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Robust crop exceeds expectations: Valens GroWorks announces successful cannabis harvest

Last updated: 14:09 03 May 2018 BST, First published: 17:24 03 May 2018 BST

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Valens GroWorks announced its robust cannabis harvest exceeded industry expectations

Valens GroWorks Corp. (CSNX: VGW) announced budding good news today after it announced its wholly-owned subsidiary Valens Agritech Ltd. successfully harvested its first premium cannabis crop in Kelowna, British Columbia. 

The good news? Much higher-than-average THC levels — exceeding expectations — coming in at 24% potential THC, compared to an industry average of 18.5% for the strain that was produced.

The news helps solidify Valens’ ability to produce high-quality cannabis, under its Health Canada’s Dealer’s License. The company is headquartered in Vancouver, British Columbia.

CEO says product is exceptional

"I am very proud of the Valens cultivation team. Their experience, care and passion for their work really came through and has resulted in an exceptional product and standards in our facility,” said Chief Executive Tyler Robson, who has been growing cannabis in large quantities for more than 15 years.

“Our Master Growers believe they have the ability to continuously exceed industry averages.”

Valens differentiates itself through a number of methods, primary through its proprietary extraction and growing techniques, with three wholly-owned subsidiaries in Kelowna, British Columbia.

“Our current growing and extraction facility has been renovated and is in the process of being Good Manufacturing Practices certified,” said Robinson.

“Valens Farms, our new cultivation facility currently underway, will benefit greatly from our first harvest as we continually strive to improve in every way."

Higher THC equals greater yields

Valens focuses on extraction of cannabis into oil, and has one of Canada's highest extraction processing capabilities. Higher THC content will produce a greater yield, which can help enhance operating margins.

Premium harvested product, such as this initial crop, will be a key component in maximizing the production process going forward. 

In April, Valens AgriTech completed an installation of two additional Vitalis Q-90 CO2 extraction machines, which will allow the company to increase the amount of cannabis that can be processed.

In midday trading on the Candian stock exchange, the shares were down 4.2% to C$1.36

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