VANCOUVER, Dec. 22, 2017 /CNW/ - Valens GroWorks Corp. (CSE: VGW) (the "Company" or "Valens"), a multi-licensed, vertically integrated provider of cannabis products, is pleased to announce it has been granted Health Canada approval for the manufacture and packaging of cannabis oil products for sale to Licensed Producers, Licensed Dealers and approved Clinical Trials. This additional capability accelerates revenue expectations from our existing Health Canada Licenses for the first quarter of 2018.
Dr. Rob O'Brien, President and Chief Science Officer at wholly-owned subsidiary Valens AgriTech stated "This is a significant development for both Valens and the Canadian cannabis market. Being the first licensed dealer to receive formal approval to become a processor and manufacturer for LP's is a tremendous opportunity. Our proprietary process to generate 100% cannabis oil products without the use of solvents, and our distribution, marketing and sales agreement with Canopy Growth Corporation through its extensive CraftGrow distribution network, enables us to build immediate brand recognition. It also positions us as a leading processor for the adult recreational market when the anticipated Cannabis Act legislation comes into force next summer."
The Company is also a final stage applicant for a Health Canada License to Produce under the medical patient-oriented Access to Cannabis for Medical Purposes Regulations ("ACMPR"), the awarding of which will further enhance our ability to supply premium curated products to meet consumer demand.
About Valens GroWorks Corp.
Valens GroWorks is Canadian publicly traded biotechnology company executing on its "plants to premium products" objectives through two wholly-owned subsidiaries, located at the Company's expanding 17,000 sq.ft. facility on two acres in Kelowna, in the heart of British Columbia's Okanagan Valley. Subsidiary Valens Agritech ("VAL") is commencing cannabis production and sales under a Health Canada Dealer's License, and is also a late-stage license applicant to cultivate medical marijuana under the ACMPR for individual patients. Subsidiary Supra THC Services ("Supra") is a Health Canada licensed cannabis testing lab providing sector-leading analytical and proprietary services to Licensed Producers, ACMPR patients, and the natural health products industry.
Supra has partnered with Thermo Fisher Scientific to develop a "Centre of Excellence in Plant Based Medicine Analytics" in Kelowna, and both subsidiaries are involved in a collaborative research partnership with British Columbia-based universities UBC Okanagan and Thompson Rivers to explore the vast range of bioproducts that can be made from cannabis plant materials. A supply and sales agreement with Canopy Growth Corporation (TSX: WEED) provides for the distribution, marketing and sale of a portion of the Company's branded products through Canopy Growth's extensive CraftGrow distribution network. For more information, please visit http:/valensgroworks.com, http://www.valensagritech.com and http://www.suprathc.ca.
On behalf of the Board of Directors,
VALENS GROWORKS CORP.
(signed) "Tyler Robson"
Chief Executive Officer
Notice regarding Forward Looking Statements
This news release contains certain "forward-looking statements" within the meaning of such statements under applicable securities law. Forward-looking statements are frequently characterized by words such as "anticipates", "plan", "continue", "expect", "project", "intend", "believe", "anticipate", "estimate", "may", "will", "potential", "proposed", "positioned" and other similar words, or statements that certain events or conditions "may" or "will" occur. These statements are only predictions. Various assumptions were used in drawing the conclusions or making the projections contained in the forward-looking statements throughout this news release. Forward-looking statements are based on the opinions and estimates of management at the date the statements are made, and are subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those projected in the forward-looking statements. The Corporation is under no obligation, and expressly disclaims any intention or obligation, to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as expressly required by applicable law.
The CSE or other regulatory authority has not reviewed, approved or disapproved the contents of this press release. We seek Safe Harbour.
SOURCE Valens GroWorks Corp.
For further information: Greg Patchell, Telephone: +1.250.860.8634