Valens Groworks Corp (OTCMKTS:VLNCF) entered a pact with Verse Cannabis for manufacturing innovative products that comprise hydrocarbon-based crumbles in the legalized Canadian market. The deal is valid for 5-years.
High-quality oils and vapes
Valens will introduce good quality essential products like oils and vapes under the trademark Verse Originals. The company will leverage SōRSE by Valens emulsion technology to manufacture and introduce products such as water derived products and vape pens under the brand – Verse Concentrates. As per the terms of the pact, Verse Cannabis will receive royalties from Valens for over 5-years.
Innovative products to satisfy experienced users
CEO of the Valens, Tyler Robson, said the deal allows the company to develop and unveil much-awaited and high-quality products under the Verse brand. The new products satisfy the demand of experienced cannabis users in Canada. Concentrates and vapes are in great demand and expect to contribute to a large chunk of cannabis revenues in North America.
Concentrates and vape products accounted for 33% of the overall sales in markets such as Colorado and California in 2019. The sales growth of these products is very much higher and outperformed compared to the flower category during 2016 and 2019, accounting for over 50% of the overall sales.
Signs a custom manufacturing deal with TREC
Valens signed a custom production deal with TREC Brands Inc. The deal allows Valens to produce vape pens under the trademarks like Blissed and Wink and Thumbs Up Brand. It also allows the company to introduce more innovative products at a later stage.
To its credit, TREC already launched pre-rolls, flower, and tinctures. The new deal allows Valens to launch vape products in a new format under the current brands. As per the terms of the pact, Valens will pay a royalty to TREC.
Introduces ‘Made By’
Valens today unveiled a premium vape product portfolio – ‘Made By’ in alliance with BRNT Ltd. The new vape pen line comprises ready to use and disposable vape pens.
The vape pens product line comprises Critical Kali Mist, White Rhino, and Headband. Valens also working with BRNT for the manufacture of 510 thread vape cartridges and expects to introduce in late 2020.