KELOWNA, BC, Oct. 5, 2021 /PRNewswire/ - 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.
At Valens, it's Personal.
About The Valens Company
The Valens Company is a
leading cannabis consumer products company, with significant
expertise in manufacturing cannabinoid based products and a mission
to bring the benefits of cannabis to the world. Valens provides
proprietary cannabis processing services and best-in-class product
development, manufacturing, and commercialization of cannabis
consumer packaged goods. Valens' high-quality products are
formulated for the recreational, health and wellness, and medical
consumer segments and are offered across all cannabis product
categories, with a focus on quality and product innovation. Valens
also manufactures, distributes, and sells a wide range of CBD
products in the United States
through its subsidiary Green Roads, and distributes medicinal
cannabis products to international markets through its subsidiary
Valens Australia. In partnership with brand houses, consumer
packaged goods companies and licensed cannabis producers around the
globe, Valens continues to grow its diverse product portfolio in
alignment with evolving cannabis consumer preferences. Through
Valens Labs, Valens is setting the
standard in cannabis testing and research and development with
Canada's only ISO17025 accredited
analytical services lab, named The Centre of Excellence in
Plant-Based Science by partner and scientific world leader Thermo
Fisher Scientific. Discover more on The Valens Company at
http://www.thevalenscompany.com.
Notice regarding Forward Looking Statements
All
information included in this press release, including any
information as to the future financial or operating performance and
other statements of The Valens Company that express management's
expectations or estimates of future performance, other than
statements of historical fact, constitute forward-looking
information or forward-looking statements within the meaning of
applicable securities laws and are based on expectations, estimates
and projections as of the date hereof. Forward-looking statements
are included for the purpose of providing information about
management's current expectations and plans relating to the future.
Wherever possible, words such as "plans", "expects", "scheduled",
"trends", "forecasts", "future", "indications", "potential",
"estimates", "predicts", "anticipate", "to establish", "believe",
"intend", "ability to", or statements that certain actions, events
or results "may", "should", "could", "would", "might", "will", or
are "likely" to be taken, occur or be achieved, or the negative of
these words or other variations thereof, have been used to identify
such forward-looking information. Specific forward-looking
statements include, without limitation, all disclosure regarding
future results of operations, future outcomes of transactions,
economic conditions, and anticipated courses of action. Investors
and other parties are advised that there is not necessarily any
correlation between the number of SKUs manufactured and shipped and
revenue and profit, and undue reliance should not be placed on such
information.
The risks and uncertainties that may affect forward-looking
statements include, among others, whether the Company will be able
to fulfill all of listing requirements of the Nasdaq, Canadian
regulatory risk, Australian regulatory risk, U.S. regulatory risk,
U.S. border crossing and travel bans, the uncertainties, effects of
and responses to the COVID-19 pandemic, reliance on licenses,
expansion of facilities, competition, dependence on supply of
cannabis and reliance on other key inputs, dependence on senior
management and key personnel, general business risk and liability,
regulation of the cannabis industry, change in laws, regulations
and guidelines, compliance with laws, limited operating history,
vulnerability to rising energy costs, unfavourable publicity or
consumer perception, product liability, risks related to
intellectual property, product recalls, difficulties with
forecasts, management of growth and litigation, many of which are
beyond the control of The Valens Company. For a more comprehensive
discussion of the risks faced by The Valens Company, and which may
cause the actual financial results, performance or achievements of
The Valens Company to be materially different from estimated future
results, performance or achievements expressed or implied by
forward-looking information or forward-looking statements, please
refer to The Valens Company's latest Annual Information Form filed
with Canadian securities regulatory authorities at www.sedar.com or
on The Valens Company's website at www.thevalenscompany.com. The
risks described in such Annual Information Form are hereby
incorporated by reference herein. Although the forward-looking
statements contained herein reflect management's current beliefs
and reasonable assumptions based upon information available to
management as of the date hereof, The Valens Company cannot be
certain that actual results will be consistent with such
forward-looking information. The Valens Company cautions you not to
place undue reliance upon any such forward-looking statements. The
Valens Company disclaims any intention or obligation to update or
revise any forward-looking statements whether as a result of new
information, future events or otherwise, except as required by
applicable law. Nothing herein should be construed as either an
offer to sell or a solicitation to buy or sell securities of The
Valens Company.
View original content to download
multimedia:https://www.prnewswire.com/news-releases/the-valens-company-enters-into-six-manufacturing-partnerships-and-provides-corporate-update-301392553.html
SOURCE The Valens Company Inc.