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Valens Partners with SōRSE Technology to Bring Cannabis Products to Global Markets
Five-year agreement gives Valens exclusive use of proprietary emulsion technology in Canada, Europe, Australia and Mexico.
Valens GroWorks Corp. has entered into an amended manufacturing and sales licence agreement with SōRSE Technology Corporation that grants Valens an exclusive licence to use the proprietary SōRSE emulsion technology to produce, market, package, sell and distribute cannabis-infused products in Canada, Europe, Australia and Mexico.
The consideration at closing for the exclusivity in the expanded geography was US$10 million, comprised of US$6 million in cash and US$4 million to be issued in common shares of the company. The agreement carries an initial five-year exclusive term with a 2-year renewal of the exclusivity, subject to certain performance milestones related to operational and financial achievements.