KELOWNA, BC, Sept. 7, 2018 /CNW/ - Valens GroWorks Corp. (CSE: VGW) (the "Company" or "Valens"), a multi-licensed, vertically integrated provider of cannabis products and services utilizing proprietary extraction processes today announced that it has signed a letter of intent with Medigrowth Australia Pty Ltd. ("Medigrowth") for:
- The Company to supply premium cannabis flower and oil product offerings to Medigrowth for sale and distribution in the Australian market,
- The Company to supply premium cannabis flower and oil product offerings to Medigrowth for research and development initiatives, and
- The Company to provide cultivation, extraction and lab service expertise to Medigrowth to support research and development partnerships and collaborations with Australian universities, governments and other institutions.
The letter of intent provides for an initial three-year agreement term, allowing Medigrowth to capitalize on research and development opportunities with leading institutions utilizing Valens' products and industry expertise.
"Medigrowth's team is committed to investing in multi disciplinary research and development efforts with leading research institutions and governing bodies across Australia," said Tyler Robson, CEO, Valens GroWorks. "In signing this letter of intent with Medigrowth, Valens secures a three-year supply partnership in the Australian market while strategically aligning ourselves with a company that shares in our commitment to innovation and premium product offerings to enhance patient care."
"We are positioning Medigrowth for long term involvement in the industry as global leaders, and as such we are excited to secure a partnership with Valens. Through this partnership we believe the collective can exceed the individual opportunity," said Adam Guskich, Founder of Medigrowth Australia Pty Ltd. "There are many advanced programs and initiatives available to Medigrowth, and with Valens' product offerings and industry expertise, we see an increased potential for institutional led involvement, including innovation in the manufacturing and lab testing arena."
About Medigrowth Australia
Medigrowth Australia Pty Ltd. is a Victorian based medicinal cannabis company delivering the highest quality medicinal cannabis and related therapeutic products to Australian patients while contributing to ongoing research, education and advocacy for care and quality of life. Medigrowth Australia is proudly Australian owned and 100% committed to patient care.
About Valens GroWorks
Valens GroWorks Corp. is a vertically integrated provider of Canadian cannabis products developed from our proprietary extraction techniques, with three wholly-owned subsidiaries located in and around Kelowna, BC. Subsidiary Valens Agritech has initiated cannabis production, processing and sales under a Health Canada Dealer's Licence, which includes a supply agreement with Canopy Growth Corporation under their extensive CraftGrow distribution network. Subsidiary Supra THC Services 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 Medicine Analytics. 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, http://www.valensagritech.com and http://www.suprathc.ca.
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.
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SOURCE Valens GroWorks Corp.
For further information: Scott Young, Telephone: +1.705.888.2756