KELOWNA, BC, Feb. 23, 2021 /CNW/ - 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 submitted a site
evidence package to Health Canada under its existing
micro-processing licence application for the Company's third
facility in Canada, located in the
Greater Toronto Area ("GTA
Facility").
The GTA Facility is now in the final stages of construction and
will provide an additional 30,000 square feet of capacity, focused
on the formulation, co-packing, and manufacturing of
cannabis-infused beverages and other customized 2.0 and 3.0
products using SōRSE by Valens emulsion technology.
"Thanks to our exceptional team, we are now one step closer to
bringing the GTA Facility online despite initial delays caused by
the pandemic," said Tyler Robson,
Chief Executive Officer, Co-Founder and Chair of The Valens
Company. "As of Q4 2020 and according to Headset data, Valens holds
approximately 5.2 percent of cannabis-infused beverage market share
in Alberta, British Columbia, and Ontario, with just one partner in this product
category. With this additional manufacturing capacity, we look
forward to expanding our beverage product offering and market share
through additional mandates in this category with new and existing
partners."
The custom-designed facility features a highly integrated system
that can fill 100 bottles per minute with the added ability to
easily increase future output to prepare for expected national
demand. The GTA Facility supports production of PET bottles, canned
formats, and smaller formats for a shot-type product, in addition
to offering both carbonated and non-carbonated beverages. Valens'
beverage program has been designed to support custom manufacturing
and white label partners and is staffed with experts in formulation
and product design, leveraging the Company's existing testing and
analytics capabilities.
The GTA Facility is expected to receive its licence in the
second quarter of 2021, after which Valens expects to begin
manufacturing products at the facility and begin commercializing
and shipping out products in the second half of fiscal 2021.
About The Valens Company
The Valens Company is a leading manufacturer of cannabis
products with a mission to bring the benefits of cannabis to the
world. The Company provides proprietary cannabis processing
services across five core technologies, in addition to
best-in-class product development, formulation and manufacturing of
cannabis consumer packaged goods. The Valens Company's high-quality
products are exclusively formulated for the medical, therapeutic,
health and wellness, and recreational consumer segments, and are
offered across numerous product formats, including oils, vapes,
concentrates, edibles and topicals, as well as pre-rolls, with a
focus on next-generation product development and innovation. Its
breakthrough patented emulsification technology, SōRSE™ by Valens,
converts cannabis oil into water-soluble emulsions for seamless
integration into a variety of product formats, allowing for
near-perfect dosing, stability, and taste. In partnership with
brand houses, consumer packaged goods companies and licensed
cannabis producers around the globe, the Company continues to grow
its diverse product portfolio in alignment with evolving cannabis
consumer preferences in key markets. Through its wholly owned
subsidiary Valens Labs Ltd., the Company 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 and its subsidiaries at
http://www.thevalenscompany.com.
Notice regarding Forward Looking Statements
All information included in this news 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, that the LYF Acquisition does not
close, the Milestones are not met, the increase to the
Company's EBITDA and diluted EPS is not achieved, 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.
