Extracts from The Daily Extract re Valens ... 
Hash, hot drinks, candy: The 17 pot products Canadians could buy when edibles become legal: Canadians should expect a long list of cannabis-infused edibles, concentrates and other products to hit store shelves in the coming months, which will significantly expand the scope of the legal marijuana market, according to sources directly familiar with the matter. The Ontario Cannabis Store (OCS) seeks to add as many as 17 new product types to its sales catalogue when the items become legal in Canada, according to a list provided to BNN Bloomberg by two sources familiar with the organization's plans. One of the sources confirmed other provinces are looking to add a similar list of products. Provinces expect to sell the products under the following categories: - Concentrates: Cartridges, rosin (a solventless concentrate made with heat and pressure, resin, hash, wax, kief, and shatter
- Beverages: Hot, cold and dealcoholized drinks (each in single servings)
- Edibles: Chocolate, soft candy, hard candy and baked goods
- Topicals: Lotions, creams and bath products
This is the first time a full product lineup has been disclosed ahead of October, when the federal government expects to legalize edibles and concentrates. The next phase of pot legalization comes exactly one year after dried and fresh cannabis flower, pre-rolls, oils and capsules became legal in Canada on Oct. 17, 2018. By expanding the product line fourfold from the products already available, the increase in new items should provide cannabis companies with new revenue opportunities and will help level the playing field with their illicit counterparts. www.bnnbloomberg.ca A Close Look at Cannabis Extraction Techniques: The lowdown on extraction-refinement processes of today and tomorrow. (Great article from Cannabis Business Times). www.cannabisbusinesstimes.com
Valens Reports Record $2.2 Million in Revenue in the First Quarter of Fiscal 2019: Valens GroWorks Corp. (CSE: VGW) reported its financial results for the first quarter of fiscal 2019. Key Financial Highlights of The First Quarter of Fiscal 2019:
- Revenue of $2,220,200 Q1/F19 compared with $nil in the same period F2018.
- Gross profit increased to $850,525, or 38.3% of revenue.
- Strong balance sheet with $20,552,286 in cash and short-term investments and a net working capital position of $26,391,610 as at February 28, 2019.
- $43,125,000 gross proceeds raised through bought deal financing
Key Operating Highlights of The First Quarter of Fiscal 2019: - Added four new extraction partnerships in Q1/F19 and two subsequent to the end of the quarter, including The Green Organic Dutchman Holdings Ltd, Tilray Canada Ltd., Organigram Inc, Sundial Growers Inc and Canopy Growth Corporation.
- 1,796,000 grams of dried cannabis and hemp biomass was processed in Q1/F19.
- 4,976,000 grams of dried cannabis and hemp biomass was processed in the first 55 days subsequent to the end of the first quarter, a 177.1% increase over the total biomass processed in the entire first quarter of 2019.
- Increased annual extraction capacity significantly to 240,000 KG of dried cannabis and hemp biomass in the first quarter of 2019 to prepare for increasing customer demand.
- Subsequent to the quarter end, the Company increased its extraction, post processing and white label product development footprint from 25,000 square feet to over 50,000 square feet with the acquisition and expansion of 230 Carion Road and 180 Carion Road in Kelowna, BC. www.newswire.ca
Valens Signs Multi-year Cannabis and Hemp Extraction agreement with HEXO Corp.: Valens GroWorks Corp. (CSE: VGW) announced that it has entered into a multi-year extraction services agreement to provide cannabis and hemp extraction services to HEXO Corp (TSX:HEXO). The agreement has an initial 2-year term from the date of the first shipment, with HEXO supplying Valens with an annual minimum of 30,000kg in the first year and 50,000kg in the second year of cannabis and hemp biomass. Valens will process this material on a fee for service basis into premium quality resins and distillates using the company's leading proprietary extraction processing methods. The agreement contains provisions under which it may be terminated with 90 days written notice after the one-year anniversary. Valens expects to receive and begin processing the first shipment from HEXO early in Q3 of 2019 and currently holds all required licensing from Health Canada to carry out its obligations under the agreement.
www.prnewswire.com