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Cannabis producer The Valens Company Inc. (TSX:VLNS) (OTCQX:VLNCF) said Tuesday that it has entered into six manufacturing partnerships over the past month.
Based in Kelowna, British Columbia, the company intends to produce a variety of cannabis products, including pre-rolls, innovative edibles, vape, hydrocarbon concentrates and will 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 are expected to commence over the next two quarters.
In addition, four of the agreements require deposits that are up to 100% of initial purchase orders, Valens disclosed.
"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," Tyler Robson, Valens' CEO, chair and co-founder said. "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."
Valens is poised to enter the third-largest cannabis market in Canada. The company obtained authorization to contract or subcontract with a public body from the Autorité des marchés publics in Quebec, enabling it to become a registered vendor to supply goods and services in the province.
The company also noted that following its application to list its common shares on the Nasdaq Capital Market, the listing process progressed at a slower pace than anticipated. Valens expects to debut on Nasdaq by the end of fiscal 2021.
In August, the company announced it was acquiring Citizen Stash Cannabis Corp (formerly Experion Holdings Ltd) (TSXV:CSC) (OTCQB:EXPFF) in all-share stock. The transaction was valued at roughly $54.3 million on an enterprise value basis.
Shortly after, the company closed a deal to acquire Verse Cannabis, including all of the Verse intellectual property.
Valens' shares traded 2.9% lower at $1.7700 per share after the market close on Monday.
Photo: Courtesy of Chris Liverani on Unsplash
