Cannabis Professional’s daily roundup of industry news. View archive here.
Valens signs extraction deals with Emerald Health, Dynaleo Inc.
The Valens Company said Monday it has entered into a multi-year extraction and white-label agreement with Emerald Health Therapeutics Inc., and announces a multi-year product supply agreement with Dynaleo Inc.
Emerald Health: The agreement has an initial four-year term, with Emerald Health supplying Kelowna,B.C.-based Valens with an annual minimum quantity of 10,000 kg of cannabis and hemp biomass. Valens will process the biomass provided by Emerald Health on a fee for service basis into resins and distillates. In addition to extraction services, Valens will provide Emerald Health with a variety of white-label services including formulation, mixing and filling for product formats including vaporizers, softgels and tinctures. Valens expects to receive and begin processing the first shipment from Emerald Health in Q1 of fiscal 2020.
Dynaleo: Valens says the agreement has an initial two year term, with two automatic one-year renewals, under which Valens will supply Dynaleo with distillate or emulsions containing a minimum of 40 kilograms of active THC or CBD cannabinoids for use in the production of edibles for the Canadian adult-use market. During the Additional Term, Dynaleo will purchase from Valens a minimum of 50 kilograms of active THC or CBD cannabinoids in distillate or emulsion in year three and 75 kilograms of active THC or CBD cannabinoids in distillate or emulsion in year four.
– Staff
WeedMD closes Starseed purchase, announces management, board changes
WeedMD Inc. said Monday it has closed the previously announced acquisition of Starseed Holdings, and has made changes to its management team and board of directors. “We officially welcome the Starseed team to the WeedMD family which together will kick-off 2020 as a very compelling, vertically-integrated cannabis company that will execute across the entire value chain,” said Keith Merker, CEO of WeedMD. “Starseed’s unique medical distribution platform complements WeedMD’s high-quality cultivation and processing platform. This partnership, along with the $25 million strategic equity investment by LPF, positions WeedMD and its shareholders with a fortified balance sheet and one of the most captive medical cannabis businesses in the country as we enter the new year.”
Management Team: Following today’s closing, Starseed’s management team integrates into WeedMD’s senior leadership team as follows:
- Keith Merker, CEO (maintains role);
- Angelo Tsebelis, formerly president of Starseed, assumes the role of president of WeedMD;
- Nichola Thompson, CFO (maintains role);
-Stephen Ng, formerly CFO of Starseed, is appointed to chief strategy officer of WeedMD;
- Dr. Peter Blecher, formerly chief medical officer of Starseed, assumes the role of chief medical officer of WeedMD.
Board of Directors
In addition to the Starseed leadership appointments, WeedMD’s board of directors is now comprised of four representatives from WeedMD and three representatives from Starseed. WeedMD is pleased to announce that seasoned industry leader George Scorsis is appointed as executive chair of its board of directors.
Existing WeedMD directors:
- Keith Merker, currently CEO of WeedMD
- Gail Paech;
- Michael Pesner;
WeedMD announces three new board directors from Starseed:
- Angelo Tsebelis;
- G. Edmund King;
- Dr. Hugh Scully.
- Staff