Valens GroWorks Corp. (CSE:VGW)(CSE:VGW.CN) (with its 100%-owned subsidiaries, the “Company” or “Valens“) has elected to terminate discussions for the proposed acquisition of late-stage cannabis production license (“LP“) applicant Royal Green Acres Manufacturing Ltd. (“RGAM“), and has released RGAM from the restrictions and obligations of the exclusivity period.
The Company is expediting the acquisition of its own Licences to Produce (“LP“) and Licences to Sell (“LS“) under the revised Access to Cannabis for Medical Purposes Regulations (“ACMPR“) process, as a follow up to its recently awarded Controlled Drugs and Substances Dealer’s Licence (“DL“).
The Company’s decision follows Health Canada’s May 26, 2017 press release introducing several improvements to its medical cannabis program, expected to have direct application to the Company’s expansion plans. Health Canada states that effective immediately the application process for becoming a licensed producer of cannabis for medical purposes is as follows:
- Intake and Initial Screening
- Detailed Review and Initiation of Security Clearance Process
- Issuance of Licence to Produce (“LP”)
- Introductory Inspection (as cultivation begins)
- Pre-Sales Inspection
- Issuance of Licence to Sell (“LS”)
These improvements streamline the application process for issuing LPs, with some stages of the application reviews taken concurrently, permitting licensed producers to manage production on the basis of their vault capacity, authorizing longer validity periods for licences and security clearances, and streamlining the review and approval of applications to modify or expand an existing production facility for licensed producers with a record of good compliance.
Health Canada’s expedited process may allow the near-term issuance of an LP to the Company, and expedite the process to acquire an LS concurrent to our DL cultivation activities. This process would recognize the extensive multi-year process completed for our DL that included many of the same LP stages now expedited, including application, facility design and construction, and security clearance of key personnel.
About Valens GroWorks Corp.
Valens GroWorks Corp is a CSE-listed company with an aggressive acquisition strategy in progress, providing management, consulting, testing and support services to domestic and international licensees, as well as financing the buildout of established, fully-licensed operations. The Company seeks to capture a broad spectrum of clinical trial and R&D clients, medical marijuana users, as well as recreational users once legalized, in pursuit of its ambitious seed to sale and farm to pharma objectives.
The Company has two wholly-owned subsidiaries based in the Okanagan Valley of British Columbia: 1) Valens Agritech Ltd. (“VAL“) which holds a Controlled Drugs and Substances Dealers Licence at its state-of-the-art Health Canada inspected and approved two-acre secured site and 17,000 sf production facility in Kelowna, British Columbia, and is seeking to add a Licence to Produce and Licence to Sell to its operations, and 2) Supra THC Services Inc. (“Supra“), a Health Canada Dealers-Licenced cannabis testing lab with an established scientific team supporting its operations, positioning to provide sector-leading analytical and proprietary services to Licensed Producers and ACMPR patients.
On behalf of the Board of Directors,
VALENS GROWORKS CORP.
Robert van Santen, Chief Financial Officer
Notice regarding Forward Looking Statements
This news release contains forward-looking statements. Often, but not always, forward-looking statements can be identified by the use of words such as “plans”, “expects” or “does not expect”, “is expected”, “estimates”, “intends”, “anticipates” or is “anticipating”, or “believes”, or variations of such words and phrases or state that certain actions, events or results “may”, “could”, “would”, “might” or “will” be taken, occur or be achieved. Forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company or its subsidiaries to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Examples of such statements include statements regarding the use of proceeds from a proposed funding. Such forward-looking statements are based on a number of assumptions which may prove to be incorrect, including, but not limited to: the ability to obtain any necessary financing; the economy generally; competition; regulation and anticipated and unanticipated costs and delays. The forward-looking statements included in this news release are made as of the date of this news release and the Company does not undertake an obligation to publicly update such forward-looking statements to reflect new information, subsequent events or otherwise unless required by applicable securities legislation. Neither the Canadian Securities Exchange nor its Regulation Services Provider (as that term is defined in the policies of the Canadian Securities Exchange) accepts responsibility for the adequacy or accuracy of this release. We seek safe harbor.
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