KELOWNA, BC, Sept. 23, 2019 /CNW/ - Valens GroWorks Corp.
(TSXV: VGW) (OTCQX: VGWCF) (the "Company" or
"Valens"), a vertically integrated provider of industry
leading extraction products and services; including a diverse suite
of extraction methodologies, next generation cannabinoid delivery
formats and an ISO 17025 accredited analytical lab is pleased to
announce it has received an amended license from Health Canada and
continues to make significant progress with the build out of the
adjoining state of the art white label manufacturing facility
scheduled for completion by H1 2020.
Amended Health Canada License
Under the new license, Valens is now authorized to manufacture
and supply oil products directly to provincial distributors and
other authorized Canadian retail supply channels. Valens will
immediately start leveraging this amended license to expand
services provided to its white label manufacturing partners,
delivering retail ready products including tinctures and gel
caps. The Company plans to further expand its retail ready
product offerings to include vaporizer cartridges, beverages,
topicals and other desired products as permitted by Health
Canada.
"This amended license represents another significant milestone
for the Company" said Tyler Robson,
CEO of Valens. "We are excited to be able to utilize this license,
our industry leading extraction, IP and formulation services along
with our strategic partnerships with companies like Shoppers Drug
Mart, to provide our white label partners access to a comprehensive
service offering."
Operational Update on Build Out of State of the Art White
Label Facility
"With Valens now licensed to manufacture and supply white label
products through provincial distributors we are happy to update
investors on the construction of the adjoining state of the art
white label facility which remains on time and on budget to be
complete by H1 2020" said Tyler
Robson.
Valens has already built out the capability to fulfill initial
white label product demand through the Company's current extraction
and product development facility. However, the new white label
manufacturing facility is not only expected to increase extraction
capacity to over 1,000,000kg per year through further expansion of
the Company's ethanol and hydrocarbon capabilities but will
substantially increase product development and manufacturing
volumes of vape pens, beverages, concentrates, edibles, and
topicals for its customers. The new facility will include robotics
and automated machinery to enhance throughput and efficiencies of
customized products for our customers.
"This is a purpose-built facility to EU GMP standards and is
expected to be one of the largest and most diverse third-party
cannabis product development facilities in Canada" said Tyler
Robson. "We will be expanding our offerings to our customers
to also include customized formulations, emulsion, terpene
enhancement, and centrifugal partition chromatography that will
allow our customers to target specific desired cannabinoids as the
market offerings mature, such as CBG, THCV or CBN, as well as
separate out unwanted contaminants in oil including pesticides and
microbials."
The Company would also like to provide further insight into the
strategic agreement, announced on September
16, 2019, with Shoppers Drug Mart for the supply of cannabis
oil products. Under the terms of the agreement, Shoppers will
purchase from the Company, retail ready products including gel caps
and tinctures for sale and distribution on their medical cannabis
ecommerce site, with further expansion of product offerings to
include vaporizer cartridges, topicals and other desired products
as permitted by Health Canada. The agreement is for an initial
three-year term, with the option to renew for an additional two
years with the total value of the contract being determined based
on the size and frequency of purchase orders received by the
Company from Shoppers. The Company already has all the
infrastructure in place to execute under the agreement and
continues to work closely with the team at Shoppers to finalize
details for the successful launch of products.
About Valens GroWorks
Valens GroWorks Corp. (TSXV:VGW) (OTCQX:VGWCF) is a
multi-licensed, vertically-integrated cannabis company focused 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 http://valensgroworks.com. The
Company's investor deck can be found specifically at
http://valensgroworks.com/investors/
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 TSXV or other regulatory authority has not reviewed,
approved or disapproved the contents of this press release. We seek
Safe Harbour.
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SOURCE Valens GroWorks Corp.