The Valens Company Enters into Six Manufacturing Partnerships and Provides Corporate Update
KELOWNA, BC, Oct. 5, 2021 /PRNewswire/ – The Valens Company Inc. (TSX: VLNS) (OTCQX: VLNCF) (the “Company,” “The Valens Company” or “Valens”), a leading manufacturer of cannabis products, today announced that it has entered into six manufacturing partnerships to produce a variety of cannabis products including pre-rolls, innovative edibles, vape, hydrocarbon concentrates, and to provide expert extraction services including the production of high-quality winterized and full-spectrum oils and distillate.
The six agreements include three of the top seven Canadian licensed producers by market share and showcase the vast manufacturing capabilities that Valens offers to its customers. The majority of the agreements were signed in the last three weeks, indicative of the significant interest in the capabilities provided by the Valens platform. The collective agreements are expected to commence over the next two quarters, with anticipated revenue generation during the same period. In addition, four of the agreements require deposits that are up to 100% of initial purchase orders.
These agreements, which encompass some of our largest Canadian Licensed Producer partners, represent the vast range of our manufacturing capabilities, reinforcing that we are an ally to our customers and consumers. Notably, the size of these agreements align with our promise of fewer, bigger, better in terms of relationships and products, ensuring we remain focused on providing the highest shareholder value.
Tyler Robson, Chief Executive Officer, Chair, Co-Founder of The Valens Company
Additionally, this marks the largest third-party edible agreement to date for LYF Food Technologies. We are excited to have these partners on board and will continue to focus on adding partners that align with our values.
Relative to the Company’s application to list its common shares on the Nasdaq Capital Market (“Nasdaq”), the listing process has progressed at a slower pace than originally anticipated.
However, the Company continues to make this a top priority and expects to commence trading on Nasdaq by the end of fiscal 2021. The common shares will continue to be listed on the Toronto Stock Exchange (“TSX”) under the symbol “VLNS”. In addition, the common shares will continue to be quoted on the OTCQX until such time as the common shares may be listed on Nasdaq, subject to approval of the Company’s listing application.
Valens has retained Stikeman Elliott LLP in Canada and Foley Hoag LLP in the US as legal counsel to advise the Company throughout the Nasdaq listing application process.
At Valens, it’s Personal.
About The Valens Company
The Valens Company is a leading cannabis consumer products company, with significant expertise in manufacturing cannabinoid based products and a mission to bring the benefits of cannabis to the world. Valens provides proprietary cannabis processing services and best-in-class product development, manufacturing, and commercialization of cannabis consumer packaged goods. Valens’ high-quality products are formulated for the recreational, health and wellness, and medical consumer segments and are offered across all cannabis product categories, with a focus on quality and product innovation. Valens also manufactures, distributes, and sells a wide range of CBD products in the United States through its subsidiary Green Roads, and distributes medicinal cannabis products to international markets through its subsidiary Valens Australia. In partnership with brand houses, consumer packaged goods companies and licensed cannabis producers around the globe, Valens continues to grow its diverse product portfolio in alignment with evolving cannabis consumer preferences. Through Valens Labs, Valens is setting the standard in cannabis testing and research and development with Canada’s only ISO17025 accredited analytical services lab, named The Centre of Excellence in Plant-Based Science by partner and scientific world leader Thermo Fisher Scientific. Discover more on The Valens Company at http://www.thevalenscompany.com.