Kelowna cannabis company Valens is in an acquisition phase.
This year, diversified cannabis products maker LYF Food Technologies from Kelowna for $ 24.9 million, Green Roads CBD from Florida for $ 40 million, Citizen Stash from Mission, BC for $ 54.3 million.
“These acquisitions fit in with our strategy to become a leading international cannabis company,” said Valens President Jeff Fallows.
“It’s also a way for us to bring Canadian quality to the world.”
In the past, Valens was primarily a contract manufacturer of cannabis oil based products for other brands.
The purchase of Citizen Stash will allow Valens to enter the highly lucrative premium cannabis dried flower market.
“We’ll keep the Citizen Stash name because it’s known and respected,” Fallows said.
“And we will keep the Citizen Stash facility in Mission, BC, as a research and development center. It’s a good acquisition because Citizen Stash uses artisanal contract growers for its flowers so that the infrastructure to grow them doesn’t cost itself. “
Citizen Stash products also include pre-rolled joints and dried cannabis.
Valens will also keep the Verse name and manufacture all of its branded products in Valens’ main manufacturing facility on Carion Road, Kelowna.
“Verse is a high quality, low price token of value in all segments of the market from flowers and pre-roll (joints) to tinctures and edibles,” said Fallows.
“It’s nice to be in control of the brand and use our facility to make and sell the products.”
LYF Food Technologies is a cannabis edible company and Green Roads is focused on therapeutic CBD (cannabidiol) products that do not induce the high that THC (tetrahydrocannabinol) products induce.
Valens shares are traded on the TSX and soon on the NASDAQ.
On Thursday, the stock was trading at around $ 2.50.
Last year it was as high (pardon the pun) as $ 4 and as low as $ 1.44.
Valens is a major contributor to the Okanagan’s status as a cannabis hotspot.
The Valley has more than 30 cannabis stores and is a center for production and distribution.
The Flowr Corp. has indoor and outdoor grow facilities and a research and development laboratory in Winfield; the Valley is also home to pot growers Doja, THC BioMed, and SpeakEasy; cannabis oil extraction companies Everest BioPharma and MediPharm Labs; Device manufacturer Vitalis Extraction Technology; and True Leaf, which uses CBD to make diet supplements, treats, and oils for dogs and cats to boost immunity, relieve hip and joint pain, and reduce anxiety.