growth Corporation under their extensive CraftGrow distribution network. Subsidiary Valens Labs is a Health Canada licensed ISO 17025 accredited cannabis testing lab providing sector-leading analytical services and has partnered with Thermo Fisher Scientific to develop a Centre of Excellence in Plant Based Science. Subsidiary Valens Farms is in the process of becoming a purpose-built facility in compliance with European Union (EU) Good Manufacturing Practices (GMP) standards, ensuring the product from this facility can be exported anywhere in the world where Cannabis is nationally legal for medical or adult usage purposes. For more information, please visit http://valensgroworks.com. The Company’s investor deck can be found specifically at http://valensgroworks.com/investors/
SOURCE Valens GroWorks Corp.
Featured image courtesy of Georgia Straight.