Valens Expands Size and Scope of Agreement with Tilray
Kelowna, B.C., June 10, 2019 – 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 expanded the volume of extraction services and has added an option to provide contract manufacturing services to the arm’s length, binding multi-year agreement (the “Agreement”) previously announced February 26, 2019, with Tilray Inc. (“Tilray”) (NASDAQ: TLRY), a global leader in cannabis research, cultivation, production and distribution.
Under the initial two-year term of the expanded Agreement, Valens will extract on a fee for service basis a minimum annual quantity of 60,000kg of dried cannabis and hemp biomass, up 300% from the 15,000kg annual commitment outlined in the original agreement. In addition, the Company may provide contract manufacturing services for tincture bottles and gel caps, with the option to offer contract manufacturing services for other product formats such as vaporizer cartridges and topicals as Health Canada regulations allow.
“This significant expansion of extraction services requested by Tilray is a true demonstration of the industry-leading service being provided to our partners,” says Tyler Robson, CEO of Valens GroWorks Corp. “We are honoured to be recognized by Tilray not only as a leader in the extraction space, but also for our ability to create value through our innovative product development and contract manufacturing services. We anticipate these services will become a significant component of our business as we continue to grow alongside our customers.”
About Valens GroWorks
Valens GroWorks Corp. (CSE: VGW) (OTC: VGWCF) is a multi-licensed, vertically-integrated cannabis company focussed on being the partner of choice for leading Canadian and international cannabis brands by providing best-in-class, proprietary services including CO2, ethanol, hydrocarbon, solvent-less and terpene extraction, analytical testing, formulation and white-label product development. Valens is the largest third-party extraction Company in Canada with an annual capacity of 425,000 kg of dried cannabis and hemp biomass at our purpose-built facility in Kelowna, British Columbia which is in the process of becoming European Union (EU) Good Manufacturing Practices (GMP) compliant. Additionally, our 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. For more information, please visit Valens GroWorks or view the company’s Investor’s Deck.
For further information, please contact:
U.S. / Europe Investors
KCSA Strategic Communications
Phil Carlson / Elizabeth Barker
212.896.1233 / 212.896.1203
KCSA Strategic Communications
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.
The CSE or other regulatory authority has not reviewed, approved or disapproved the contents of this press release. We seek Safe Harbour.