Valens GroWorks Corp. (CSE:VGW)(CSE:VGW.CN) (with its 100%-owned subsidiaries, the “Company” or “Valens“) has elected to terminate discussions for the proposed acquisition of late-stage cannabis production license (“LP“) applicant Royal Green Acres Manufacturing Ltd. (“RGAM“), and has released RGAM from the restrictions and obligations of the exclusivity period.
The Company is expediting the acquisition of its own Licences to Produce (“LP“) and Licences to Sell (“LS“) under the revised Access to Cannabis for Medical Purposes Regulations (“ACMPR“) process, as a follow up to its recently awarded Controlled Drugs and Substances Dealer’s Licence (“DL“).
The Company’s decision follows Health Canada’s May 26, 2017 press release introducing several improvements to its medical cannabis program, expected to have direct application to the Company’s expansion plans. Health Canada states that effective immediately the application process for becoming a licensed producer of cannabis for medical purposes is as follows:
- Intake and Initial Screening
- Detailed Review and Initiation of Security Clearance Process
- Issuance of Licence to Produce (“LP”)
- Introductory Inspection (as cultivation begins)
- Pre-Sales Inspection
- Issuance of Licence to Sell (“LS”)
These improvements streamline the application process for issuing LPs, with some stages of the application reviews taken concurrently, permitting licensed producers to manage production on the basis of their vault capacity, authorizing longer validity periods for licences and security clearances, and streamlining the review and approval of applications to modify or expand an existing production facility for licensed producers with a record of good compliance.
Health Canada’s expedited process may allow the near-term issuance of an LP to the Company, and expedite the process to acquire an LS concurrent to our DL cultivation activities. This process would recognize the extensive multi-year process completed for our DL that included many of the same LP stages now expedited, including application, facility design and construction, and security clearance of key personnel.
About Valens GroWorks Corp.
Valens GroWorks Corp is a CSE-listed company with an aggressive acquisition strategy in progress, providing management, consulting, testing and support services to domestic and international licensees, as well as financing the buildout of established, fully-licensed operations. The Company seeks to capture a broad spectrum of clinical trial and R&D clients, medical marijuana users, as well as recreational users once legalized, in pursuit of its ambitious seed to sale and farm to pharma objectives.
The Company has two wholly-owned subsidiaries based in the Okanagan Valley of British Columbia: 1) Valens Agritech Ltd. (“VAL“) which holds a Controlled Drugs and Substances Dealers Licence at its state-of-the-art Health Canada inspected and approved two-acre secured site and 17,000 sf production facility in Kelowna, British Columbia, and is seeking to add a Licence to Produce and Licence to Sell to its operations, and 2) Supra THC Services Inc. (“Supra“), a Health Canada Dealers-Licenced cannabis testing lab with an established scientific team supporting its operations, positioning to provide sector-leading analytical and proprietary services to Licensed Producers and ACMPR patients.
On behalf of the Board of Directors,
VALENS GROWORKS CORP.
Robert van Santen, Chief Financial Officer
Notice regarding Forward Looking Statements
This news release contains forward-looking statements. Often, but not always, forward-looking statements can be identified by the use of words such as “plans”, “expects” or “does not expect”, “is expected”, “estimates”, “intends”, “anticipates” or is “anticipating”, or “believes”, or variations of such words and phrases or state that certain actions, events or results “may”, “could”, “would”, “might” or “will” be taken, occur or be achieved. Forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company or its subsidiaries to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Examples of such statements include statements regarding the use of proceeds from a proposed funding. Such forward-looking statements are based on a number of assumptions which may prove to be incorrect, including, but not limited to: the ability to obtain any necessary financing; the economy generally; competition; regulation and anticipated and unanticipated costs and delays. The forward-looking statements included in this news release are made as of the date of this news release and the Company does not undertake an obligation to publicly update such forward-looking statements to reflect new information, subsequent events or otherwise unless required by applicable securities legislation. Neither the Canadian Securities Exchange nor its Regulation Services Provider (as that term is defined in the policies of the Canadian Securities Exchange) accepts responsibility for the adequacy or accuracy of this release. We seek safe harbor.
