Harvest One Enters Into Cannabis Extraction Agreement With Valens
November 14, 2018
Harvest One Cannabis Inc. (TSXV:HVT) ("Harvest One" or the "Company") is pleased to announce that it has entered into a multi-year Extraction Services Agreement (the "Agreement") with Valens GroWorks Corp. (CSE: VGW) ("Valens") for cannabis extraction and value-added services.
Under the terms of the Agreement, Harvest One’s subsidiary, United Greeneries, will ship bulk quantities of dried cannabis to Valens over an initial three-year term. Valens will process the cannabis on a fee-for-service basis into bulk resin or other cannabis oil derivative products.
As a component of the Company’s product development strategy, Valens will also conduct R&D to support the expansion of Harvest One’s product lines including health and wellness products, beverages, vape pens, and nutraceuticals using cannabis oil derivative products. The significance of these products is reflected in the more developed markets in the US where raw flower makes up less than half of the products sold.
“This agreement with Valens represents a valuable opportunity to accelerate Harvest One’s product development strategy,” said Grant Froese, CEO of Harvest One. “We are excited to leverage Valens’ industry leading expertise to further expand our recreational, and health and wellness products, under United Greeneries, Satipharm and Dream Water. Furthermore, this partnership gives Harvest One the ability to diversify our medical product offerings to better serve our patients.”
“We are excited for the opportunity to utilize our extraction services and R&D technology platform to support Harvest One in delivering innovative, high quality consumer packaged goods to the market,” said Tyler Robson, CEO of Valens GroWorks Corp. “Valens’ expertise in both cannabis extraction and cannabis derivatives offers Harvest One a competitive advantage in the marketplace, especially considering the proven consumer uptake and shelf life stability benefits we are able to make available through the use of SōRSE™ technology. The team at Valens intends to work closely with Harvest One to put the best possible products on the shelves for Canadian consumers.”
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 Harvest One
Harvest One is a global cannabis company that develops and provides innovative lifestyle and wellness products to consumers and patients in regulated markets around the world. The Company's range of lifestyle solutions is designed to enhance quality of life. Shareholders have significant exposure to the entire cannabis value chain through three wholly-owned subsidiaries: United Greeneries, a Licensed Producer; Satipharm (medical and nutraceutical); and Dream Water (consumer). For more information, please visit www.harvestone.com.
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