SMITHS FALLS, ON &
VANCOUVER, BC, Oct. 5, 2017 /CNW/ - Valens GroWorks Corp.
(CSE: VGW) ("Valens GroWorks", or the "Company") is pleased to
announce that its wholly owned subsidiary Valens Agritech Ltd.
("Valens"), a Health Canada Licensed Dealer, has signed a
supply and sales agreement with Canopy Growth Corporation (TSX:
WEED) ("Canopy Growth") for the distribution, marketing and
sale of the Company's branded products through Canopy Growth's
extensive CraftGrow distribution network, including
Tweedmainstreet.com, to take effect upon Valens securing a Health
Canada licence under the Access to Cannabis for Medical Purposes
Regulations ("ACMPR"). The deal secures a diverse supply
of curated products for Canopy Growth and a reliable sales
channel and stream of revenue for Valens.
"This supply and sales agreement with Canopy Growth, a world
leader in the cannabis space, is a significant milestone ensuring
Valens will have a secure revenue stream from our production while
building brand recognition through a substantial distribution
pipeline, after becoming a Licensed Producer under the Access to
Cannabis for Medical Purposes Regulations." Said Tyler Robson, CEO of Valens GroWorks. "This is
the beginning of a long-term partnership through which we will be
able to commercialize our unique product strains and innovative
technologies for mutual benefit. By joining CraftGrow, we also have
the opportunity to work with Canopy Growth's expert team to share
know-how, technology, and best growing practices to maximize yield
and ensure the highest quality products."
Canopy Growth is Canada's
preeminent cannabis company with international reach and a
reputation for partnering with some of the biggest names in the
cannabis industry. Valens joins a select group of companies in the
CraftGrow program.
"We welcome Valens to the Canopy Growth family and look forward
to collaborating with their team to provide a steady and
high-quality source of cannabis products to increase product
variety for our customers," said Mark
Zekulin, President, Canopy Growth. "CraftGrow aims to build
an ecosystem of fantastic options for patients and we look forward
to including the Valens offering into our shop and onto store
shelves as we continue our work through provincial jurisdictions to
establish a national presence for our brands and our partners."
The CraftGrow program also provides Valens direct access to
Canopy Growth's extensive operational, distribution, marketing and
sales infrastructure through the Tweed Main Street online
marketplace where a new order is placed on average every ninety
seconds. Its sector-leading fulfillment centre then ships these
orders to customers all across the country.
"Securing a long-term supply agreement with the industry leader
will provide a stream of revenue to fuel the Company's expansion
while focusing on our core competencies, production and innovation.
Working together with Canopy Growth's marketing and logistics teams
will also help us introduce our unique products to the largest
group of cannabis patients in the country," said Saul Katz, President and Executive Chairman of
Valens GroWorks, "This deal will also enable the Valens brand to
achieve broad consumer exposure and immediate sales volume with a
much-reduced marketing and logistic spend.
The agreement calls for CraftGrow to purchase up to 100% of
Valens' harvests as specific whole-flower strains or as premium oil
products. It also provides Valens the opportunity to build and
service its own customer base including medical cannabis patients
and for exportation to international markets in the future.
"It is a great honour and opportunity to join Canopy Growth's
CraftGrow distribution network," continued Mr. Robson, "We are on
track to realizing our objective of becoming a leading purveyor of
products and technologies in the cannabis sector worldwide.
Coupling Canopy Growth's marketing and distribution expertise with
our product innovation and quality control capabilities creates a
"dream team" scenario."
Here's to Future (Craft Grow) Growth.
About Tweed
Tweed is a globally recognized marijuana production brand. It has
built a large and loyal following by focusing on quality products
and meaningful customer relationships. Tweed doesn't just sell
marijuana, it facilitates a conversation about a product we've all
heard about but haven't met intimately yet. It is approachable and
friendly, yet reliable and trusted. As marijuana laws liberalize
around the world, Tweed will expand its leading Canadian position
around the globe. Learn more at www.tweed.com.
About Canopy Growth Corporation
Canopy Growth is a world-leading diversified cannabis company,
offering distinct brands and curated cannabis varieties in dried,
oil and capsule forms. Through its wholly‑owned subsidiaries,
Canopy Growth operates numerous state-of-the-art production
facilities with over half a million square feet of GMP-certified
indoor and greenhouse production capacity, all to an unparalleled
level of quality assurance procedures and testing. Canopy
Growth has established partnerships with leading sector names
in Canada and abroad, with interests and operations
spanning four continents. The Company is proudly dedicated to
educating healthcare practitioners, providing consistent access to
high quality cannabis products, conducting robust clinical
research, and furthering the public's understanding of cannabis.
For more information visit www.canopygrowth.com.
About Valens GroWorks Corp.
Valens GroWorks Corp. is a
CSE-listed biotechnology company with an aggressive buildout
strategy in progress. The Company seeks to capture a broad spectrum
of medical cannabis users, and adult recreational users once
legalized, as well as clinical trial and R&D clients, in
pursuit of its ambitious seed-to-sale and farm-to-pharma
objectives. The Company provides management, consulting, testing
and support services to domestic and international licensees, as
well as financial support to fully-licensed third-party
operations.
The Company operates through two wholly-owned subsidiaries based
in the Okanagan Valley of British
Columbia: Valens Agritech Ltd. ("VAL") holds a Health
Canada Dealer's License and is commencing cannabis production and
further expansion, and Supra THC Services Inc. ("Supra"), a
Health Canada licensed cannabis testing lab providing
sector-leading analytical and proprietary services to Licensed
Producers and ACMPR patients.
Both subsidiaries are involved in a collaborative research
partnership with BC-based universities UBC Okanagan and Thompson
Rivers to explore the vast range of bioproducts that can be made
from cannabis plant materials. Supra, in collaboration with Thermo
Fisher Scientific (Mississauga)
Inc., is developing a "Centre of Excellence in Plant Based
Medicine Analytics" at the Company's 17,000 square foot
facility located on two acres in Kelowna. For more information, please visit
http://valensgroworks.com, http://www.valensagritech.com and
http://www.suprathc.ca.
Notice Regarding Forward Looking Statements
This news release contains forward-looking statements. Often, but
not always, forward-looking statements can be identified by the use
of words such as "plans", "expects" or "does not expect", "is
expected", "estimates", "intends", "anticipates" or "does not
anticipate", or "believes", or variations of such words and phrases
or state that certain actions, events or results "may", "could",
"would", "might" or "will" be taken, occur or be achieved.
Forward-looking statements involve known and unknown risks,
uncertainties and other factors which may cause the actual results,
performance or achievements of Canopy Growth Corporation, Tweed
Inc., Tweed Farms Inc. or Bedrocan Canada Inc. to be materially
different from any future results, performance or achievements
expressed or implied by the forward-looking statements. Examples of
such statements include future operational and production capacity,
the impact of enhanced infrastructure and production capabilities,
and forecasted available product selection. The
forward-looking statements included in this news release are made
as of the date of this news release and Canopy Growth Corp. does
not undertake an obligation to publicly update such forward-looking
statements to reflect new information, subsequent events or
otherwise unless required by applicable securities legislation.
Neither the TSX Exchange nor its Regulation Services Provider
(as that term is defined in policies of the TSX Exchange) accepts
responsibility for the adequacy or accuracy of this release.
SOURCE Canopy Growth Corporation