Dr. Rob O'Brien, President and Chief Science Officer at wholly-owned subsidiary Valens AgriTech stated "This is a significant development for both Valens and the Canadian cannabis market. Being the first licensed dealer to receive formal approval to become a processor and manufacturer for LP's is a tremendous opportunity. Our proprietary process to generate 100% cannabis oil products without the use of solvents, and our distribution, marketing and sales agreement with Canopy Growth Corporation through its extensive CraftGrow distribution network, enables us to build immediate brand recognition. It also positions us as a leading processor for the adult recreational market when the anticipated Cannabis Act legislation comes into force next summer."
The Company is also a final stage applicant for a Health Canada License to Produce under the medical patient-oriented Access to Cannabis for Medical Purposes Regulations ("ACMPR"), the awarding of which will further enhance our ability to supply premium curated products to meet consumer demand.