The Valens Company Inc. (TSX: VLNS) (OTCQX: VLNCF) (the “Company,” “The Valens Company” or “Valens”), a leading manufacturer of cannabis products, today announced that it has entered into six manufacturing partnerships to produce a variety of cannabis products including pre-rolls, innovative edibles, vape, hydrocarbon concentrates, and to provide expert extraction services including the production of high-quality winterized and full-spectrum oils and distillate.
The six agreements include three of the top seven Canadian licensed producers by market share and showcase the vast manufacturing capabilities that Valens offers to its customers. The majority of the agreements were signed in the last three weeks, indicative of the significant interest in the capabilities provided by the Valens platform. The collective agreements are expected to commence over the next two quarters, with anticipated revenue generation during the same period. In addition, four of the agreements require deposits that are up to 100% of initial purchase orders.
“These agreements, which encompass some of our largest Canadian Licensed Producer partners, represent the vast range of our manufacturing capabilities, reinforcing that we are an ally to our customers and consumers,” said Tyler Robson, Chief Executive Officer, Chair, Co-Founder of The Valens Company. “Notably, the size of these agreements align with our promise of fewer, bigger, better in terms of relationships and products, ensuring we remain focused on providing the highest shareholder value. Additionally, this marks the largest third-party edible agreement to date for LYF Food Technologies. We are excited to have these partners on board and will continue to focus on adding partners that align with our values.”
Relative to the Company’s application to list its common shares on the Nasdaq Capital Market (“Nasdaq”), the listing process has progressed at a slower pace than originally anticipated.
However, the Company continues to make this a top priority and expects to commence trading on Nasdaq by the end of fiscal 2021. The common shares will continue to be listed on the Toronto Stock Exchange (“TSX”) under the symbol “VLNS”. In addition, the common shares will continue to be quoted on the OTCQX until such time as the common shares may be listed on Nasdaq, subject to approval of the Company’s listing application.
Valens has retained Stikeman Elliott LLP in Canada and Foley Hoag LLP in the US as legal counsel to advise the Company throughout the Nasdaq listing application process.
