A Kelowna cannabis company has entered into an agreement to make and distribute CBD-infused and non-infused prebiotic products for Mexico.
Called Predilife, it’s an agave-based prebiotic that will be offered in powder and liquid forms.
The agreement is with PMI Mexico — a subsidiary of Merger Group, which is one of the main drug suppliers of the Mexican government. The products will be manufactured at Valens’ Green Roads facility in Florida.
“Predilife has significant and unique versatility in terms of reach and market potential given it can be consumed infused or uninfused with CBD,” said Valens CEO Tyler Robson.
“This enables unimpeded distribution of the product regardless of local cannabis regulations, providing Valens access to several international markets.”
Variations for animals are also expected.
In a second agreement with PMI Mexico, Valens will supply CBD for a clinical trial to measure the anti-inflammatory application of medical-grade, nano-water emulsified CBD oil. It’s expected to begin early next year 2022 at private hospitals in Mexico.
Meanwhile, Valens announced last week it was borrowing $40 million from a private institutional lender in Ontario. The loan is from ‘2361380 Ontario Limited’ at a 10% interest rate.
“This is a very attractive cost of capital and a non-dilutive financing solution that provides more financial flexibility, fewer covenants and restrictions and better enables us to aggressively penetrate our target markets and create shareholder value,” says Valens president Jeff Fallows.
Valen’s stock is significantly down since this spring, sliding from a high of $12 in May to $3 in December.
Valens recently laid off a handful of employees in Kelowna.
