KELOWNA, BC, March 11, 2019 /CNW/ - Valens GroWorks Corp. (CSE: VGW) (OTC: VGWCF) (the "Company" or "Valens"), 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") to provide cannabis and hemp extraction services to The Green Organic Dutchman Holdings Ltd. ("TGOD") (TSX:TGOD) (US:TGODF), a premium global organic cannabis company with operations focused on medical cannabis markets in Canada, Europe, the Caribbean and Latin America, as well as the Canadian adult-use market.
Under the terms of the initial 2-year agreement, TGOD will supply Valens with an annual minimum of 30,000kg in the first year, increasing to 50,000kg in year two, of cannabis and hemp biomass which Valens will process into premium quality resins and distillates using certified organic extraction processing methods. TGOD intends to use the concentrated cannabinoid resins and distillates to produce oils, sprays and capsules as well as oils for vaporization and future edible, beverage and topical products. Valens expects the first shipment to arrive and begin processing early Q2.
Valens has been working closely with TGOD to expedite the pathway to organic certification for the company's organic processing methodologies. Upon certification, Valens will offer a 1-year exclusivity to TGOD for certified organic extraction processing services.
"The ability to partner with skilled and specialized extraction operators such as Valens will add significant bench strength to TGOD's already robust extraction capabilities in Canada, Poland and Jamaica," said Brian Athaide, Director and CEO of TGOD. "We believe the importance of high-quality cannabis oils will continue to greatly increase as patients and consumers look for safer and healthier delivery methods."
"We are excited to work with TGOD, Canada's premier certified organic producer," said Tyler Robson, CEO of Valens GroWorks. "Organic resonates with consumers, and Valens looks forward to helping accelerate TGOD's time to market with the launch of its hemp-derived CBD product line in the coming months."
About The Green Organic Dutchman Holdings Ltd.
The Green Organic Dutchman Holdings Ltd. (TSX:TGOD) is a publicly traded, premium global organic cannabis company, with operations focused on medical cannabis markets in Canada, Europe, the Caribbean and Latin America, as well as the Canadian adult-use market. The Company grows high quality, organic cannabis with sustainable, all-natural principles. TGOD's products are laboratory tested to ensure patients have access to a standardized, safe and consistent product. TGOD has a planned capacity of 219,000 kgs and is building 1,643,600 sq. ft. of cultivation and processing facilities across Ontario, Quebec, Jamaica and Denmark.
TGOD's Common Shares and warrants issued under the indenture dated November 1, 2017 trade on the TSX under the symbol "TGOD" and "TGOD.WT", respectively.
For more information on The Green Organic Dutchman Holdings Ltd., please visit www.tgod.ca.
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 currently has extraction processing and supply agreements with various leading producers across Canada. 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/
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, Valens GroWorks Corp., [email protected], Telephone: +1.705.888.2756; U.S. / Europe Investors: KCSA Strategic Communications, Phil Carlson / Elizabeth Barker, [email protected], 212.896.1233 / 212.896.1203; Media: KCSA Strategic Communicationsm Anne Donohoe, [email protected], 212.896.1265