Vancouver, B.C., February 16, 2017 – Valens GroWorks Corp. (CSE:VGW) together with its subsidiary (collectively, the “Company”) is pleased to announce its engagement under a 5-year, renewable, Professional Services Agreement (the “PSA”) with Arizona-based marijuana cultivation and medicinal dispensary business MKHS, LLC and its affiliate MKV Ventures 1, LLC (collectively, “MKHS”).
In addition, MKHS has issued to the Company a US$1,212,500 Promissory Note, Loan Agreement and Guaranty that secures repayment of previous advances (collectively, the “Arrangement”). This Arrangement supersedes and replaces the Company’s previously described investment in MKHS and settles all outstanding issues between the parties.
As a result of this Arrangement, MKHS will complete the buildout of the 28,000-sf Farmtek greenhouse expansion, as proposed and funded by the Company in 2016 (the “Buildout”). In accordance with the PSA, payments of US$60,000 per month for management services (“Management Services”) will commence to the Company upon completion of the Buildout, with the initial three month’s payments to be deferred and paid at the end of the third month following Buildout to allow for an initial harvest. In addition, the Company will provide consulting services (“Consulting Services”) to be performed and invoiced monthly, and will be reimbursed for approved out-of-pocket expenses and sub-contracted services.
In accordance with the Arrangement, loan interest accrues at the rate of 15% per annum commencing May 15, 2016. Principal and interest, as well as US$30,000 in cost recoveries for past accrued fees, shall be payable to the Company by MKHS in arrears commencing at the end of the third month following Buildout, and on the 15th day of each month thereafter over a 5-year term.
MKHS supplies medical marijuana pursuant to the Arizona Medical Marijuana Act, operating an 11,000-sf warehouse cultivation, commercial kitchen and extraction facility, and a nearby fully-secured 9.5-acre operation that includes a 3,000-sf automated greenhouse and 21,780-sf (1/2 acre) Airstream wind-assisted, air-supported greenhouse, and the proposed Buildout. MKHS also operates two state-licensed “healing center” dispensaries, and distributes its own in-house prepared, branded line of edibles, concentrates and extracts.
Read the full company profile.
About Valens GroWorks Corp.
Valens GroWorks Corp is a Canadian Securities Exchange listed company with two pending proposed acquisitions in progress (see our February 9, 2017 news release), proposes to provide management, consulting, testing and support services to domestic and international licensees, and seeks to capture a broad spectrum of medical marijuana users, as well as recreational users once legalized, in pursuit of its ambitious farm to pharma objectives.
The Company’s wholly-owned subsidiary, Valens Agritech Ltd. (“VAL”), is a post-inspection applicant (see our January 13, 2017 news release) awaiting the granting of a Controlled Drugs and Substances Dealer’s Licence for the cultivation and processing of marijuana. Based in the Okanagan Valley of British Columbia, VAL anticipates participation in clinical trial programs researching the efficacy of medical cannabis.
On behalf of the Board of Directors,
VALENS GROWORKS CORP.
(signed) “Robert van Santen”
Chief Executive Officer
For further information, please contact:
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 “does not anticipate”, 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.
Connect with Valens GroWorks Corp. (CSE:VGW) to receive an Investor Presentation.
The Israeli cannabis market is picking up with a new supply deal from a Canadian producer.
Also this week, new data showed sales of Canadian cannabis edible products may be stalling.
The Israeli cannabis market is picking up as a Canadian producer announced a new supply deal in the country.
Also this week it was shown the sales of Canadian cannabis edible products may be stalling, according to new data.
Portnoy Law Firm: Credit Acceptance Corporation, Aurora Cannabis, Inc., and Loop Industries, Inc. Investors Have Limited Amount of Time Before Class Action Deadline
The Portnoy Law Firm advises investors that class action lawsuits have been filed on behalf of investors in the following publicly traded companies. Shareholders interested in taking an active role in these cases have until the deadlines indicated below to petition the court. There is no cost or obligation to you. See below for more information on these cases.
Credit Acceptance Corporation investors (NASDAQ: CACC); December 1, 2020 deadline, click here to join .
Khiron Plans to Launch Its Zerenia Medical Cannabis Clinic Strategy in Mexico; Applauds Mexican Senate Approval of Legislation for Cannabis in Mexico
- On November 19 , the Mexican Senate passed comprehensive adult-use cannabis legalization, moving Mexico towards becoming one of the few countries to legalize cannabis nationally
- On March 31, 2020 , the Company entered into an agreement with Tecnologico de Monterrey , the leading university in Mexico , to educate physicians across Latin America , in advance of the impending regulations in Mexico
- To date, close to 550 LatAm physicians have obtained their diploma accrediting completion of Khiron’s medical education program
- The Company plans to deploy its ZereniaTM medical cannabis clinics and telehealth strategy in Mexico , building on the success of its vertical integration strategy in Colombia
- Expanding the Zerenia clinic strategy will build on the Company’s Colombia knowledge and proven distribution capabilities, with rapid telehealth service adoption and over 5,600 medical cannabis scripts filled to date
- Mexico represents one of the largest potential markets for medical cannabis in the world and is anticipated to reach $1.2bn USD by 2028 (Prohibition Partners).
- Company to release Q3 2020 financials and host webcast on Tuesday, December 1st
Khiron Life Sciences Corp. (“Khiron” or the “Company”) (TSXV: KHRN ), (OTCQX: KHRNF), ( Frankfurt : A2JMZC), a vertically integrated cannabis leader with core operations in Latin America and Europe welcomes the passing of adult-use cannabis legislation by the Mexican Senate, which moves the country closer to a legalized cannabis market, and towards provision for medical cannabis products. Khiron has had a presence in Mexico since 2018 and has been working with doctors and medical institutions to develop a deep understanding of the market.
BevCanna Provides Update on Commercialization Plans and Landmark Proposed Acquisition of Naturo Group
Recap of special management call includes upcoming corporate milestones and details of proposed combination with established beverage manufacturer
Emerging leader in infused cannabis beverages, BevCanna Enterprises Inc. (CSE:BEV, OTCQB:BVNNF, FSE:7BC) (“BevCanna” or the “Company”) is pleased to provide a recorded recap of the special management call held on Tuesday November 24, 2020. The call discussed upcoming corporate milestones and reviewed recent developments at the developer and manufacturer of cannabinoid‐infused beverages and consumer products for in‐house brands and white label clients.