Harvest One (TSXV:HVT) has signed an extraction agreement with Valens GroWorks Corp (CSE:VGW, OTC:MYMSF). Under the agreement, United Greeneries, Harvest One’s subsidiary, will ship bulk amounts of dried cannabis to Valens over the course of three years. Valens will then process the bulk quantities on a fee-for-service basis, developing bulk resin or other cannabis oil derivative products.
Valens will also conduct R&D initiatives with the goal of supporting the expansion of Harvest One’s product lines including health and wellness products, beverages, vape pens and nutraceuticals using cannabis oil derivative products.
In an interview with Proactive Investors, Will Stewart, Harvest One’s SVP of Corporate and Public Affairs, and Anderson Smith, Valens’ Director of Regulatory Affairs, spoke about the agreement.
Stewart spoke to his company’s vision that the future of cannabis lies in its derivative products. “We need a large amount of extracted taking those active ingredients out of the plants that we grow,” he said. “We like to work with some of the best companies across Canada and around the world and, of course, Valens fits that profile perfectly well. They will extract our product for us and we will be able to go out and make those products that consumers will eventually consume.”
“We like to work with the best in the industry and work with people that share our vision,” Smith echoed.
To watch the full interview, click here.