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The Valens Company (TSX: VLNS, OTCQX: VLNCF) has launched two new flavors of its Summit 10 cannabis-infused beverages: Raspberry Lemonade and Peach Lemonade, available in British Columbia and soon in Alberta. Both drinks contain 10mg of THC and utilize SōRSE by Valens emulsion technology, offering a faster onset and customizable dosing. The Summit 10 Lemonade Iced Tea previously ranked among the top three cannabis-infused beverages in Canadian markets from May to July 2021. Valens plans to transition beverage production to its Greater Toronto Area facility upon receiving necessary licenses from Health Canada.
The Valens Company has signed a two-year agreement with Harvest One Cannabis Inc to be the white label manufacturer and sales partner for LivRelief cannabis-infused topicals, which holds over 20% market share in Canada. LivRelief's products include CBD and THC:CBD creams, designed using a proprietary transdermal delivery system. This partnership aims to expand distribution across Canada, leveraging Valens' reputation as a leader in the health and wellness verticals. The first shipments are expected in fiscal Q4 2021.
Valens Company (VLNCF) reported a strong Q2 2021, with gross revenue up 16.1% to $20.5 million and net revenue rising 6.5% to $18.8 million compared to Q2 2020. SKU listings increased by 76% to 132, boosting their market penetration. The company entered the US market via a $40 million acquisition of Green Roads, enhancing its product offerings and market leadership. However, gross profit margin declined to 22.0% due to pandemic-related challenges. Valens holds a solid cash position of approximately $23.9 million, positioning it well for future growth.
The Valens Company Inc. (TSX: VLNS) (OTCQX: VLNCF) will release its second quarter 2021 financial results for the period ending May 31, 2021, on July 14, 2021, after market hours. A conference call is scheduled for July 15, 2021, at 11:00 AM ET to discuss these results and the company's business outlook. Investors can participate via toll-free lines or through a webcast on the company's investor page. Valens specializes in cannabis products and is focused on quality and innovation across various consumer segments, including medical and recreational.
The Valens Company has entered a custom manufacturing agreement with Gallery Brands to produce cannabis beverages and edibles for its brands Blessed and flir. This partnership allows Valens to leverage its patented SōRSE™ technology for creating innovative cannabis-infused products, which will be distributed by Gallery in Canada. The collaboration aims to meet consumer demands for health-focused and culinary-inspired cannabis products, enhancing Valens' position in the market.
The Valens Company (OTCQX: VLNCF) has successfully acquired Green Roads for US$40 million, with an additional US$20 million contingent on achieving certain EBITDA milestones in 2022. This strategic acquisition bolsters Valens' entry into the U.S. cannabis market, enhancing its product portfolio and distribution capabilities. Following the phased integration, Valens aims for significant growth in both U.S. and Canadian markets, expecting to invest $10 million in Green Roads to capitalize on the projected US$15.9 billion CBD market by 2026.
The Valens Company (OTCQX: VLNCF) has joined the Cannabis Council of Canada (C3), enhancing its commitment to the legal cannabis industry. This partnership aims to support the growth and integrity of cannabis in Canada through regulatory reform, consumer education, and environmental stewardship. Valens will contribute to initiatives like vape product safety and a national vape recycling program. CEO Tyler Robson expressed enthusiasm for collaborating with C3 to address key issues in the industry. This move reinforces Valens’ role as a leader in the cannabis sector, focused on product safety and innovation.
The Valens Company (TSX: VLNS, OTCQX: VLNCF) announced the launch of several new cannabis products in partnership with Verse Cannabis. These include offerings in flower, pre-rolls, concentrates, and edibles, marking Valens' entry into the flower and pre-roll categories. New products such as BC God Bud Flower and Double Chocolate Brownie are designed to meet customer demand for quality cannabis at competitive prices. With this expansion, Valens aims to enhance its market presence and partnership opportunities across Canada.
The Valens Company (TSX: VLNS, OTCQX: VLNCF) reported the results of its Annual and Special Meeting of Shareholders held on May 25, 2021, where 44,391,588 shares (27.85% of total) were represented. Shareholders approved all matters, including the re-election of directors Deepak Anand, Guy Beaudin, Andrew Cockwell, Karin A. McCaskill, Ashley McGrath, Tyler Robson, and Drew Wolff. However, Deepak Anand stepped down for personal reasons immediately after his re-election. Tyler Robson welcomed new directors Guy Beaudin and Drew Wolff to strengthen governance and support growth initiatives.
The Valens Company (OTCQX: VLNCF) announced its first purchase order from Cannabis NB, marking its official entry into the New Brunswick cannabis market. This expansion is significant as it positions Valens as a supplier in a new region, enhancing its domestic distribution network, which already spans six provinces and one territory. The initial shipment will include various cannabis products, such as vape cartridges created in collaboration with Verse Cannabis. CEO Tyler Robson emphasized their focus on increasing sales channels and product diversity in Canada.
