Valens GroWorks Terminates LOI
Valens GroWorks Corp. (CSE: VGW) (the “Company” or “Valens”) announces that Island Green Cure Ltd. and its shareholders (collectively, “IGC”) and the Company have jointly agreed to terminate the proposed acquisition by Valens of 80% of IGC.
Valens is releasing IGC from the restrictions and obligations of the 60-day exclusivity period, and IGC is fully refunding the Company’s $30,000 deposit.
Valens is proceeding with the proposed acquisition of Health Canada-licensed cannabis testing lab Supra THC Services Ltd., as well as its own application for an LP to cultivate and sell medical marijuana pursuant to the ACMPR, as an ancillary application to its anticipated Controlled Drugs and Substances Dealer’s Licence.
Valens continues to engage with LP holders, final stage applicants, and industry and financial sector participants to further its “farm to pharma” objectives. The Company’s vision is to integrate natural health products and specialty cannabis offerings and services to create and maintain sustainable revenue and income streams by providing tailored end-to-end, horizontal solutions geared to the needs of patients and consumers.
About Valens GroWorks Corp.
Valens GroWorks Corp is a Canadian Securities Exchange listed company with an aggressive acquisition strategy in progress, providing management, consulting, testing and support services to domestic and international licensees, as well as financing the buildout of established operations pursuant to its investments in Arizona. The Company seeks to capture a broad spectrum of medical marijuana users, as well as recreational users once legalized, in pursuit of its ambitious farm to pharma objectives.
The Company’s wholly-owned subsidiary, Valens Agritech Ltd. (“VAL”), is a post-inspection applicant awaiting the granting of a Controlled Drugs and Substances Dealer’s Licence for the cultivation and processing of marijuana. Based in the Okanagan Valley of British Columbia, VAL anticipates participation in clinical trial programs researching the efficacy of medical cannabis.
On behalf of the Board of Directors, VALENS GROWORKS CORP.
(signed) “Robert van Santen”
Chief Executive Officer
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