The Valens Company (TSX:VLNS, OTCQX:VLNCF) Inc. has entered into six manufacturing partnerships to produce a variety of cannabis products including pre-rolls, innovative edibles, vape, and hydrocarbon concentrates.
Also, under the partnerships, the company will provide expert extraction services including the production of high-quality winterized and full-spectrum oils and distillate.
Valens said the six agreements include three of the top seven Canadian licensed producers by market share and showcase the vast manufacturing capabilities that the company offers to its customers.
READ: The Valens Company announces strategic distribution agreement with APOTEKA, provides Australia update
The company added that the majority of the agreements were signed in the last three weeks and are expected to commence over the next two quarters, with anticipated revenue generation during the same period. In addition, four of the agreements require deposits that are up to 100% of initial purchase orders.
"These agreements, which encompass some of our largest Canadian Licensed Producer partners, represent the vast range of our manufacturing capabilities, reinforcing that we are an ally to our customers and consumers," said Valens CEO Tyler Robson in a statement.
"Notably, the size of these agreements align with our promise of fewer, bigger, better in terms of relationships and products, ensuring we remain focused on providing the highest shareholder value. Additionally, this marks the largest third-party edible agreement to date for LYF Food Technologies. We are excited to have these partners on board and will continue to focus on adding partners that align with our values."
Uplisting to Nasdaq
Meanwhile, in other company news, Valens said its application to list its common shares on the Nasdaq Capital Market has progressed at a slower pace than originally anticipated.
But the company said it continues to make listing a top priority and expects to commence trading on Nasdaq by the end of fiscal 2021. The common shares will continue to be listed on the Toronto Stock Exchange and will continue to be quoted on the OTCQX until such time as the common shares list on the Nasdaq.
Valens also has retained Stikeman Elliott LLP in Canada and Foley Hoag LLP in the US as legal counsel to advise it throughout the Nasdaq listing application process.
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