GTEC Signs Cannabis Extraction Agreement with Valens

Published: November 5, 2018

GTEC Signs Cannabis Extraction Agreement with Valens

GTEC Holdings Ltd. has entered into a cannabis extraction services agreement with Valens GroWorks Corp. Under the Agreement, GTEC will ship bulk quantities of dried cannabis to Valens for conversion into cannabis oil and value-added products. Valens will process the cannabis on a fee-for-service basis into crude, distillate or other cannabis oil derivatives.

“In mature cannabis markets, derivative products such as vape pens, edibles and infused beverages account for over half of all products sold at the consumer level. Over the coming years, we anticipate that the Canadian market will evolve to reflect a similar product mix,” said Norton Singhavon, Chairman & CEO of GTEC Holdings. “This partnership provides GTEC with the ability to utilize Valens’ IP, technology and expertise to immediately develop value added products as it builds out Spectre Labs. We are excited to commence this partnership, given our respective core competencies and the geographic proximity to our facilities, we view this as a well-suited and synergistic relationship.”

“We are excited to announce another material agreement to support a great Canadian and local Okanagan industry peer in bringing high quality, cannabis derivatives to the market. This Agreement shows the start of a shift where companies are beginning to understand the demand and supply shortage for oils and Valens’ strategic position in that shift. We have been working diligently to ramp up our processing capacity to 156,000 kg per year by December of 2018 to support new Agreements such as this,” says Tyler Robson, CEO of Valens.

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