Uncategorized
Share this news article...
Share on LinkedIn
Linkedin
Share on Facebook
Facebook
Tweet about this on Twitter
Twitter
Share on Google+
Google+
Email this to someone
email

Valens Signs Multi-Year Cannabis Extraction Agreement with GTEC Holdings

 

 

 

 

 

Valens GroWorks Corp. (CSE: VGW) 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  with GTEC Holdings (TSXV:GTEC) (OTC:GGTTF).

 

 

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”.

 

 

About GTEC

 

 

GTEC was founded in 2017 to capitalize on opportunities in the nascent and rapidly growing legal cannabis industry. GTEC is a public corporation listed on the TSX Venture Exchange and based in Kelowna, British Columbia. GTEC is focused on growing premium quality craft cannabis in purpose-built indoor facilities. GTEC currently holds a 100% interest in GreenTec Bio-Pharmaceuticals Corp., Alberta Craft Cannabis Inc. Grey Bruce Farms Inc., Tumbleweed Farms Corp., Zenalytic Laboratories Ltd., and Spectre Labs Inc.

 

 

To view more about the company or to request our most recent corporate presentation, please visit our website at www.gtec.co.

 

 

About Valens GroWorks

 

 

Valens GroWorks Corp. is a research-driven, vertically integrated provider of Canadian cannabis company focused on downstream secondary extraction methodology, distillation and cannabinoid isolation and purification, as well as associated quality testing with three wholly-owned subsidiaries located in and around Kelowna, BC. Subsidiary Valens Agritech holds a license to cultivate cannabis and produce cannabis oil under the Cannabis Act, as well as a license to conduct analytical testing for the cannabis industry. VAL also has a supply agreement with Canopy Growth Corporation under their extensive CraftGrow distribution network. Subsidiary Valens Labs 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 Science. 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.

 

Posted November 6, 2018

Share this news article...
Share on LinkedIn
Linkedin
Share on Facebook
Facebook
Tweet about this on Twitter
Twitter
Share on Google+
Google+
Email this to someone
email

MORE or "UNCATEGORIZED"


Shopbrain Launches AI-Powered Shopping Assistant in the U.S. & Canada Ahead of Holiday Season

Shopbrain today announces the launch of its latest product –... READ MORE

November 14, 2018

Mobeewave Closes US$16.5M Series B Round led by NewAlpha, Mastercard and Forestay Capital

Mobeewave, pioneers in in-person contactless payment acceptance, ... READ MORE

November 14, 2018

Muskoka Grown Secures $10,000,000 in Financing, Accelerating Expansion Plans

Muskoka Grown Limited, a small-batch premium craft cannabis produ... READ MORE

November 14, 2018

Seraphim Solar Secures 80 MW Supply Agreement in Vietnam

Jiangsu Seraphim Solar System Co., Ltd. recently signed new landm... READ MORE

November 13, 2018

FSD Pharma Receives License to Sell to Other Licensed Producers and Expands Growth Production Footprint

FSD Pharma Inc. (CSE: HUGE) (OTCQB: FSDDF) (FRA: 0K9) announced t... READ MORE

November 13, 2018

Copyright 2018 The Venture Report