Valens Groworks Corp OTCMKTS: VGWCF 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 currently has extraction processing and supply agreements with various leading producers across Canada. 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.
Valens Groworks Corp OTCMKTS: VGWCF On May 13, 2019 a multi-licensed, vertically integrated provider of cannabis products and services focused on various proprietary extraction methodologies, distillation, cannabinoid isolation and purification, as well as associated quality testing announced that Deepak Anand has been appointed to its Board of Directors as an independent member.
Mr. Anand is recognized as a thought leader in the global cannabis space. He currently serves as the co-founder & CEO of Materia Ventures, a European-focused supply and distribution company for medical cannabis and CBD products. He previously served as vice president of business development and government relations at a Canadian cannabis consulting firm; vice president of a Health Canada-licensed producer; and as a board member for various pharmaceutical associations across Canada, the United States and Europe.
“Over the last decade I have had the honor of working with many licensed producers, doctors, patients, policy makers and senior government officials in the cannabis industry,” says Deepak Anand. “I look forward to leveraging the knowledge and expertise I gained in the industry to guide Valens as they enter an exciting new chapter of rapid domestic and international growth.”
“We are extremely excited to announce the joining of Mr. Anand to our board,” says Tyler Robson, CEO of Valens GroWorks. “No stranger to the international cannabis sector, his regulatory expertise and global cannabis network is unparalleled. Bringing this international industry specific knowledge to our board will be extremely valuable as we continue to execute on our growth strategies.”
Valens Groworks Corp OTCMKTS: VGWCF On May 2, 2019 announced that it is accelerating the expiry date of all outstanding common share purchase warrants (the “Warrants”) of the Company issued pursuant to the warrant indenture dated October 10, 2018 between the Company and Computershare Trust Company of Canada (the “Warrant Indenture”). The proceeds from the exercise of the Warrants will be primarily used by the Company to continue to execute on its growth strategy, as well as general corporate and working capital purposes.
Pursuant to the Warrant Indenture, the Company may accelerate the expiry date of the Warrants in the event that the volume weighted average closing price of the issued and outstanding common shares of the Company (“Common Shares”) is greater than $3.81 per Common Share for a period of 10 consecutive trading days (the “Acceleration Trigger”).
The Company confirms that as of the close of markets on May 2, 2019, an Acceleration Trigger had occurred. In accordance with the terms of the Warrant Indenture, this news release constitutes notice to Warrant holders of the Acceleration Trigger. Accordingly, the Company confirms that the Warrants are now set to expire at 5:00 p.m. (Pacific Time) on May 20, 2019, being the 15th day following the delivery of notice of accelerated warrant expiry (the “Early Expiry Date”). Any Warrants remaining unexercised after the Early Expiry Date will be cancelled.