Valens GroWorks Corp (CVE:VGW) (OTCMKTS:VGWCF) has become the first third-party cannabis processor to reach a supply deal with Canadian pharmaceutical giant Shoppers Drug Mart.
The company will begin providing gel caps and tinctures to Medical Cannabis by Shoppers, one of the retailer’s e-commerce divisions, according to a statement released Monday. In time, the deal is expected to expand to include vaporizer cartridges, topicals and other products.
Valens said it would employ five unique extraction methods combined with its own intellectual property and formulation in order to create a wide breadth of products.
"Valens is proud to be chosen as the first third party extraction and product development company to supply cannabis oil products to one of the most recognized pharmacy retailers in Canada." CEO Tyler Robson said in a statement.
“Our industry leading extraction, analytical testing and product formulation capabilities are ideally positioned to deliver the high quality, oil-based products and services expected from such a reputable industry leader such as Shoppers,” Robson said.
The Kelowna, British Columbia company’s various extraction services include CO2, Ethanol, Hydrocarbon, Solvent-less, and Terpene extraction.
Valens stock climbed 4.5% to C$3.72 on Bay Street on Monday and 4.9% to US$2.80 in New York.
—Updated to include stock movement—
Contact Andrew Kessel at [email protected]
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