Valens Receives Amended License from Health Canada Permitting Sales Directly to Provinces and Territories & Provides Operational Update
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.
In the evolving rush of mergers and acquisitions (M&A) in the Canadian cannabis market, Canopy Growth (NASDAQ:CGC,TSX:WEED) announced it will acquire The Supreme Cannabis Company (TSX:FIRE,OTCQX:SPRWF) in a deal worth approximately C$435 million.
Meanwhile, a cannabis operator in the US confirmed this week that it will receive a financial boost from a partner to solidify its position in the burgeoning Pennsylvania state market.
The Board of Directors of Aphria Unanimously Recommends Shareholders Vote “For” the Arrangement
Aphria to Host Special Meeting of Shareholders on Wednesday, April 14, 2021 to Approve Proposed Aphria-Tilray Business Combination
Love Hemp Group PLC (AQSE: LIFE) (OTCQB: WRHLF), one of the UK’s leading CBD and Hemp product suppliers, announces that as part of the equity fundraise announced yesterday, Antony Calamita and Andrew Male, Directors of the Company, subscribed for 285,714 Ordinary Shares and 1,428,571 Ordinary Shares respectively. The subscriptions are at a price of 3.5 pence per ordinary share for a total of £60,000. Following these subscriptions, Antony Calamita is now interested in 54,385,714 Ordinary Shares, representing 8.61% of the Company’s share capital as increased by the fundraising, and Andrew Male is now interested in 6,138,196 Ordinary Shares, representing 0.97% of the Company’s issued share capital as increased by the fundraising
Further, the timetable for receipt of applications under the Broker Option, which was also announced yesterday, has been extended until 5:00 pm 9 April 2021 to capture additional interest which was unable to be completed yesterday.
Revive Therapeutics Ltd. (“Revive” or the “Company”) (CSE: RVV, USA: RVVTF), a specialty life sciences company focused on the research and development of therapeutics for medical needs and rare disorders, would like to provide the following dial-in information for the Company’s upcoming Annual and Special Meeting (the “Meeting”) scheduled to be held at 11:00 a.m. Eastern Daylight Time on April 12, 2021. Shareholders and proxyholders may access the Meeting via teleconference by dialing 647-723-3984 or 1-866-365-4406 from Canada or the United States, then entering participation code “8487744” followed by the pound (“#”) sign.
In consideration of the COVID-19 pandemic and the recent restrictions imposed by the Ontario Provincial Government, shareholders and proxyholders will only be able to attend the Meeting via teleconference and will not be permitted to attend the Meeting in person at the address provided on the Notice of Annual and Special Meeting of Shareholders.
Gage Cannabis Announces Exclusive Partnership With Blue River to Bring Award-Winning Cannabis Extracts to Michigan
Gage Growth Corp. (“Gage” or the “Company”) (CSE:GAGE), a leading high-quality craft cannabis brand and operator in Michigan, announced today that it has signed an agreement with Blue River™ Extracts & Terpenes (“Blue River™”) to bring the brand’s award-winning solventless technology and other trademark branded products to the state’s medical patients and cannabis consumers. The Company will have exclusive rights to Blue River™’s premium product offerings in Michigan.