Valens GroWorks Corp (CSE:VGW) (OTCMKTS:VGWCF) hit yet another milestone Tuesday after it announced it has entered into a multi-year extraction service agreement with Tilray Canada Ltd. (NASDAQ:TLRY) for cannabis and hemp extraction services. The agreement is renewable annually after the initial two-year term.
"Partnering with Tilray to support their existing and emergent product offerings marks another milestone for Valens," said Tyler Robson, CEO of Valens Groworks in a release. "We take pride in our proprietary extraction processes and are honoured our best in class extraction capabilities have been recognized by Tilray, a pioneer in the global cannabis market, which we believe is a testament to the quality and reliability of our services."
Based in Kelowna, British Columbia, Valens is a cannabis company that focuses on extraction, distillation and cannabinoid purification as well as quality testing.
Under the deal’s terms, Valens will extract a minimum annual quantity of 15,000 kg of dried cannabis and hemp.
Valens will receive and process the cannabis and hemp on a fee-for-service basis into crude, distillate or other cannabis oil derivatives as required by Tilray before bulk shipping the desired product back to Tilray for final processing and sale.
Through its three wholly-owned subsidiaries, Valens Agritech, Valens Farms and Valens Labs Ltd, the company is involved in customized cannabis extraction, cultivation, and testing and is currently capable of processing 240,000 kg of cannabis per year.
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