KELOWNA, BC, Nov. 12, 2018 /CNW/ - Valens GroWorks Corp. (CSE: VGW) (the "Company" or "Valens"), a Health Canada 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 received its updated standard processing and standard cultivation license on November 9th, 2018. The updated licensing has been issued in accordance with Health Canada's Cannabis Act and Cannabis Regulations, which had previously been issued under the Access to Cannabis for Medical Purposes Regulations ("ACMPR").
Effective immediately, the Company's wholly owned subsidiary, Valens Agritech Ltd, is authorized to sell cannabis and cannabis products in accordance with subsection 11(5) and 17(5) of the Cannabis Regulations. This updated license from Health Canada allows Valens to engage in business to business (B2B) sales with its strategic partners and other qualified license holders under the Cannabis Act and Cannabis Regulations, including executing on extraction agreements already in place.
"This is an extremely important milestone for the Company as we continue to strategically execute on our business plan to be the leading extraction service provider in the industry," said Tyler Robson, CEO Valens. "Having this new license in hand, combined with our proprietary extraction capabilities will allow us to create further value for our shareholders and strategic business partners."
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 standard processing and standard cultivation license class under the Cannabis Act. VAL also has a supply agreement with Canopy Growth Corporation under their extensive CraftGrow distribution network. Subsidiary Valens Labs is an 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/.
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: please contact: Scott Young, Telephone: +1.705.888.2756