Valens GroWorks Corp. VGW VGWCF said Monday it has signed a supply agreement with the Shoppers Drug Mart-owned medical cannabis e-commerce site Medical Cannabis by Shoppers for cannabis oil derivative products.
The company said it will rely on several types of extraction services in order to produce various oil-based products.
Per the agreement, Valens will start at once with the production of tinctures and gel capsules, with plans to add other products such as topicals and vaporizer cartridges in the future.
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"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," Valens CEO Tyler Robson said in a statement.
Valens GroWorks Corp. is a vertically integrated cannabis company and the biggest third-party extraction company in Canada.
The stock was trading 5.33% higher at $2.81 at the time of publication Monday.
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