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Cannabis Summary for June 19, 2019

2019-06-19 20:59 ET - Market Summary

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by Stockwatch Business Reporter

The Canadian Securities Exchange Composite Index rose 2.3 points to 674.38 Wednesday. Kelowna-based Valens Groworks Corp. (VGW) jumped 31 cents to $4.18 on 1.84 million shares. After the market closed yesterday, the company announced that it had increased its annual cannabis extraction capacity through its Kelowna facility to 425,000 kilograms of dried cannabis and hemp biomass, up from 240,000 kilograms. The new extraction capacity, 425,000 kg, is the highest of any cannabis extraction company in Canada. Not missing a chance to boast about its plans, in the same news release, it announced that it has started construction on an adjoining facility in Kelowna, B.C., that it says will bring its extraction capacity to over one million kilograms. Valens expects to complete the facility in the first half of 2020. Valens is attempting to make its Kelowna facility European Union good manufacturing practices (EU GMP) compliant. Only product from EU GMP-certified facilities can be sold in the European Union.

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