Valens Groworks Corp (OTCMKTS:MYMSF) has entered into a pact with Canopy Growth Corp to share its technology and methodologies. As per the terms of the accord, Canopy will make use of the methods and proprietary technology of Valens to produce high-grade cannabis using the whole flower. Valens will receive the first shipment of the entire flower for extraction in December 2018.
Valens receives standard cultivation and processing License
Valens received the license for standard cultivation and processing under Cannabis Act. The company will introduce its branded products for the recreational and medical markets through the sales network of Canopy before the end of March 2019. Valens will utilize the CraftGrow program of Canopy to supply good quality cannabis products to the customers.
Chief Executive Officer of Valens, Tyler Robson said the company is pleased to offer support to Canopy to produce innovative products with the help of its specialized extraction services. It is also banking on the CraftGrow partnership with Canopy to launch Valens branded products in 2019. Valens is playing a vital role in cannabis oils and intends to extend the processes to edibles in the future in supporting the cannabis market.
Co-CEO and President of Canopy, Mark Zekulin said the alliance with Valens helps the company to develop and offer good quality oils for use in Softgels and support innovations. The company is pleased with the availability of good quality cannabis products to recreational customers and patients.
Valens is capable of processing over 78,000 kgs of cannabis in a year through its subsidiaries including Supra THC Services, Valens Farms, and Valens Agritech. It is a big boost for the Canopy to capitalize on the demand for cannabis.
The multi-year accords with Tarukino Holdings allow Valens to expand into edibles, cannabis-infused drinks, and topical markets. Valens mobilized funds of $27.3 million through bought deal prospectus offering. The company intends to use the proceeds to enhance extraction capacity at its Kelowna facility. Improvement in extraction capability allows Valens to enhance its geographic and domestic presence.
Valens signed a supply accord with Medigrowth Australia to provide cannabis products. The LOI is valid for three years. The deal allows Medigrowth to become a global leader.