KELOWNA, BC, Oct. 15, 2018 /PRNewswire/ - Valens GroWorks Corp. (CSE: VGW) (the "Company" or "Valens"), a multi-licensed, vertically integrated provider of cannabis products and services utilizing proprietary extraction processes is pleased to announce that Health Canada has granted the Company their license to cultivate and produce oil under the Access to Cannabis for Medical Purposes Regulations (the "ACMPR"). The receipt of this license marks the third cannabis license granted to the Company by Health Canada.
The Company received the license to cultivate and produce oil as a Licensed Producer ("LP") under the ACMPR through it's wholly-owned subsidiary, Valens Agritech Ltd. ("VAL"). The Company's 25,000 square foot facility in Kelowna BC, built specifically for extraction, is now licensed under both the Narcotics Control Regulations ("NCR") and the ACMPR, allowing the Company to transition into Canada's emerging adult use market with a regulatory advantage.
"With the two regulatory bodies merging on October 17th, the receipt of our LP license is a step we deemed necessary to ensure the Company has every opportunity to capitalize on the adult-use, medical and retail cannabis space, both domestically and internationally. Our license to cultivate and produce oil under the ACMPR brings us one step closer to being able to offer Valens-branded products directly to consumers here in Canada. We are excited to finally share this milestone which plays vitally into our business development plans." says Valens GroWorks Corp. CEO, Tyler Robson.
The Company's latest efforts have focused on expansion opportunities into international markets and working on obtaining EU GMP certification. The receipt of the LP license under the ACMPR, combined with the closing of the $27.3 million bought deal financing and the Company's recent procurement of the exclusive Canadian rights to the production and distribution of Tarukino Holdings Inc.'s proprietary emulsion technology SōRSE™, demonstrates Valens' ability to strategically position itself to capitalize on every market available, both globally and domestically.
About Valens GroWorks
Valens GroWorks Corp. is a vertically integrated provider of Canadian cannabis products developed from our proprietary extraction techniques, with three wholly-owned subsidiaries located in and around Kelowna, BC. Subsidiary Valens Agritech has initiated cannabis production, processing and sales under a Health Canada Dealer's Licence, which includes a supply agreement with Canopy Growth Corporation under their extensive CraftGrow distribution network. Subsidiary Supra THC Services 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 Medicine Analytics. 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 about Valens and SōRSE™ Technology, please visit http://valensgroworks.com. The Company's investor deck can be found specifically at http://valensgroworks.com/investors/.
Notice regarding Forward Looking Statements
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SOURCE Valens GroWorks Corp.