The Valens Company (TSX:VLNS, OTCQX:VLNCF) Inc, a leading manufacturer of cannabis products, said it has continued to grow its share of Canada’s recreational market and said it expects further growth in the coming quarters.
The company said its share of the national market rose to 3.1% in February 2022 from 2.4% in November 2021, raising its market ranking to 10th from 12th.
Its share of the Toronto market increased to 3.2% from 2.3%, with its ranking climbing to 9th from 11th.
"We have shown strong quarter-over-quarter growth, as we continue to execute on our business strategy across all our brands in the Canadian recreational market,” Tyler Robson, chief executive officer, co-founder and chair of Valens said in a statement.
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“Furthermore, with the recent launch of Versus ready-to-drink seltzers, our Contraband ultra-premium flower offering, CNDYLND, and other recently launched product initiatives we look to continue our momentum into the coming quarters and deliver on our market share and profitability objectives in 2022," Robson added.
Valens Company increased its share of the national beverage market to 11.2% in February from 9.3% in November, according to data from Hifyre.
Its flower market share rose to 3.5% from 2.5% on a national basis and to 4.1% from 2.3% in Toronto.
The company held 3.2% of the national edible market in February compared with 2.7% in November.
Its BC God Bud was ranked the best-selling stock-keeping unit (SKU) across all product categories in January and February 2022.
Valens Company is a leading manufacturer of cannabis products that provides proprietary cannabis processing services, in addition to product development, manufacturing, and commercialization of cannabis consumer packaged goods.
Contact the author at jon.hopkins@proactiveinvestors.com