Valens GroWorks Receives $602,200 From Warrant Exercise
Valens GroWorks Corp. (CSE: VGW) (the “Company” or “Valens”), a multi-licensed, vertically integrated provider of cannabis products, announces it has received $602,200 from the exercise of share purchase warrants. A total of 523,653 warrants were exercised at $1.15 and the Company is issuing a total of 523,653 common shares. The warrants were issued in connection with a non-brokered private placement financing in January 2017 and expired on January 11, 2018.
Tyler Robson, CEO of Valens GroWorks commented: “We are very pleased with the level of support received from our shareholders as demonstrated by the closing of our recent $2,000,000 funding, as well as the exercise of these warrants. With our significantly improved treasury, Valens GroWorks is well positioned to advance its corporate initiatives.”
About Valens GroWorks
Valens GroWorks is Canadian publicly traded biotechnology company executing on its “plants to premium products” objectives through two wholly-owned subsidiaries, located at the Company’s expanding 17,000 sq.ft. facility on two acres in Kelowna, in the heart of British Columbia’s Okanagan Valley. Subsidiary Valens Agritech (“VAL”) is commencing cannabis production and sales under a Health Canada Dealer’s License, and is also a late-stage license applicant to cultivate medical marijuana under the ACMPR for individual patients. Subsidiary Supra THC Services (“Supra”) is a Health Canada licensed cannabis testing lab providing sector-leading analytical and proprietary services to Licensed Producers, ACMPR patients, and the natural health products industry.
Supra has partnered with Thermo Fisher Scientific to develop a “Centre of Excellence in Plant-Based Medicine Analytics” in Kelowna, and both subsidiaries are involved in a collaborative research partnership with British Columbia-based universities UBC Okanagan and Thompson Rivers to explore the vast range of bioproducts that can be made from cannabis plant materials. A supply and sales agreement with Canopy Growth Corporation (TSX: WEED) provides for the distribution, marketing and sale of a portion of the Company’s branded products through Canopy Growth’s extensive CraftGrow distribution network. For more information, please visit https://thevalenscompany.com, http://www.valensagritech.com and http://www.labsthc.ca.
On behalf of the Board of Directors, VALENS GROWORKS CORP.
(signed) “Rob van Santen”
Chief Financial Officer
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UPDATE: Supra THC Services Inc. has been sold, with a transfer of assets into new subsidiary Valens Labs Ltd. For more information please visit Valens Launches Valens Labs & Sells Supra to Australian-based RotoGro.