Receives authorization to contract in the Province of Quebec from the Autorité des marchés publics (AMP)
KELOWNA, BC, Aug. 18, 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 received authorization to contract or subcontract with a public body from the Autorité des marchés publics (AMP) in Quebec. With this authorization, Valens 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 sales1 in the country and approximately 22% of the Canadian population2.
We are excited to announce that we are one step closer to bringing Valens’ trusted and innovative products to the Quebec cannabis market. 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.
Tyler Robson, Chief Executive Officer, Co-Founder, and Chair of The Valens Company
Quebec is expected to be the seventh province added to Valens’ domestic distribution network consisting of six provinces and one territory, including Alberta, British Columbia, Manitoba, New Brunswick, Ontario, Saskatchewan and Yukon Territory. While receiving authorization to contract in Quebec does not guarantee entry into the provincial cannabis market, it fulfills a fundamental requirement in the process of achieving vendor status.
At Valens, it’s Personal.
¹Statistics Canada, May 2021 cannabis retail sales
²Statistics Canada
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, in addition to best-in-class product development, manufacturing, and commercialization of cannabis consumer packaged goods. The Valens Company’s high-quality products are formulated for the medical, health and wellness, and recreational consumer segments, and are offered across all cannabis product categories with a focus on quality and innovation. The Company also manufactures, distributes, and sells a wide range of CBD products in the United States through its subsidiary Green Roads, and distributes medicinal cannabis products to Australia through its subsidiary Valens Australia. 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 Valens Labs, 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 at http://www.thevalenscompany.com.
