KELOWNA, BC, May 28, 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 an arm's length binding multi-year extraction services agreement (the "Agreement") to provide cannabis extraction services to Tantalus Labs ("Tantalus"), a leading British-Columbia-based cannabis producer.
The Agreement has an initial 2-year term from the date of the first shipment from Tantalus. Valens will process the cannabis biomass provided by Tantalus on a fee for service basis into premium quality resins and distillates using the Company's leading proprietary extraction processing methods. The Agreement contains provisions under which it may be terminated with 180 days written notice after the one-year anniversary. Valens expects to receive and begin processing the first shipment from Tantalus early in fiscal Q3 of 2019 and currently holds all required licensing from Health Canada to carry out its obligations under the Agreement.
"Tantalus aspires to deliver unprecedented vaporization experiences to a discerning user base," said Dan Sutton, CEO of Tantalus Labs. "Valens is absolutely our best in breed partner to formulate these experiences with."
"We are honored to be recognized by Tantalus, one of the industry's most respected players currently providing exceptional flower products to both medical and recreational users here in Canada," said Tyler Robson, CEO of Valens GroWorks. "We look forward to working closely with the team at Tantalus as they broaden their product portfolio under the anticipated new regulations this fall."
About Tantalus Labs
Tantalus Labs is committed to Sungrown cultivation of world class cannabis products. Owned and operated in British Columbia, their team is a group of specialized scientists, engineers, and designers committed to the advancement of agricultural science. They believe that passion for natural, Sungrown cultivation methods will usher in a brighter future for clean cannabis.
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., 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 Communications, Anne Donohoe, [email protected], 212.896.1265.