GTEC Signs Cannabis Extraction Agreement with Valens
KELOWNA, BC, Nov. 5, 2018 /CNW/ - GTEC Holdings Ltd. (TSXV: GTEC) (OTC:GGTTF) ("GTEC") is pleased to announce that it has entered into a cannabis extraction services agreement (the "Agreement") with Valens GroWorks Corp. (CSE: VGW) ("Valens").
Under the Agreement, GTEC will ship bulk quantities of dried cannabis to Valens for conversion into cannabis oil and value-added products. Valens will process the cannabis on a fee-for-service basis into crude, distillate or other cannabis oil derivatives.
"In mature cannabis markets, derivative products such as vape pens, edibles and infused beverages account for over half of all products sold at the consumer level. Over the coming years, we anticipate that the Canadian market will evolve to reflect a similar product mix," said Norton Singhavon, Chairman & CEO of GTEC Holdings. "This partnership provides GTEC with the ability to utilize Valens' IP, technology and expertise to immediately develop value added products as it builds out Spectre Labs. We are excited to commence this partnership, given our respective core competencies and the geographic proximity to our facilities, we view this as a well-suited and synergistic relationship."
"We are excited to announce another material agreement to support a great Canadian and local Okanagan industry peer in bringing high quality, cannabis derivatives to the market. This Agreement shows the start of a shift where companies are beginning to understand the demand and supply shortage for oils and Valens' strategic position in that shift. We have been working diligently to ramp up our processing capacity to 156,000 kg per year by December of 2018 to support new Agreements such as this," says Tyler Robson, CEO of Valens. About Valens GroWorks
Valens GroWorks Corp. is a research-driven, vertically integrated provider of Canadian cannabis company focused on downstream secondary extraction methodology, distillation and cannabinoid isolation and purification, with three wholly-owned subsidiaries located in and around Kelowna, BC. Subsidiary Valens Agritech ("VAL") holds a license to cultivate and produce oil as a Licensed Producer ("LP") under the ACMPR, and a Dealer's License under Health Canada. 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/ About GTEC
GTEC was founded in 2017 to capitalize on opportunities in the nascent and rapidly growing legal cannabis industry. GTEC is a public corporation listed on the TSX Venture Exchange and based in Kelowna, British Columbia. GTEC is focused on growing premium quality craft cannabis in purpose-built indoor facilities. GTEC currently holds a 100% interest in GreenTec Bio-Pharmaceuticals Corp., Alberta Craft Cannabis Inc. Grey Bruce Farms Inc., Tumbleweed Farms Corp., Zenalytic Laboratories Ltd., and Spectre Labs Inc.