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KELOWNA, BC, Nov. 5, 2018 /CNW/ – Valens GroWorks Corp. (CSE: VGW) (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 entered into a multi-year cannabis extraction services agreement (the “Agreement”) with GTEC Holdings (TSXV:GTEC) (OTC:GGTTF) (“GTEC”).
Under the Agreement, GTEC will ship bulk quantities of dried cannabis to Valens for an initial four-year term. The Company will receive and process the cannabis on a fee for service basis into crude, distillate or other cannabis oil derivatives as required by GTEC before bulk shipping the desired product back to GTEC for final processing and sale.
“We are excited to announce another material agreement to support a great Canadian and local Okanagan industry peer in bringing high quality, cannabis derivatives to the market. This Agreement shows the start of a shift where companies are beginning to understand the demand and supply shortage for oils and Valens’ strategic position in that shift. We have been working diligently to ramp up our processing capacity to support new agreements such as this,” says Tyler Robson, CEO of Valens.
“In mature cannabis markets, derivative products such as vape pens, edibles and infused beverages account for over half of all products sold at the consumer level. Over the coming years, we anticipate that the Canadian market will evolve to reflect a similar product mix”, said Norton Singhavon, Chairman & CEO of GTEC Holdings. “This partnership provides GTEC with the ability to utilize Valens’ IP, technology and expertise to immediately develop value added products. We are excited to commence this partnership, given our respective core competencies and the geographic proximity to our facilities, we view this as a well-suited and synergistic relationship”.
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