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The Valens Company has successfully completed the acquisition of Citizen Stash Cannabis Corp. through a plan of arrangement effective November 8, 2021. The deal allows Citizen Stash shareholders to receive 0.1620 Valens shares for each Citizen Stash share held. With this acquisition, Valens aims to enhance its recreational market position by leveraging Citizen Stash's premium cannabis genetics and expanding its portfolio in the premium flower category. The transaction was approved by Citizen Stash shareholders and the British Columbia Supreme Court.
Citizen Stash Cannabis Corp. announced that the Supreme Court of British Columbia has approved its plan of arrangement with The Valens Company Inc.. Over 98% of shareholders supported the decision during the meeting on November 1, 2021. This arrangement will lead to Valens acquiring all issued common shares of Citizen Stash. Following completion, the company’s shares are expected to be delisted from the TSXV. Securityholders are advised to consult with their advisors for further details regarding this arrangement.
Citizen Stash Cannabis Corp. announces the approval of its arrangement with The Valens Company Inc. during a special securityholders meeting held on November 2, 2021. The arrangement will see Valens acquire all outstanding common shares of Citizen Stash. A significant 98.91% and 98.94% of shareholders voted in favor at the meeting. Approximately 50.12% of shares were represented, totaling 50,783,619. The final court order is set for November 4, 2021, with the transaction closing expected around November 8, 2021, subject to customary conditions.
Citizen Stash Cannabis Corp. reported impressive third-quarter financials for the period ending August 31, 2021, with gross revenue up 59% to $3.4 million year-over-year. Year-to-date sales surged 131% compared to the same period in 2020. The company sold 398,702 grams of dried flower, marking a 66% increase. Despite challenges posed by the COVID-19 pandemic, Citizen Stash has strengthened its distribution network and launched innovative strains. The company holds $12.3 million in assets with a working capital of $4.8 million.
Citizen Stash Cannabis Corp. supports the proposed Valens Transaction with The Valens Company Inc., aiming to form a stronger global cannabis manufacturing platform. Despite a market downturn, CEO Jarrett Malnarich believes the merger will enhance market share, particularly with Citizen Stash's premium brand. The cannabis sector has faced a 50% decline since February 2021, impacting share prices for both companies. The Citizen Stash Board urges shareholders to vote in favor of the transaction at the upcoming meeting on November 1, 2021, emphasizing long-term benefits and growth opportunities.
Citizen Stash Cannabis Corp. (OTCQB: EXPFF) has announced the launch of its premium cannabis flower products in Nova Scotia, marking a significant milestone in its national distribution strategy. The company's subsidiary, Experion Biotechnologies, has secured its first purchase order from the Nova Scotia Liquor Corporation. Initial offerings include three premium SKUs, contributing to Citizen Stash's reputation as a leading premium cannabis brand across Canada. This expansion into Nova Scotia positions the company to tap into the province's burgeoning cannabis market, enhancing its distribution network and sales potential.
Citizen Stash Cannabis Corp. has completed a $1.5 million investment from The Valens Company through a secured convertible debenture. A virtual special meeting for securityholders is scheduled for November 1, 2021, to discuss the arrangement with Valens. This arrangement offers Citizen Stash shareholders a premium of approximately 35.1% per share and promises ownership in a stronger entity with enhanced financial resources. The debenture has a 6.0% interest, convertible into shares at $0.39, and the financing will support growth initiatives.
Citizen Stash Cannabis Corp. announces the launch of five new product listings in Ontario and British Columbia, including first-to-market strains Jungle Breath and Cookie Puss.
In partnership with True North Cannabis Corp., Citizen Stash is introducing an innovative CBD product line. The new products enhance Citizen Stash's premium cannabis reputation and will be available in retail stores starting October. Additionally, an exclusive licensing agreement with Experion Biotechnologies aims to distribute True North products across Canada.
The Valens Company has announced its acquisition of Citizen Stash Cannabis Corp. in a deal valued at approximately $54.3 million. This strategic move positions Valens to enter the $2.7 billion flower-based market, bolstering its presence in the high-margin premium flower category. Shareholders of Citizen Stash will receive 0.1620 Valens shares per common share, representing a 35.1% premium based on recent trading prices. The acquisition is expected to generate significant revenue and cost synergies while enhancing Valens' market share, as premium cannabis products dominate retail sales in Canada.
Citizen Stash Cannabis Corp. reported strong growth in Q2 2021, with gross revenue increasing 92% to $3.3 million compared to $1.7 million in Q2 2020. Year-to-date sales soared over 250%.
Despite challenges from COVID-19 and inventory constraints, the company expanded its SKU listings by 35% across several provinces and maintained premium pricing at an average of $8.12 per gram. However, Q2 revenue decreased 19% from Q1 due to ongoing restrictions. The company's net working capital stands at $5.7 million.
