SMITHS FALLS, ON, Dec. 13, 2018 /CNW/ - Canopy Growth
Corporation (TSX: WEED) (NYSE: CGC) ("Canopy Growth" or the
"Company") announces today that it has entered into a multi-year
extraction agreement with Valens GroWorks Corp. (CSE: VGW)
(OTC-PINK: MYMSF) ("Valens"), a licensed, vertically integrated
provider of cannabis products and services focused on various
proprietary extraction methodologies, distillation, cannabinoid
isolation and purification.
Under the terms of the multi-year agreement, Valens will utilize
their proprietary technology and methodologies to process the
Company's whole flower and trim into high-grade cannabis resin.
Canopy Growth expects the first shipment of product for extraction
will occur before the end of December
2018.
Valens previously joined Canopy Growth's CraftGrow program in
October 2017. CraftGrow provides
craft cannabis producers with the opportunity to bring unique
cannabis products to market through the Company's leading sales
channels. Having recently received its cultivation licence, Valens
expects to have its first branded products available via CraftGrow
for the medical and recreational markets by the end of March 2019.
"Diversifying our extraction supply capabilities with Valens, a
company positioning itself as a specialized extractor, increases
our ability to supply a consistent, high-quality inventory of oils
for products such as Softgels," commented Mark Zekulin, President & Co-CEO, Canopy
Growth. "We're also excited to see Valens progress in its licensing
capabilities so that it can add its products to our CraftGrow
program, increasing the diversity of high-quality cannabis products
available for medical and recreational customers in 2019."
"We are pleased to provide specialized extraction services to
support Canopy Growth's innovative product offerings, while also
capitalizing on our CraftGrow partnership to bring Valens branded
products to market in the new year," says Tyler Robson, CEO, Valens GroWorks Corp. "We
take pride in our proprietary extraction processes and are honoured
to be recognized for our capabilities in supporting the growth of
the cannabis market, particularly with the increasing role cannabis
oils will soon play in the edibles space."
Here's to Future Growth.
About Canopy Growth Corporation
Canopy Growth is a world-leading diversified cannabis and hemp
company, offering distinct brands and curated cannabis varieties in
dried, oil and Softgel capsule forms. From product and process
innovation to market execution, Canopy Growth is driven by a
passion for leadership and a commitment to building a world-class
cannabis company one product, site and country at a time. The
Company has operations in 12 countries across five continents. The
Company is proudly dedicated to educating healthcare practitioners,
conducting robust clinical research, and furthering the public's
understanding of cannabis, and through its partly owned subsidiary,
Canopy Health Innovations, has devoted millions of dollars toward
cutting edge, commercializable research and IP development. Through
partly owned subsidiary Canopy Rivers Corporation, the Company is
providing resources and investment to new market entrants and
building a portfolio of stable investments in the sector. From our
historic public listing on the Toronto Stock Exchange and New York
Stock Exchange to our continued international expansion, pride in
advancing shareholder value through leadership is engrained in all
we do at Canopy Growth. Canopy Growth has established partnerships
with leading sector names including cannabis icon Snoop Dogg,
breeding legends DNA Genetics and Green House seeds, and Fortune
500 alcohol leader Constellation Brands, to name but a few. Canopy
Growth operates ten licensed cannabis production sites with over
4.3 million square feet of production capacity, including over
500,000 square feet of GMP certified production space. For more
information visit www.canopygrowth.com
About Valens GroWorks
Valens GroWorks Corp. is a
research-driven, vertically integrated Canadian cannabis company
focused on downstream secondary extraction methodology,
distillation and cannabinoid isolation and purification, as well as
associated quality testing with three wholly-owned subsidiaries
located in and around Kelowna, BC.
Subsidiary Valens Agritech ("VAL")
holds a license to cultivate cannabis and produce cannabis oil
under the Cannabis Act, as well as a license to conduct analytical
testing for the cannabis industry. VAL also has a supply
agreement with Canopy Growth Corporation under their extensive
CraftGrow distribution network. Subsidiary Valens Labs is a Health Canada licensed ISO
17025 accredited cannabis testing lab providing sector-leading
analytical services and has partnered with Thermo Fisher Scientific
to develop a Centre of Excellence in Plant Based Science.
Subsidiary Valens Farms is in the process of becoming a
purpose-built facility in compliance with European Union (EU) Good
Manufacturing Practices (GMP) standards, ensuring the product from
this facility can be exported anywhere in the world where Cannabis
is nationally legal for medical or adult usage purposes. For more
information, please visit http://valensgroworks.com. The Company's
investor deck can be found specifically at
http://valensgroworks.com/investors/
Notice Regarding Forward Looking Statements
This news release contains "forward-looking statements" within the
meaning of the United States Private Securities Litigation Reform
Act of 1995 and "forward-looking information" within the meaning of
applicable Canadian securities legislation. Often, but not always,
forward-looking statements and information can be identified by the
use of words such as "plans", "expects" or "does not expect", "is
expected", "estimates", "intends", "anticipates" or "does not
anticipate", 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 or information involve known and unknown
risks, uncertainties and other factors which may cause the actual
results, performance or achievements of Canopy Growth or its
subsidiaries to be materially different from any future results,
performance or achievements expressed or implied by the
forward-looking statements or information contained in this news
release. Examples of such statements include statements with
respect to new products entering Canopy Growth sales channels, and
statements regarding extracted product and supply into medical or
recreational markets. Risks, uncertainties and other factors
involved with forward-looking information could cause actual
events, results, performance, prospects and opportunities to differ
materially from those expressed or implied by such forward-looking
information, and such risks contained in the Company's annual
information form dated June 27, 2018
and filed with Canadian securities regulators available on the
Company's issuer profile on SEDAR at www.sedar.com. Although the
Company believes that the assumptions and factors used in preparing
the forward-looking information or forward-looking statements in
this news release are reasonable, undue reliance should not be
placed on such information and no assurance can be given that such
events will occur in the disclosed time frames or at all. The
forward-looking information and 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 information or forward-looking information to
reflect new information, subsequent events or otherwise unless
required by applicable securities laws.
SOURCE Canopy Growth Corporation