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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.
On June 13, 2022, The Valens Company (TSX: VLNS, Nasdaq: VLNS) received a notification from Nasdaq regarding non-compliance with the minimum bid price requirement of US$1.00 per share. This is based on the company's closing bid price over the past 30 business days. The notice does not immediately affect trading but grants the company until December 12, 2022 to regain compliance. If the share price closes above US$1.00 for 10 consecutive days, compliance will be restored. Failure to comply may lead to delisting.
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 Investors can register for the KCSA conference to ask questions live or access an archived version post-event.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 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 (TSX: VLNS, Nasdaq: VLNS) announced participation in Oppenheimer's 7th Annual Emerging Growth Conference on May 10, 2022, and Canaccord Genuity's 6th Annual Cannabis Conference on May 11, 2022. Investors can register to view the presentation at this link. Valens is a prominent cannabis product manufacturer, offering proprietary processing services and a diverse range of products for medical and recreational use. The Company also sells CBD products in the U.S. through Green Roads and distributes medicinal products 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 (TSX: VLNS) will release its Q1 2022 financial results on April 13, 2022, after market close.
A conference call to discuss these results will take place on April 14, 2022, at 11:00 AM ET. Investors can join via toll-free and international dial-ins provided in the press release.
Valens is a leading cannabis manufacturer, focused on bringing quality products across various consumer segments, including medical and recreational markets.
On April 5, 2022, The Valens Company (VLNS) announced a bought deal financing totaling US$28.75 million to enhance its financial flexibility and meet growing demand. The company emphasizes its strategy of managing working capital effectively, as demonstrated by its transition to a B2C model. Valens has committed to integrating previous acquisitions and optimizing costs, aiming for positive adjusted EBITDA by Q4 2022. They are also shifting production to centralize operations and expect to monetize non-core assets, potentially generating $5 to $10 million in cash.
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.
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