Valens Company Inc. (OTCMKTS:VLNCF) completed the rebranding to ‘The Valens Company’ and complies with Canada Business Corporation Act. It will commence trading under the new name on the OTC (OTCQX) and TSX (Toronto Stock Exchange) with effect from June 24, 2020. The securities symbols will remain unchanged as VLNS for the shares and VLNS.WT for warrants. It also received new CUSP numbers for the shares – 91914P108 and warrants – 91914P124.
Introduces new brands
The CEO of the Valens Company, Tylor Robson, said the company worked all the stakeholders relentlessly to complete rebranding and introduce innovative brands and products to maintain leadership in Canada’s oil industry. The company also worked effectively to bring in new partners. Valens continuously explores new opportunities overseas and at home and eager to demonstrate the benefits of new branding to the clients.
Posts robust growth in Q1 revenues
Valens posted a growth of 1354% in revenues to $32 million in Q1 2020. It is on the backdrop of an increase in per gram input revenues to $1.44 in this quarter.
Receives approval to acquire 6.27 million shares
Valens received approval to buy 6.27 million shares from shareholders through an open market within one year. The company has outstanding shares of 127 million as of February 29, 2020. It achieved several key milestones and posting improved growth QoQ. The company is taking advantage of its extraction platform and enhanced its white-label capabilities to facilitate easy navigation for the customers.
Valens unveiled several innovative product formats, which include hydrocarbon-based products. It targets to achieve growth in Q2 by ensuring the availability of these high-end products to the customers. Valens is focusing on smaller processing lots and reduced extraction volumes. The introduction of cannabis 2.0 products to the market is also slowed down.
Encouraging signs for higher extraction volumes
Valens is receiving some encouraging signs to improve extraction volumes in H2. Its white-label strategy helped the company to realize higher revenues in Q1 2020. The company foresees higher per gram prices for the rest of the year.
Signs a manufacturing accord
Valens entered a 5-year production pact with Verse Cannabis. As per the terms of the agreement, Valens will produce and distribute next-generation products like hydrocarbon-based crumbles. The company will also manufacture oils and vapes under the Verse Originals brand.
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