KELOWNA, BC, Dec. 13, 2018 /CNW/ - Valens GroWorks Corp. (CSE: VGW, OTC: MYMSF) (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") with Canopy Growth Corporation (TSX: WEED; NYSE: CGC) ("Canopy Growth") 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 Canopy Growth Corporation
Canopy Growth is a world-leading diversified cannabis and hemp company, offering distinct brands and curated cannabis varieties in dried, oil and Softgel capsule forms. From product and process innovation to market execution, Canopy Growth is driven by a passion for leadership and a commitment to building a world-class cannabis company one product, site and country at a time. The Company has operations in 12 countries across five continents. The Company is proudly dedicated to educating healthcare practitioners, conducting robust clinical research, and furthering the public's understanding of cannabis, and through its fully owned subsidiary, Canopy Health Innovations, has devoted millions of dollars toward cutting edge, commercializable research and IP development. Through partly owned subsidiary Canopy Rivers Corporation, the Company is providing resources and investment to new market entrants and building a portfolio of stable investments in the sector. From our historic public listing on the Toronto Stock Exchange and New York Stock Exchange to our continued international expansion, pride in advancing shareholder value through leadership is engrained in all we do at Canopy Growth. Canopy Growth has established partnerships with leading sector names including cannabis icon Snoop Dogg, breeding legends DNA Genetics and Green House seeds, and Fortune 500 alcohol leader Constellation Brands, to name but a few. Canopy Growth operates ten licensed cannabis production sites with over 4.3 million square feet of production capacity, including over 500,000 square feet of GMP certified production space. For more information visit www.canopygrowth.com
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/
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