Canada's Valens GroWorks Corp. shares were a standout in a mostly lower cannabis sector on Thursday, climbing 6% after news of an extraction agreement with Canopy Growth Corp. (WEED.T). Under the terms of the multi-year deal, Valens will use its proprietary technology to process whole flower and trim into high-grade cannabis resin for Canopy. The first shipment for processing is expected to arrive by year-end. Valens is expecting to have its first batch of branded products available through Canopy's sales channels for medical and recreational cannabis by the end of March 2019. Valens shares are up 32% in the month to date, while the S&P 500 has fallen 4%. Canopy shares were down 4% Thursday, and have fallen about 9% in the month to date.
-Ciara Linnane; 415-439-6400; AskNewswires@dowjones.com
(END) Dow Jones Newswires
December 13, 2018 13:51 ET (18:51 GMT)
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