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The Valens Company, effective May 17, 2021, has appointed Sunil Gandhi as Chief Financial Officer and Adam Shea as Chief Commercial Officer. Gandhi brings 25 years of finance experience, previously leading successful turnarounds at Trophy Foods. Shea has over 16 years of commercial strategy expertise, having worked with major brands like Weston Foods. The company also nominated independent candidates Dr. Guy Beaudin and Drew Wolff for its Board of Directors, while Nitin Kaushal will step down. These changes aim to bolster leadership during a key growth phase.
Sundial Growers Inc. announced it acquired over 10% of The Valens Company Inc. on May 3, 2021, purchasing 538,400 shares at $3.663 each for a total of $1.972 million. Following this acquisition, Sundial now holds 16,040,200 Common Shares of Valens, equating to approximately 10.1% of the total issued shares. Sundial's average cost for these shares is $2.670. The acquisition is part of Sundial's investment strategy, which may evolve based on market conditions. This announcement aligns with compliance requirements under Canadian securities law.
The Valens Company (OTCQX: VLNCF) has announced the acquisition of Green Roads for US$40 million, allowing immediate entry into the US CBD market, significantly expanding its total addressable market. This acquisition is expected to be accretive in 2021 and could yield a maximum of US$20 million based on achieving specific EBITDA milestones. Green Roads is the second-largest player in the US CBD market, with a diverse portfolio and strong retail presence, and the acquisition will leverage its capabilities to enhance Valens' distribution network and product offerings.
The Valens Company has expanded its market reach by securing a cannabis purchase and sale agreement with the Yukon Liquor Corporation, enabling the distribution of its products in Yukon. This agreement allows Valens to ship Cannabis 2.0 and 3.0 products, including vapes and edibles, to licensed retailers in the region. CEO Tyler Robson highlighted that this move strengthens Valens' position in the Canadian market, providing Yukoners access to a broader selection of high-quality cannabis products. The products are expected to be available in the coming quarters.
The Valens Company reported a net revenue of $20.0 million for Q1 2021, marking a 24.7% increase from Q4 2020. Product sales rose by 23.3% to $17.9 million. Despite broader market sales declines, Valens achieved a 7.6% growth in provincial sales. The company's market share in the extract-based segment grew to ~5.5% in key provinces. However, gross profit margins were impacted, resulting in a gross profit of $4.8 million (21.9% of revenue), down from 56.6%$49.3 million.
The Valens Company has launched its new nūance CBD bath bombs, now available in Ontario and British Columbia, with plans to expand into Alberta. Each bath bomb offers 100mg of premium CBD, crafted from natural essential oils. These products are designed for at-home self-care, contributing to the wellness category. The company plans to introduce more wellness products in upcoming quarters, including balms and chews. This launch marks Valens' entry into the topical market, emphasizing its commitment to high-quality and innovative cannabis products.
The Valens Company has expanded its cannabis distribution network to include Manitoba, marking its entry into the fifth province. This new agreement with the Manitoba Liquor & Lotteries Corporation allows Valens to supply cannabis products to LGCA-licensed private retailers. The company has already shipped products such as THC beverages and vape carts to Manitoba, with plans for further shipments. Valens aims to enhance its market share across Canada, with potential expansion into other provinces like Quebec.
The Valens Company (TSX: VLNS) (OTCQX: VLNCF) will release its first quarter 2021 financial results on April 14, 2021, after market close. A conference call to discuss the results will follow on April 15, 2021, at 11:00 am ET. The call will feature CEO Tyler Robson, CFO Chris Buysen, and other executives. Valens specializes in cannabis manufacturing and offers a variety of products, including oils and vapes. The company emphasizes its proprietary SōRSE™ emulsification technology and plans to expand its portfolio according to market trends.
The Valens Company (VLNCF) announced the upcoming distribution of select products from its partner Verse Cannabis through the Medical Cannabis by Shoppers platform in Canada. This includes products from the Verse Originals and Verse Concentrates lines, aiming to deliver premium cannabis offerings at affordable prices. Featured products include Verse Crumble and various flavored vape cartridges, enhancing consumer accessibility. The company anticipates future product launches such as soft chews and pre-rolls. CEO Tyler Robson emphasized the strategic partnership's value amid increasing consumer demand.
The Valens Company (TSX: VLNS) (OTCQX: VLNCF) has announced a custom manufacturing agreement with Experion Biotechnologies to provide pre-roll manufacturing and distribution services. This agreement comes after Valens received a Health Canada licence amendment for dried cannabis products and marks the company's first custom manufacturing deal of this kind. The partnership aims to enhance the Citizen Stash brand's product offerings and expand market reach. The agreement spans a minimum of two years, with ongoing discussions for potential product development beyond pre-rolls.
