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The Valens Company announced approval for its common shares to trade on the Nasdaq Capital Market under ticker symbol VLNS, starting December 9, 2021. This milestone highlights their commitment to expand globally in the cannabis industry. The shares will remain listed on the Toronto Stock Exchange (TSX) and continue trading on OTCQX until the Nasdaq listing begins. CEO Tyler Robson emphasized that this move is key to improving liquidity and enhancing corporate visibility for shareholders.
The Valens Company (OTCQX: VLNCF) announced that Pommies has received a micro-processing license from Health Canada for its facility in the Greater Toronto Area (GTA). This license extends Valens' manufacturing capabilities across Canada, enhancing distribution efficiency. The GTA Facility offers 30,000 square feet for cannabis-infused beverage production, with an annual capacity of 8 million units. Valens aims to grow its market share in the cannabis beverage category, currently at approximately 9.0%. Commercial operations are expected to commence in early 2022.
The Valens Company (OTCQX: VLNCF) announced that its CEO, Tyler Robson, was named a recipient of Canada's Top 40 Under 40® for 2021. This prestigious award recognizes exceptional leadership, innovation, and social responsibility among Canadians under 40. Under Robson's leadership, Valens completed four major acquisitions in 2021, expanding its reach into the U.S. market. The recognition highlights Robson's dedication to team unity and operational milestones, as well as Valens' commitment to sustainability in its cannabis processing methods.
The Valens Company announced a 3-for-1 share consolidation to meet NASDAQ listing requirements, effective November 16, 2021. Trading on a post-consolidation basis will start on the Toronto Stock Exchange on November 18, 2021. CEO Tyler Robson emphasized that this step aims to enhance visibility among U.S. investors and improve capital access. The consolidation won't affect the dollar value of shares or shareholders' percentage ownership, except for fractional shares. The new CUSIP number for consolidated shares is 91914P603.
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.
The Valens Company has signed a letter of intent with Société québécoise du cannabis to distribute its products in Québec, a significant step as it enters the third-largest cannabis market in Canada. This agreement grants access to over 95% of the Canadian population, covering approximately 15% of the country's cannabis retail sales. Valens plans to introduce new products in Québec by early 2022, bolstering its national distribution platform.
The Valens Company reported a strong financial performance in Q3 2021, with net revenue increasing by 15.8% to $21.0 million, driven by a 20% rise in provincial sales. The company achieved a gross margin of 26.8%, up from 22.0% in Q2 2021. Noteworthy highlights include a 76.5% increase in retail sales and significant growth in provincial listings, which rose to 181. The successful acquisition of Citizen Stash is anticipated to further enhance market presence. However, adjusted EBITDA showed a loss of $6.2 million, reflecting ongoing transitions in the business structure.
The Valens Company (OTCQX: VLNCF) will release its Q3 2021 financial results for the period ending August 31 on October 13, 2021, post-market. A conference call will follow on October 14, 2021, at 11:00 AM ET to discuss the results and future outlook. Investors can join via dial-in or webcast. Valens is a leading manufacturer of cannabis products with an annual extraction capacity of 425,000 kg at its facility in Kelowna, BC, and is working towards EU GMP compliance.
The Valens Company has announced six new manufacturing partnerships focused on cannabis products, including pre-rolls, edibles, and vape products. These partnerships involve three of the top seven Canadian licensed producers, reflecting strong demand for Valens' manufacturing capabilities. The agreements are expected to generate revenue in the upcoming quarters, with some requiring deposits of up to 100% of initial purchase orders. Additionally, the company continues to pursue its Nasdaq listing, which is anticipated to commence by the end of fiscal 2021.
The Valens Company has entered a regional distribution agreement with APOTEKA SRL to expand its nūance brand into Central America, specifically Costa Rica, the Dominican Republic, and Panama. This partnership capitalizes on limited local competition and a strong distribution network. Additionally, the company secured an AUS$540,000 order for GMP products from Cannvalate in Australia, marking a significant step in its expansion into the Australian market, supported by its partnership with Epsilon Healthcare. Valens anticipates ongoing orders under this arrangement.
