The Valens Company Signs Custom Manufacturing Agreement with Vancouver-Based FPS Brands to Launch ufeelu
Valens GroWorks Corp. (TSX: VLNS) (OTCQX: VLNCF) is a global leader in the end-to-end development and manufacturing of innovative, cannabinoid-based products. The company announces it has signed a custom manufacturing agreement with Vancouver-based boutique brand house, FPS Brands Inc., to launch ufeelu, a line of craft, hemp-derived CBD products.
The Valens Company is a global leader in the end-to-end development and manufacturing of innovative, cannabinoid-based products. The Valens Company is focused on being the partner of choice for leading Canadian and international cannabis brands by providing best-in-class, proprietary services including CO2, ethanol, hydrocarbon, solvent-less and terpene extraction, analytical testing, formulation and product development and custom manufacturing. Valens is the largest third-party extraction Company in Canada with an annual capacity of 425,000 kg of dried cannabis and hemp biomass at our purpose-built facility in Kelowna, British Columbia which is in the process of becoming European Union (EU) Good Manufacturing Practices (GMP) compliant. The Valens Company currently offers a wide range of product formats, including tinctures, two-piece caps, soft gels, oral sprays and vape pens as well as beverages, concentrates, topicals, edibles, injectables, natural health products and has a strong pipeline of next-generation products in development for future release. Finally, The Valens Company’s wholly-owned subsidiary Valens Labs is a Health Canada licensed ISO 17025 accredited cannabis testing lab providing sector-leading analytical services and has partnered with Thermo Fisher Scientific to develop a Centre of Excellence in Plant-Based Science.
FPS Brands is a boutique brand house focused on creating innovative and approachable cannabinoid-based products. In partnership with the expertise of The Valens Company, FPS Brands Inc. aims to bring a new craft approach to how CBD oils are formulated with ufeelu. Starting with a broad-spectrum, non-psychoactive base, ufeelu will enhance their formulations using the latest in cannabinoid and terpene research to create products with purpose. FPS Brands Inc. has set their eyes on having their initial ufeelu products available in a variety of convenient and innovative delivery methods (including tinctures, vaporizers, and topicals) towards the end of Q3 2020, with hopes to rapidly expand their availability across Canada.
Under the terms of the two-year agreement, The Valens Company has agreed to manufacture a minimum of 250,000 units across a variety of branded products in the ufeelu portfolio. Valens will initially focus on the development of cannabis oils, vapes and topicals, with specialty drinks expected to be added to the product line shortly. The Valens Company will be responsible for providing premium extracts, filling, packaging and manufacturing services, in addition to national distribution of the ufeelu branded products. Fees equal to the predetermined wholesale price will be earned by The Valens Company for all branded products manufactured, shipped, and sold, in addition to a brokerage fee on monthly revenue. FPS Brands will receive revenue upon the sale of products to provincial cannabis regulators. A minimum production deposit will be provided upfront by FPS Brands.
FPS Brands is a Vancouver-based boutique brand house focused on creating innovative and approachable cannabinoid-based products. The ufeelu product line uses Canadian-grown hemp and carefully selected plant-based terpenes to craft naturally enhanced broad spectrum CBD blends in various consumable methods. The low THC line of products is designed for those who want to embrace whole plant extracts without the psychoactive effects.
“We are excited to launch ufeelu with our new partner FPS Brands, a fellow Western Canadian company focused on crafting artisanal CBD products,” said Tyler Robson, CEO of The Valens Company. “Their ability to dream up original brands such as ufeelu perfectly complements our expertise in using plant-based science to create customizable oil-based products. The ufeelu line will leverage Valens’ vast terpene database, in addition to botanical extracts, to bring these meaningfully curated CBD products to Canadian consumers in fall 2020.”
“It was not an easy task to find the right partner who trusts and respects our vision and has the capacity to scale up a craft concept like ufeelu. Today we are thrilled to have found that partner with The Valens Company and this agreement,” said Sameer Padamsey, Director of FPS Brands Inc. “Their track record speaks for itself, and we are excited to collectively share with Canada what FPS Brands and The Valens Company have in store.”