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The Valens Company has completed its acquisition of LYF Food Technologies Inc. for CDN$24.9 million, plus an additional CDN$17.5 million contingent on future performance. This strategic move enhances Valens' position in the rapidly growing cannabis edibles market. The integration is already underway with the launch of new soft chew products in partnership with A1 Cannabis and Verse Cannabis. The acquisition is expected to diversify Valens' product offerings and cater to evolving consumer preferences in Canada.
The Valens Company (OTCQX: VLNCF) has announced a strategic alliance with Rubicon Organics, a leading organic cannabis producer in Canada. This custom manufacturing agreement allows Valens to utilize its extraction technologies to create innovative cannabis products. The partnership aims to enhance Rubicon's portfolio with certified organic products and to accelerate the launch of its 2.0 product line, catering to the premium cannabis market. Valens CEO Tyler Robson expressed confidence in Rubicon's capabilities to thrive across various product categories.
The Valens Company reported a 44% increase in net revenue, reaching $83.8 million for fiscal 2020, driven by a 237% rise in product sales to $54.7 million. Q4 2020 showcased a 292% surge in provincial sales compared to Q3 2020. Despite these gains, significant losses were recorded, with a gross profit of -$6.0 million in Q4 2020 due to inventory write-downs. The company aims for Q1 2021 revenue between $19 million to $23 million, supported by expanded manufacturing capabilities. Valens has also entered the Australian market and plans further growth through strategic acquisitions and partnerships.
The Valens Company has submitted a site evidence package to Health Canada for its GTA Facility, now nearing completion. This facility will enhance production capacity by 30,000 square feet, focusing on cannabis-infused beverages and new product formulations using SōRSE by Valens technology. As of Q4 2020, Valens holds a 5.2% market share in cannabis-infused beverages in key Canadian provinces. The facility is expected to receive its license by Q2 2021 and commence product manufacturing in the latter half of fiscal 2021.
The Valens Company (TSX: VLNS) (OTCQX: VLNCF) will release its fourth quarter and fiscal year 2020 financial results on February 24, 2021. The earnings call is scheduled for February 25, 2021, at 11:00 AM Eastern Time. Valens specializes in cannabis derivative products and offers a diverse portfolio across various formats including oils, vapes, and edibles. The company emphasizes innovation, highlighted by its patented SōRSE™ technology that enhances product efficacy.
The Valens Company has received an amendment to its Health Canada standard processing licence, allowing it to sell and distribute pre-rolls and dried cannabis derivative products. This amendment significantly expands the Company's market reach, enabling sales to authorized retailers across Canada beginning in Q2 2021. With an array of cannabis extract products already in its portfolio, Valens aims to meet consumer demand with competitively priced offerings. CEO Tyler Robson emphasized that this licence, along with their low-cost production platform, will provide a competitive edge in a price-sensitive market.
The Valens Company (TSX: VLNS, OTCQX: VLNCF) announced the launch of nūance's CBD 100, a high-potency CBD oil, set to be available through the Medical Cannabis by Shoppers™ marketplace shortly. This product uses proprietary extraction technology to offer CBD with undetectable THC levels, packaged in a user-friendly 30ml bottle. The company plans to expand its product line further with additional items such as topicals and water drops.
The Valens Company (VLNCF) provided an operational update highlighting the launch of its K2 Facility for manufacturing cannabis derivative products, including vapes and tinctures, designed to EU GMP standards. The facility expands Valens’ capabilities and prepares for future product introductions. Additionally, the GTA Facility is nearing completion, focused on cannabis-infused beverages. The company reported that LYF Food Technologies received an amendment to its processing license, allowing for direct sales of cannabis products, enhancing its distribution network. The LYF Acquisition is set to close around February 18, 2021.
The Valens Company (TSX: VLNS; OTCQX: VLNCF) reported third-quarter 2020 net revenue of $18.1 million, up 10% from Q3 2019. Product sales increased by 52% from Q2 2020, amounting to $15.1 million. However, gross profit fell to $7.3 million, a margin of 39.5%, down from 77.8% in Q3 2019, due to reduced toll extraction volumes. Adjusted EBITDA decreased to $1.4 million, representing 7.8% of revenue. The company maintained a strong balance sheet with $30.3 million in cash and $83.5 million in net working capital as of August 31, 2020.
The Valens Company (OTCQX: VLNCF) will release its Q3 2020 financial results on October 14, 2020. A conference call to discuss these results is scheduled for October 15, 2020, at 11:00 AM ET. The Company focuses on cannabinoid-based product development and manufacturing, and is the largest third-party extraction company in Canada, with an annual capacity of 425,000 kg of dried cannabis. Valens is also working towards EU GMP compliance and anticipates further product developments.
