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The Valens Company has formed a two-year exclusive partnership with Coldhaus Distribution to enhance the distribution of its cannabis products in Ontario, Alberta, and British Columbia. This collaboration aims to leverage Coldhaus's logistics expertise for better store-level representation and brand visibility. The CEO of Valens believes this partnership will accelerate growth in key markets without incurring additional overhead. Coldhaus, entering the cannabis market, sees this as a significant opportunity to build and distribute Valens's impressive product portfolio.
The Valens Company has announced the launch of a Quebec-exclusive cannabis brand called Bon Jak, featuring new SKUs including dried flower and cannabis-infused beverages. These products are set to launch at the SQDC on September 12, 2022. CEO Tyler Robson emphasized the company's commitment to the Quebec market, aiming to deliver unique products responsive to consumer feedback. The brand seeks to provide regionally focused offerings at competitive prices, leveraging Valens's innovation and manufacturing capabilities.
The Valens Company (TSX: VLNS, NASDAQ: VLNS) announced its participation in several upcoming investor conferences, including the Jefferies Cannabis Summit on June 2, 2022, the Stifel Cross Sector Insight Conference and a KCSA OTC Virtual Cannabis Conference on June 7, 2022. Investors can register for the KCSA conference to ask questions live or access an archived version post-event. The Valens Company focuses on providing high-quality cannabis products and services while aiming to expand its market presence.
The Valens Company announces a significant growth in its Canadian recreational market share, increasing from 2.5% in November 2021 to 3.4% in April 2022. Retail sales rose by 53.8% across Ontario, Alberta, British Columbia, and Saskatchewan. Valens emerged as the fastest-growing company among the top ten licensed producers. The company aims to be a top five player in vapes, edibles, and beverages, and a top ten player in flower products by the end of 2022. New product launches and a strong brand portfolio position Valens favorably in the competitive cannabis market.
The Valens Company has appointed Andrew Cockwell as the new Chair of the Board, separating this role from that of CEO, Tyler Robson, who will remain in his position and continue serving on the Board. This governance change aims to enhance transparency and accountability, following the company's recent Nasdaq listing. The company has also extended the deadline for its Annual General Meeting to August 2, 2022, to recruit diverse director candidates, aligning with best governance practices.
The Valens Company, a prominent cannabis product manufacturer, announced CEO Tyler Robson's participation in the AGP Spring Consumer Cannabis Conference on May 3, 2022, at 10:00 AM EST. He will join Aaron Gray for a panel discussion on the State of the Canadian Cannabis Market. Investors are encouraged to register for the event through the provided link. Valens focuses on quality innovation in cannabis products, serving medical, health, and recreational segments. The company also offers CBD products in the U.S. and distributes medicinal cannabis in Australia.
The Valens Company has announced an agreement through its subsidiary Green Roads to install smart kiosks in premium malls across the U.S. The partnership with Signifi Solutions is set to enhance brand visibility and create new revenue opportunities through high foot traffic. Initial installations will occur in key locations including New York, Florida, and Texas, with the first kiosk expected to launch in June 2022. This initiative aims to provide convenient access to a full range of Green Roads wellness products, leveraging technology for real-time sales and customer data analytics.
The Valens Company reported a 26.1% increase in net revenue in Q1 2022, totaling $23.2 million, driven by strong provincial sales up 36.7%. Valens became a top 10 licensed cannabis producer in Canada with a 3.1% market share. The B2B segment grew by 53.7%, contributing significantly to sales, while Green Roads revenue declined by 10.5%. The company aims for positive adjusted EBITDA by Q4 2022. Operational efficiencies of approximately $9.5 million initiated are expected to enhance profitability moving forward.
The Valens Company has successfully closed its bought deal public offering, raising approximately CDN$32.3 million by selling 12,205,186 units at CDN$2.65 each. Each unit comprises one common share and one-half of a warrant, exercisable at CDN$3.20 for four years. The proceeds will be used for strategic growth initiatives in North America and general corporate purposes. The offering involved co-lead underwriters Stifel GMP and A.G.P./Alliance Global Partners, among others. The Company continues to expand in the cannabis market, focusing on product quality and innovation.
The Valens Company has reported a significant increase in its recreational market share in Canada. As of February 2022, overall market share rose to 3.1%, up from 2.4% in November 2021, placing Valens at #10 nationally. In Ontario, market share increased to 3.2%, up from 2.3%. The company is capitalizing on recent product launches, including Versus seltzers and Contraband flower, aiming for continued growth and profitability throughout 2022.
