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Valens Expands Exclusive License Agreement With SōRSE Technology To Reach Global Markets

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Valens Expands Exclusive License Agreement With SōRSE Technology To Reach Global Markets

Vertically-integrated cannabis company Valens GroWorks Corp. (TSXV: VGW) (OTC: VGWCF) said Wednesday it has signed an amended manufacturing and sales license agreement with SōRSE Technology Corporation.

The expanded license agreement provides Valens with an exclusive license to utilize SōRSE emulsion technology for the production, packaging, sales, and distribution of cannabis-infused products in Europe, Mexico, and Australia, in addition to Canada.

The companies agreed to the consideration of $10 million, consisting of $6 million in cash and $4 million to be issued in the common shares of Valens GroWorks. The agreement has an initial term of five years.

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The SōRSE emulsion technology converts cannabis oil into water-soluble forms to be used in various final products, such as topicals, edibles, and beverages, enabling these products to keep its potency when frozen, chilled, or heated.

"This Agreement shows Valens' commitment to invest and broaden its IP portfolio and enable its customers to bring differentiated, next generation products to market," Jeff Fallows, President of Valens, said in a statement. “With this expanded agreement in place, we have extended this opportunity for our existing customers to key international markets and at the same time established a platform for international consumer brands to add high quality, cannabis infused products to their portfolios."

Posted-In: Cannabis News Contracts Markets

 

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