Canadian Cannabis Stock News: Valens GroWorks
(CSE: $VGW) Acquires Licensed Cannabis Testing Lab
VANCOUVER, BRITISH COLUMBIA - April 7, 2017 (Investorideas.com
Newswire) Valens GroWorks Corp. (CSE:VGW)(CSE:VGW.CN) (the "Company"
or "Valens") is pleased to announce completion of the acquisition of
Supra THC Services Inc. ("SUPRA"), a Health Canada-licensed cannabis
testing lab with an established Kelowna-based scientific team supporting its
operations.
Valens acquired all of the issued and outstanding shares of
SUPRA for $3.75 million, satisfied through the issuance of three million shares
of Valens. The total share consideration is subject to a regulatory four month
hold period as well as a 36-month escrow agreement.
SUPRA holds a Health Canada Dealer's License which allows for
the possession of cannabis and related active ingredients, as well as the production
of extracts for the purpose of analysis.
SUPRA's mission is to become a leading Analytical Service
Provider to the cannabis industry. Revenue-generating activities are expected
to include analytical services, consulting services, and contract Research and
Development. The company will also produce oils and ointments using a
proprietary solvent-free extraction approach that produces an organic 100%
cannabis oil product.
SUPRA is led by Dr. Rob O'Brien, who also recently joined Valens
Agritech Ltd. ("VAL"), the Company's wholly-owned subsidiary, as its
President and Chief Science Officer (CSO). Dr. O'Brien is an expert in
analytical instrumentation, has established a number of advanced analytical
laboratories, and founded Supra Research and Development, the first spin-off
company from the University of British Columbia's Okanagan campus, created to
commercialize innovative biomass extraction technology.
Dr. O'Brien stated, "Having both Valens Agritech and Supra
THC Services as wholly-owned subsidiaries of Valens GroWorks provides us with a
gateway to the capital markets and the necessary currency to execute on our
strategic vision. Our immediate objective is to secure the infrastructure
necessary to become a leading-edge cannabis-based enterprise in one of the
fastest growing sectors of the global economy."
About
Valens GroWorks Corp.
Valens GroWorks Corp is a CSE-listed company with an aggressive
acquisition strategy in progress, providing management, consulting, testing and
support services to domestic and international licensees, as well as financing
the buildout of established, licensed operations in Arizona. The Company seeks
to capture a broad spectrum of medical marijuana users, as well as recreational
users once legalized, in pursuit of its ambitious Plants to Premium Products
"P2P" objectives.
The Company's wholly-owned subsidiary, Valens Agritech Ltd., is
a post-inspection applicant anticipating receipt of a Controlled Drugs and
Substances Dealer's Licence for the cultivation and processing of marijuana.
Based in the Okanagan Valley of British Columbia, VAL anticipates participation
in selective clinical trial programs researching the efficacy of medical
cannabis.
The Company is engaged under a letter of intent to acquire 100%
of Royal Green Acres Manufacturing Ltd., a final review-stage applicant for a
License to Produce ("LP") under Health Canada's Access to Cannabis
for Medical Purposes Regulations (ACMPR). The proposed buildout to be funded is
a 50,000-sf, indoor, state-of-the-art, medicinal cannabis production and
processing facility located on 5 acres just outside Nanaimo, British Columbia.
On behalf of the Board of Directors,
VALENS GROWORKS CORP.
Robert van Santen, Chief Executive Officer
Notice regarding Forward Looking Statements
This news release contains certain "forward-looking
statements" within the meaning of such statements under applicable
securities law. Forward-looking statements are frequently characterized by
words such as "plan", "continue", "expect",
"project", "intend", "believe",
"anticipate", "estimate", "may",
"will", "potential", "proposed" and other similar
words, or statements that certain events or conditions "may" or
"will" occur. These statements are only predictions. Various
assumptions were used in drawing the conclusions or making the projections
contained in the forward-looking statements throughout this news release.
Forward-looking statements are based on the opinions and estimates of
management at the date the statements are made, and are subject to a variety of
risks and uncertainties and other factors that could cause actual events or
results to differ materially from those projected in the forward-looking
statements. The Corporation is under no obligation, and expressly disclaims any
intention or obligation, to update or revise any forward-looking statements,
whether as a result of new information, future events or otherwise, except as
expressly required by applicable law.
The CSE or other regulatory authority has not reviewed, approved
or disapproved the contents of this press release. We seek Safe Harbour.Contact
Information
Valens GroWorks Corp.
Greg Patchell
+1.250.860.8634
Greg Patchell
+1.250.860.8634
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