Investments in new facility to also significantly expand Valens' white label and private label product development capacity
KELOWNA, BC, June 18, 2019 /CNW/ - 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 it has substantially increased its annual extraction capacity to 425,000KG of dried cannabis and hemp biomass. As the largest third-party extraction company in Canada, Valens continues to experience significant demand for its services and are accelerating its growth to ensure the Company continues to meet the growing demand of its partners for both extraction and white label product development.
"We are excited to announce this significant advancement in our annual extraction capacity as we make room for more demand from our partners," said Tyler Robson, CEO of Valens GroWorks. "This increase in scale together with our unique and comprehensive offering of CO2, ethanol, hydrocarbon, solvent-less, and terpene extraction methodologies as well as our consumer product development and manufacturing capabilities position us to be the partner of choice for leading cannabis brands both in Canada and internationally."
Jeffrey Fallows, President of Valens GroWorks, commented, "Our highly-customized infrastructure leverages a variety of extraction technologies from around the world, placing us at the cutting edge of the industry and uniquely positioning us to provide next generation products to our partners."
Valens is also pleased to announce that construction has commenced on its recently acquired adjoining facility in Kelowna, British Columbia. This purpose-built facility will significantly increase the Company's footprint and is anticipated to be completed in H1 2020 bringing Valens' extraction capacity to over 1,000,000KG per annum. This new facility will also expand Valens' white label capacity including capsules, vaporizers, topicals, edibles and concentrates.
Mr. Robson commented, "We are ramping up our white label product development activities as edibles and concentrates are expected to hit shelves later this year. With over 100 years of combined extraction experience on our team, we have worked hard on our formulation portfolio which will be essential to the development of new innovative products coming this year, enabling our partners to differentiate their offerings. While we continue to operate as a best-in-class provider of crude oil, winterized oil, distillate, and isolate to the cannabis market, our new capacity will also allow us to expand our capabilities in product development and manufacturing to meet changing consumer market demands.
"As the cannabis market evolves, we expect to see the creation of entirely new categories of cannabis-based products driven by a greater understanding of the potential uses of cannabis. Already, we are seeing an expanded portfolio of cannabis-based products emerging in the consumer packaged goods (CPG) industry, ranging from beverages to cosmetics, skincare items, and beyond. Our modern extraction technology and unrivalled expertise uniquely positions us to capitalize on this opportunity. Our capacity increase will advance this strategy to expand into the CPG category," concluded Mr. Robson.
About Valens GroWorks
Valens GroWorks Corp. (CSE: VGW) (OTC: VGWCF) is a multi-licensed, vertically-integrated cannabis company focussed on being the partner of choice for leading Canadian and international cannabis brands by providing best-in-class, proprietary services including CO2, ethanol, hydrocarbon, solvent-less and terpene extraction, analytical testing, formulation and white label product development. Valens is the largest third-party extraction Company in Canada with an annual capacity of 425,000 kg of dried cannabis and hemp biomass at our purpose-built facility in Kelowna, British Columbia which is in the process of becoming European Union (EU) Good Manufacturing Practices (GMP) compliant. Additionally, our 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. For more information, please visit http://valensgroworks.com. The Company's investor deck can be found specifically at http://valensgroworks.com/investors/
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SOURCE Valens GroWorks Corp.