logo-loader
viewThe Valens Company

Valens GroWorks receives third cannabis licence from Health Canada

The move marks the third cannabis licence, which has been granted to the company by Health Canada

1539606576_cannabis-extract.jpg
Valens Groworks unveiled another Health Canada milestone today

Valens GroWorks Corp (CSE:VGW) said it had been granted an all-important ACMPR licence from Health Canada for its cannabis oil ahead of the opening up of the adult use market in the country.

The firm received the licence to grow and produce the oil as a licensed producer (LP) under the ACMPR (access to cannabis for medical purposes regulations) through its wholly-owned subsidiary Valens Agritech Ltd (VAL).

READ: Valens GroWorks closes $27.3 million financing deal; plans to boost extraction capacity at its Kelowna facility

It marks the third cannabis licence, which has been granted to the company by Health Canada.

"With the two regulatory bodies merging on Oct. 17, the receipt of our LP licence is a step we deemed necessary to ensure the company has every opportunity to capitalize on the adult-use, medical and retail cannabis space, both domestically and internationally.

"Our licence to cultivate and produce oil under the ACMPR brings us one step closer to being able to offer Valens-branded products directly to consumers here in Canada.

"We are excited to finally share this milestone which plays vitally into our business development plans," said Valens Groworks chief executive Tyler Robson.

It means Valens' 25,000-square-foot facility in Kelowna, British Columbia, which was built specifically for extraction, is now licensed under both the Narcotics Control Regulations (NCR) and the ACMPR.

Valens' focus currently is on expansion opportunities into international markets and working on obtaining EU GMP certification.

"The receipt of the LP licence under the ACMPR, combined with the closing of the $27.3-million bought deal financing and the company's recent procurement of the exclusive Canadian rights to the production and distribution of Tarukino Holdings Inc.'s proprietary emulsion technology SoRSE, demonstrates the company's ability to strategically position itself to capitalize on every market available, both globally and domestically," it told investors in the regulatory release.

Shares added nearly 11% in Toronto to $1.94.

Reporting by Giles Gwinnett

Contact at [email protected]

Quick facts: The Valens Company

Price: 3.14 CAD

TSX-V:VLNS
Market: TSX-V
Market Cap: $394.08 m
Follow

Add related topics to MyProactive

Create your account: sign up and get ahead on news and events

NO INVESTMENT ADVICE

The Company is a publisher. You understand and agree that no content published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is...

In exchange for publishing services rendered by the Company on behalf of The Valens Company named herein, including the promotion by the Company of The Valens Company in any Content on the Site, the Company receives...

FOR OUR FULL DISCLAIMER CLICK HERE

Watch

Buds & Duds: Cannabis stocks finish week in the red; Canaccord initiates...

The North American Marijuana Index, which tracks the top cannabis stocks in the US and Canada, was down 2.6% higher at 117.4 points. Elsewhere, the OTCQX Cannabis index fell 1.8% to 480.1 points. Buds today were Pharmacielo Ltd (CVE:PCLO), The Valens Company (CVE:VLNS) (OTCMKTS:VLNCF)....

on 01/24/2020

2 min read