Valens Groworks Corp (OTCMKTS:VGWCF) has signed a multi-year binding agreement with Tilray Inc (NASDAQ:TLRY) to expand work and offer contract manufacturing services. As per the terms of the expanded agreement, Valens will extract a minimum 60,000 Kgs of hemp biomass and dried cannabis per annum on a fee basis. It is an increase of 300% from the previous extraction of 15,000 Kg per annum.
Contract manufacturing services
Valens will also offer contract manufacturing services to Tilray under this expanded accord. The company will offer contract manufacturing services for gel caps, and tincture bottles. It will also provide optional contract manufacturing services for topicals and vaporizer cartridges. The deal is subject to the approval of Health Canada.
Chief Executive Officer of Valens, Tyler Robson said this is a true recognition of its extraction services by Tilray. The company is honored to be a leader in providing extraction services. Tilray also recognized the ability of Valens to add a value in contract manufacturing services and product development services. Valens expects that these services would become a key component in the business as it grows together with its clients.
Receives conditional approval to list shares
Valens has received a conditional approval on June 14, 2019 to list its warrants and common shares on the TSX Venture Exchange. It is subject to fulfilling of certain requirements set by the exchange. Valens is putting in efforts to comply with the terms and conditions of TSX and confident to get final approval to trade under the symbol ‘VGW’ in the coming weeks.
Valens will publish the Q2 2019 results on July 15, 2019 after the market hours. Tyler said the company is pleased with the conditional approval from TSX and offers many advantages for the shareholders and Valens. The international and Canadian investors will get improved market access and greater visibility.
Valens is proud to get certified for cannabis oil production. It allows the company to manufacture organic oil from cannabis and hemp biomass for the partners. The company seeks the expertise of David Bernard Perron in cultivating certified and high quality organic flower. David is a holder of Masters Degree in Plant Sciences.