10:51:17 EDT Fri 29 Mar 2024
Enter Symbol
or Name
USA
CA



Valens Groworks Corp
Symbol VGW
Shares Issued 72,199,574
Close 2018-09-07 C$ 2.36
Market Cap C$ 170,390,995
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Valens to supply cannabis to Medigrowth Australia

2018-09-07 06:53 ET - News Release

Mr. Tyler Robson reports

VALENS SIGNS LETTER OF INTENT WITH MEDIGROWTH AUSTRALIA

Valens Groworks Corp. has signed a letter of intent with Medigrowth Australia Pty. Ltd. for:

  • The company to supply premium cannabis flower and oil product offerings to Medigrowth for sale and distribution in the Australian market;
  • The company to supply premium cannabis flower and oil product offerings to Medigrowth for research and development initiatives;
  • The company to provide cultivation, extraction and lab service expertise to Medigrowth to support research and development partnerships and collaborations with Australian universities, governments and other institutions.

The letter of intent provides for an initial three-year agreement term, allowing Medigrowth to capitalize on research and development opportunities with leading institutions utilizing Valens's products and industry expertise.

"Medigrowth's team is committed to investing in multidisciplinary research and development efforts with leading research institutions and governing bodies across Australia," said Tyler Robson, chief executive officer, Valens Groworks. "In signing this letter of intent with Medigrowth, Valens secures a three-year supply partnership in the Australian market while strategically aligning ourselves with a company that shares in our commitment to innovation and premium product offerings to enhance patient care."

"We are positioning Medigrowth for long-term involvement in the industry as global leaders, and as such we are excited to secure a partnership with Valens. Through this partnership we believe the collective can exceed the individual opportunity," said Adam Guskich, founder of Medigrowth Australia Pty. Ltd. "There are many advanced programs and initiatives available to Medigrowth, and with Valens's product offerings and industry expertise, we see an increased potential for institutional led involvement, including innovation in the manufacturing and lab testing arena."

About Valens Groworks Corp.

Valens Groworks is a vertically integrated provider of Canadian cannabis products developed from its proprietary extraction techniques, with three wholly owned subsidiaries located in and around Kelowna, B.C. Subsidiary Valens Agritech has initiated cannabis production, processing and sales under a Health Canada dealer's licence, which includes a supply agreement with Canopy Growth under its extensive CraftGrow distribution network. Subsidiary Supra THC Services 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 medicine analytics. 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.

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