Click here to connect with Valens GroWorks Corp. (CSE:VGW) to receive an Investor Presentation.
CanBud Distribution Corporation Closes 2M Second and Final Tranche of its Oversubscribed Private Placement Offering
CanBud Distribution Corporation (CSE: CBDX) (FSE: CD0) (“CanBud” or the “Corporation”) is pleased to announce that it has closed the final tranche of its oversubscribed non-brokered private placement for aggregate gross proceeds of approximately $4,730,000 (the “Offering”).
The Corporation issued a combined total of 39,409,346 units (each a “Unit“) at price of $0.12 per Unit, with each Unit comprised of one common share in the capital of the Corporation (each a “Common Share“) and one common share purchase warrant (each a “Warrant“). Each Warrant entitles the holder to purchase one additional Common Share at an exercise price of $0.22 within 24 months of the closing of the Offering (the “Warrant Term“), provided, however that if the closing price of the Common Shares on the Canadian Securities Exchange (the “CSE“) (or any such other stock exchange in Canada as the Common Shares may trade at the applicable time) is $0.25 or greater per Common Share for a period of five (5) consecutive trading days at any time after the closing date of the Offering, the Corporation may accelerate the Warrant Term such that the Warrants shall expire on the date which is 30 days following the date a press release is issued by the Corporation announcing the reduced warrant terms.
Thoughtful Brands Inc. (CSE:TBI)(FSE:1WZ1)(OTCQB:PEMTF) (the “Company” or “Thoughtful Brands) announces that the letter of intent with Franchise Cannabis Corp. (“FCC”), previously announced in January, has been terminated. The previously announced European joint venture with FCC will continue and allow the Company to launch and tailor its products to European consumer demands
In connection with termination of the merger transaction with FCC, the Company has agreed to pay FCC $100,000 in cash and to issue FCC 5,000,000 common shares of the Company at a deemed value of $0.05 per share. The common shares will be subject to a four-month-and-one-day statutory hold period in accordance with applicable securities laws.
Mergers and acquisitions (M&A) in cannabis space have helped boost the industry to new levels.
Strategic sale of non-core assets by Lobe adds non-dilutive capital and shareholder value
Lobe Sciences Ltd. (CSE: LOBE) (OTC Pink: GTSIF) (“Lobe” or the “Company”) is pleased to announce, further to its press release dated February 23, 2021, that it has completed the sale to Ionic Brands Corp. (“Ionic Brands”) of Lobe’s non-core cannabis assets relating to Washington-based Cowlitz County Cannabis Cultivation Inc. (“Cowlitz”) held by Lobe’s subsidiary vendor, Green Star Biosciences Inc. (the “Transaction”).
Seattle Area Grocery Chain Metropolitan Market to Begin Carrying KOIOS and Fit Soda on March 22, 2021
Adding to its existing presence on the west coast of the United States, all five KOIOS™ flavours and all four Fit Soda™ flavours will be carried in Metropolitan Market stores beginning on Monday, March 22, 2021. Serving the Seattle-Tacoma area (population 3.87 million), Metropolitan Market is one of five chains under its parent firm Good Food Holdings, which has a total of 51 stores in California, Oregon, and Washington State.
Koios Beverage Corp. (CSE: KBEV; OTC: KBEVF) (the “Company” or “Koios”) is pleased to announce that beginning on Monday, March 22, 2021, Koios’ entire line of canned beverage products will be sold at all locations of Metropolitan Market, an urban format supermarket chain in the Seattle-Tacoma area of Washington State. In Q1 2021, the Company announced multiple placements of its beverage products with regional grocers in markets on the west coast of the United States including Market of Choice in Oregon Jensen’s in Southern California and major natural grocery chain Sprouts Farmers Market which has a substantial west coast presence with over one third of its locations (360+ stores across 23 states) in California as well as Washington State 1 . The Company has also recently announced other developments relating to its expansion efforts being undertaken in 2021 such as an in-house beverage canning facility and distribution agreements with regional and national wholesale partners.