Valens GroWorks, Emerald Health Sign Extraction, White Label Agreement
The agreement's initial term is four years. Emerald Health will supply Valens with 10,000 kg of cannabis and hemp biomass annually. In addition to offering Emerald Health its extraction services, Valens will provide several white-label services such as formulation, mixing and filling for product formats.
Valens said it expects to obtain and start processing the first shipment from Emerald Health in the first quarter of fiscal 2020.
At the same time, Valens announced it has signed a multiyear product supply agreement with Dynaleo Inc. under which it will supply Dynaleo with distillate or SōRSE emulsions containing a minimum of 40 kg of active THC or CBD cannabinoids to be used in the manufacturing of edibles.
In the third and fourth years of the agreement, Dynaleo will buy a minimum of 50 kg and 75kg of active THC or CBD cannabinoids from Valens in distillate or SōRSE emulsions, respectively.
In addition, Valens reported it has attained final regulatory approval for a ticker symbol change on the OTCQX exchange, where it began Monday under the symbol "VLNCF." This change is part of the company’s rebranding, Valens said.
The stock was trading 2.43% higher at $2.35 at the time of publication.
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