Ms. Renee
Merrifield steps down following her election as MLA of
Kelowna-Mission district in British Columbia
KELOWNA, BC, Nov. 26, 2020 /CNW/ - The Valens Company
Inc. (TSX: VLNS) (OTCQX: VLNCF) (the "Company" or "The Valens
Company"), a global leader in the end-to-end
development and manufacturing of innovative, cannabinoid-based
products, today announced that Ms. Renee
Merrifield has stepped down from the Company's Board of
Directors ("Board") following her election as Member of the
Legislative Assembly (MLA) of the Kelowna-Mission district of British Columbia in the provincial general
election held October 24, 2020.
Ms. Merrifield served on The Valens Company's Board of Directors
as an independent member and a member of the Board Nominating and
Corporate Governance Committee since June
2020. Her resignation will allow her to devote her full
attention to the Legislative Assembly of British Columbia, and her role as CEO and
Co-Founder of her land and real estate development company, Troika
Management Corp. Ms. Merrifield's resignation is effective
immediately.
"Although for a short time, serving on the Valens Board
alongside many talented and passionate individuals was a pleasure,"
said Ms. Merrifield. "The Valens Company is well-positioned for a
bright future, and I look forward to following its growth for years
to come."
"On behalf of the Board of Directors and Executive leadership
team, I would like to congratulate Ms. Merrifield on this exciting
next step in her career and wish her the best for the future. We
thank Ms. Merrifield for her valuable leadership expertise and
contributions to our team," said Tyler
Robson, Chief Executive Officer of The Valens Company.
The Board Nominating and Corporate Governance Committee will
immediately begin the search process for a new independent board
member to succeed Ms. Merrifield. As laid out in the Nominating and
Corporate Governance Committee Charter, the diversity of the Board
will be considered when selecting a nominee.
About The Valens Company
The Valens Company is a global leader in the end-to-end
development and manufacturing of innovative, cannabinoid-based
products. The Valens Company is focused on being the partner of
choice for leading Canadian and international cannabis brands by
providing best-in-class, proprietary services including CO2,
ethanol, hydrocarbon, solvent-less and terpene extraction,
analytical testing, formulation and product development and custom
manufacturing. Valens is the largest third-party extraction company
in Canada with an annual capacity
of 425,000 kg of dried cannabis and hemp biomass at our
purpose-built facility in Kelowna,
British Columbia which is in the process of becoming
European Union (EU) Good Manufacturing Practices (GMP) compliant.
The Valens Company currently offers a wide range of product
formats, including tinctures, two-piece caps, soft gels, oral
sprays and vape pens as well as beverages, concentrates, topicals,
edibles, injectables, natural health products and has a strong
pipeline of next-generation products in development for future
release. Finally, The Valens Company's wholly-owned subsidiary
Valens Labs is a Health Canada
licensed ISO 17025 accredited cannabis testing lab providing
sector-leading analytical services and has partnered with Thermo
Fisher Scientific to develop a Centre of Excellence in Plant-Based
Science. For more information, please visit
http://thevalenscompany.com. The Valens Company's investor deck can
be found specifically at
http://thevalenscompany.com/investors/.
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", "indications", "potential", "estimates", "predicts",
"anticipate", "to establish", "believe", "intend", "ability to", or
statements that certain actions, events or results "may", "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,
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, regulatory risk,
United States border crossing and
travel bans, 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, reliance on a single facility, 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.
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SOURCE The Valens Company Inc.
