The Valens Company Moves Closer To Entering Quebec Cannabis Market – The Third Largest In Canada

Cannabis products manufacturer The Valens Company Inc. VLNS VLNCF revealed Wednesday it had obtained authorization to contract or subcontract with a public body from the Autorité des marchés publics (AMP) in Quebec. This means that Valens, based in Kelowna, British Columbia can now apply to become a registered vendor to supply goods and services in Quebec.

This marks a significant step toward entering the third-largest cannabis market in Canada, representing approximately 17% of Canadian cannabis retail sales in the country and approximately 22% of the Canadian population.

"We are excited to announce that we are one step closer to bringing Valens' trusted and innovative products to the Quebec cannabis market," said Tyler Robson, CEO, co-founder and chair of The Valens Company. "Our team has been working tirelessly to expand our domestic distribution network and Quebec would represent the fourth domestic market we have entered since the beginning of fiscal 2021. We look forward to updating our shareholders on our progress as we continue to work toward increasing our presence here at home in Canada."

Recent Milestones

• The Canadian cannabis company recently announced that it continues to prepare for international industry growth with upgrades to its leading-edge research and ISO/IEC 17025:2017 accredited testing facility, Valens Labs.

Testing capacities at Valens Labs have been improved to meet extra international testing requirements for finished cannabis goods. Valens Labs has also been certified by CALA, which is an internationally recognized leader in providing the highest-quality accreditation of laboratories. What’s more the company’s third-party testing services now allow for the testing of more than 300 pesticides, making it the only cannabis testing lab in Canada with the capability to test this magnitude of contaminants at commercial capacity.

• The Valens Company recently confirmed it has rolled out two new flavors of popular Summit 10 beverage in collaboration with A1 Cannabis Company.  Summit 10 Raspberry Lemonade and Summit 10 Peach Lemonade will be reachable as part of the company’s Summit line of THC-infused beverages and edibles.

• At the end of July, the company revealed it has signed a two-year agreement with Harvest One Cannabis Inc. HRVOF to produce and distribute the cannabis-infused topical brand LivRelief.

Price Action

The Valens Company’s shares closed Wednesday market session 1.20% higher at $2.53 per share.

Photo: Courtesy of Elsa Olofsson on Unsplash