The Valens Company (TSX:VLNS, OTCQX:VLNCF) Inc said it has seen its market share grow in all product categories in the six months to April 2022, in comparison to its top 10 competitors who have collectively seen declines during the same period.
The leading manufacturer of branded cannabis products was able to grow its overall market share by 90 basis points to 3.4% in April 2022 from 2.5% in November 2021 through products that continued to “resonate with consumers”, said Valen CEO Tyler Robson in an update to investors.
"We continue to expand our recreational market share as we develop strength within our brand portfolio,” he added.
READ: The Valens Company announces separation of chair and CEO roles; appoints Andrew Cockwell as new chair of the board
“Furthermore, Valens was the fastest growing company among the top ten licensed producers by market share, seeing retail sales growth of 53.8% from November 2021 to April 2022 based on Hifyre data in Ontario, Alberta, British Columbia, and Saskatchewan,” Robson said, citing figures as of May 10, 2022, from the industry's leading real-time sales data analysis platform.
He added that the company is on track to hit its 2022 objectives to become a top-five player in vapes, edibles and beverages, and a top ten player in flower products by year-end.
Valens provided the following updates:
- Versus BC God Bud #1 best-selling SKU for four consecutive months in 2022 among all product categories in Ontario, Alberta, British Columbia, and Saskatchewan
- Launched Contraband infused pre-roll, Big Willie and Versus Super Lemon Haze Jar of J's in May 2022, which further positions Valens for potential market share growth in the pre-roll category in Q3
- Versus Seltzers are now among the fastest-growing cannabis-infused beverages, with 505% provincial sales growth and 2.86% combined market share in Ontario, Alberta, British Columbia, and Saskatchewan since launching in January 2022
- Launched two new flavors of Versus Seltzers, Mango and Ruby Grapefruit in May 2022, arriving just in time for the summer season
- Launched four of the most affordable vape SKUs in the market under the Versus brand (Peach Dream, Dank Berry, Mad Mango, and Loud Lemon), which further positions Valens for potential market share growth in the vape category in Q3
Contact the author at jon.hopkins@proactiveinvestors.com