Valens GroWorks Corporation (CSE:VGW) (OTCMKTS:VGWCF) unveiled news on Monday that it has earned organic oil certification for cannabis oil production.
The news means Valens can produce certified organic cannabis oil from hemp and cannabis biomass that is organically cultivated and certified.
The company is the first third-party cannabis extraction company in Canada to receive organic certification for cannabis oil production from Pro-Cert Organic Systems Ltd for its proprietary CO2 and ethanol extraction processing methods, in accordance with the Canadian Organic Standards, which are a detailed set of standards used in the organic certification process.
"We expect to see increased demand for organic cannabis and hemp products in the future," says Tyler Robson, CEO of Valens GroWorks. "With certified organic processes in place, Valens is now in a position to work with these cultivators to bring certified organic cannabis oil-based products to market, an achievement which demonstrates our commitment to supporting our current and future clients' needs."
The company announced that it will immediately begin offering certified organic cannabis oil processing to The Green Organic Dutchman Holdings Ltd. (TSE:TGOD) from their certified organic cannabis and hemp under the multi-year extraction agreement between the two companies, announced March 11, 2019.
Canada’s Organic Standards are recognized as equivalent to the standards created by the EU and the US.
Busy week for Valens
Last week, Valens reported that it has announced it signed a multi-year extraction services agreement to provide cannabis and hemp extraction services to HEXO Corp. (TSE:HEXO) (NYSEAMERICAN:HEXO), a leading cannabis producer and consumer goods cannabis company.
The firm also released strong 1Q financial results last week, as it continued to ramp up its commercial production, generating revenues of C$2.2 million.
Kelowna-based Valens is a multi-licensed provider of cannabis products and its services are focused on various proprietary extraction methodologies, distillation, cannabinoid isolation and purification, as well as associated quality testing. Valens has extraction processing and supply agreements with a number of leading producers across Canada.
Shares of Valens were up 1.3% at C$4.66 in Toronto, up 1% at US$3.45 in New York on Monday.
Contact Katie Lewis at [email protected]