VANCOUVER, BRITISH COLUMBIA--(Marketwired - May 18, 2017) - Valens GroWorks Corp. (CSE:VGW)(CSE:VGW.CN)(CNSX:VGW) (the "Company" or "Valens") is pleased to announce Valens Agritech Ltd. ("VAL"), a wholly owned subsidiary of the Company, has received a Dealer's Licence pursuant to the provisions of the Controlled Drugs and Substances Act and its Regulations and will now begin operations. The issuance of the licence follows an extensive multi-year process that included application, design, construction and security clearance of key personnel.
Licensed activities will occur in VAL's 17,000 square foot production facility located on two acres in Kelowna, British Columbia. VAL will be able to conduct research and possess, produce and package cannabis and cannabis derivatives. It can also undertake research and begin development of products for future market opportunities.
"Pursuing and achieving this Dealers Licence reinforces our strong commitment to the science and opportunities presented by this amazing plant," said Tyler Robson, CEO of Valens GroWorks. Dr. Rob O'Brien, President and Chief Science Officer of Valens Agritech added "This is a critical milestone for Valens as it enables us to optimize our process for growing the highest quality cannabis plant material and converting this to oils and other derivatives."
About Valens GroWorks Corp.
Valens GroWorks Corp is a CSE-listed company with an aggressive acquisition strategy in progress, financing the proposed buildout of late-stage LP applicant Royal Green Acres Manufacturing, the expansion of a third party's fully licensed operations in Arizona, as well as providing management, consulting, testing and support services to domestic and international licensees.
The Company has two wholly-owned subsidiaries based in the Okanagan Valley of British Columbia: 1) Valens Agritech Ltd. ("VAL") which now holds a Controlled Drugs and Substances Dealers Licence, and 2) Supra THC Services Inc. ("Supra"), a Health Canada Dealers-Licensed cannabis testing lab with an established scientific team supporting its operations, positioning to provide sector-leading analytical and proprietary services to Licensed Producers and ACMPR patients.
On behalf of the Board of Directors,
VALENS GROWORKS CORP.
Robert van Santen, Chief Financial Officer
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 is "anticipating", 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 the Company or its subsidiaries to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Examples of such statements include statements regarding the use of proceeds from a proposed funding. Such forward-looking statements are based on a number of assumptions which may prove to be incorrect, including, but not limited to: the ability to obtain any necessary financing; the economy generally; competition; regulation and anticipated and unanticipated costs and delays. The forward-looking statements included in this news release are made as of the date of this news release and the Company 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 Canadian Securities Exchange nor its Regulation Services Provider (as that term is defined in the policies of the Canadian Securities Exchange) accepts responsibility for the adequacy or accuracy of this release. We seek safe harbor.
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