Valens Signs Multi-Year Cannabis Extraction Agreement with Tantalus Labs
Kelowna, B.C., May 28, 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 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 honoured 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. (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:
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KCSA Strategic Communications
Phil Carlson / Elizabeth Barker
212.896.1233 / 212.896.1203
KCSA Strategic Communications
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