Valens GroWorks Corp (CSE:VGW) (OTCMKTS:VGWCF) announced Wednesday that it has significantly boosted its annual extraction capacity to 240,000 kilograms of dried cannabis input in order to prepare for customer demand for extraction services.
With the expansion, Valens nabs the spot as the largest third-party extraction company in Canada.
"We are building a footprint to not only meet the needs of our Canadian customers but meet the needs of the global cannabis marketplace," said Tyler Robson, chief executive officer of Valens Groworks. "With edibles and concentrates becoming available later this year in Canada, we must be ready for a shift in consumer demand and in turn be flexible and scalable in our offerings for our clients to meet that demand."
Valens offers customers a range of extraction services, including crude oil, winterized oil, distillate and isolate, to meet their end product needs.
"We have also expanded our product offerings to formulate and customize our clients' products with regards to vape pens, edibles and concentrates, cannabis-infused beverages, tinctures, and capsules as they become available," added Robson. "The future of cannabis in Canada is coming and we are going to be at the forefront."
Shares of Valens spiked on Wednesday, up 6.3% at C$2.88 in Toronto.