Valens Signs Multi-Year Cannabis & Hemp Extraction Agreement with Tilray
UPDATE: as of June 10th, 2019, this Agreement has been expanded. For more information please visit Valens Expands Size and Scope of Agreement With Tilray.
Kelowna, B.C., February 26, 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 a multi-year extraction services agreement (the “Agreement”) to provide cannabis and hemp extraction services to Tilray Canada Ltd. (“Tilray”) (NASDAQ: TLRY), a global leader in cannabis research, cultivation, production and distribution.
Under the terms of the Agreement, Valens will extract a minimum annual quantity of 15,000kg of dried cannabis and hemp. The Company will receive and process the cannabis and hemp on a fee for service basis into crude, distillate or other cannabis oil derivatives as required by Tilray before bulk shipping the desired product back to Tilray for final processing and sale.
“Partnering with Tilray to support their existing and emergent product offerings marks another milestone for Valens,” says Tyler Robson, CEO of Valens GroWorks Corp. “We take pride in our proprietary extraction processes and are honoured our best in class extraction capabilities have been recognized by Tilray, a pioneer in the global cannabis market, which we believe is a testament to the quality and reliability of our services.”
About Valens GroWorks
Valens GroWorks Corp. is a research-driven, vertically integrated Canadian cannabis company focused on downstream secondary extraction methodology, distillation and cannabinoid isolation and purification, as well as associated quality testing with three wholly-owned subsidiaries located in and around Kelowna, BC. Subsidiary Valens Agritech (“VAL”) holds a license to cultivate cannabis and produce cannabis oil under the Cannabis Act, as well as a license to conduct analytical testing for the cannabis industry. VAL currently has extraction processing and supply agreements with various leading producers across Canada. 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. Subsidiary Valens Farms is in the process of becoming a purpose-built facility in compliance with European Union (EU) Good Manufacturing Practices (GMP) standards, ensuring the product from this facility can be exported anywhere in the world where Cannabis is nationally legal for medical or adult usage purposes. For more information, please visit Valens GroWorks or view the company’s Investor’s Deck.
For further information, please contact:
Valens GroWorks Corp.
U.S. / Europe Investors
KCSA Strategic Communications
Phil Carlson / Elizabeth Barker
212.896.1233 / 212.896.1203
KCSA Strategic Communications
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