Valens Signs Multi-Year Extraction Agreement with Organigram
Kelowna, B.C., January 29th, 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”) with Organigram Inc. (“Organigram”) (TSXV: OGI, OTC: OGRMF) for cannabis and hemp extraction services.
Under the terms of the agreement, Valens will extract cannabis flowers and trim from Organigram’s Moncton operation as well as hemp to produce extract concentrate. In turn, the concentrate will be used by Organigram to produce oils and, eventually, derivative edible and vaporizable cannabis products. The legalization of cannabis edibles and other derivative based products in Canada is expected later this year. In addition, under the terms of the Agreement, Valens will also provide lab services for Organigram as needed.
“Looking ahead to another year of unprecedented firsts in the national and global cannabis industries, our growth strategy is aggressive,” says Greg Engel, CEO, Organigram. “A key element of that success is partnerships with companies like Valens who can offer the capacity, quality and expertise to help ensure we deliver on our ongoing commitment to meeting the increasing demand of the global medical and adult recreational cannabis markets.”
“We are pleased to be a trusted partner of Organigram and the Canadian cannabis industry,” says Tyler Robson, CEO of Valens GroWorks Corp. “We are proud to collaborate with companies like Organigram who continue to look for innovative technologies that will best serve the long-term needs of their customers.”
The agreement between the two companies is effective immediately.
About Organigram Holdings Inc.
Organigram Holdings Inc. is a TSX Venture Exchange listed company whose wholly owned subsidiary, Organigram Inc., is a licensed producer of cannabis and cannabis-derived products in Canada.
Organigram is focused on producing the highest-quality, indoor-grown cannabis for patients and adult recreational consumers in Canada, as well as developing international business partnerships to extend the company’s global footprint. Organigram has also developed a portfolio of legal adult use recreational cannabis brands including The Edison Cannabis Company, Ankr Organics, Trailer Park Buds and Trailblazer. Organigram’s primary facility is located in Moncton, New Brunswick and the Company is regulated by the Cannabis Act and the Cannabis Regulations (Canada).
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