Valens Signs Multi-Year Cannabis and Hemp Extraction Agreement with Tilray
KELOWNA, BC, Feb. 26, 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”), renewable annually after the initial two year term, to provide cannabis and hemp extraction services to Tilray Canada Ltd. (“Tilray”) (NASDAQ: TLRY), a global leader in cannabis research, cultivation, production and distribution.
Under the terms of the Agreement, Valens will extract a minimum annual quantity of 15,000kg of dried cannabis and hemp. The Company will receive and process the cannabis and hemp on a fee for service basis into crude, distillate or other cannabis oil derivatives as required by Tilray before bulk shipping the desired product back to Tilray for final processing and sale.
Partnering with Tilray to support their existing and emergent product offerings marks another milestone for Valens. We take pride in our proprietary extraction processes and are honoured our best in class extraction capabilities have been recognized by Tilray, a pioneer in the global cannabis market, which we believe is a testament to the quality and reliability of our services.
Tyler Robson, CEO of Valens GroWorks Corp.
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/