Valens GroWorks Corp. (CSE: VGW, OTC: VGWCF) (the “Company” or “Valens“), a multi-licensed, vertically integrated provider of cannabis products and services focused on various proprietary extraction methodologies, distillation, cannabinoid isolation and purification, as well as associated quality testing is pleased to announce that it has expanded the volume of extraction services and has added an option to provide contract manufacturing services to the arm’s length, binding multi-year agreement (the “Agreement”) previously announced February 26, 2019 with Tilray Inc. (“Tilray”) (NASDAQ: TLRY), a global leader in cannabis research, cultivation, production and distribution.
Under the initial two-year term of the expanded Agreement, Valens will extract on a fee for service basis a minimum annual quantity of 60,000kg of dried cannabis and hemp biomass, up 300% from the 15,000kg annual commitment outlined in the original agreement. In addition, the Company may provide contract manufacturing services for tincture bottles and gel caps, with the option to offer contract manufacturing services for other product formats such as vaporizer cartridges and topicals as Health Canada regulations allow.
“This significant expansion of extraction services requested by Tilray is a true demonstration of the industry leading service being provided to our partners,” says Tyler Robson, CEO of Valens GroWorks Corp. “We are honoured to be recognized by Tilray not only as a leader in the extraction space, but also for our ability to create value through our innovative product development and contract manufacturing services. We anticipate these services will become a significant component of our business as we continue to grow along side our customers.”
SOURCE Valens GroWorks Corp.