- Valens Australia awarded licences to import and export
cannabis-derived medical products
- The Valens Company completes first successful shipment to
Denmark for a research and
development initiative
KELOWNA, BC, Dec. 21, 2020 /PRNewswire/ - The
Valens Company Inc. (TSX: VLNS) (OTCQX: VLNCF) (the "Company" or
"The Valens Company"), a global leader in the
end-to-end development and manufacturing of innovative,
cannabinoid-based products, today provided an update on its
international expansion strategy.
Australian Import and Export Licences
The Australian Department of Health Office of Drug Control has
granted The Valens Company's wholly owned subsidiary, Valens
Australia Pty Ltd. ("Valens Australia"), the licences required to
import and export Schedule 4 and Schedule 8 cannabis-derived
products in Australia. The added
ability to import and export in Australia not only provides Valens Australia
strategic market entry opportunities to permissible neighbouring
countries in the Asia-Pacific
region, but also establishes The Valens Company as a global
manufacturer with an adaptable platform to service many emerging
international markets.
In 2021, the Company expects to bring its patented emulsion
technology, SōRSE by Valens, to Australia and import a range of innovative
products designed and manufactured at its Canadian facilities,
including tinctures, topicals and water-soluble drops in various
blends and potencies designed specifically for the medicinal
market. The Company will also begin to prepare to meet expected
demand for low-dose CBD products following the Therapeutic Goods
Administration's ("TGA") recent announcement to down-schedule CBD
formulations under 150mg/day to be supplied over the counter by a
pharmacist without a prescription, subject to TGA product
approval.
"Since our entry into the Australian market with our Cannvalate
partnership, we have been building a foundation on which our
subsidiary Valens Australia can also operate independently," said
Tyler Robson, Chief Executive
Officer of The Valens Company. "These licences, along with the
recently issued wholesale licences to sell and supply
cannabis-derived products, solidify Valens Australia's position as
a fully operating in-country subsidiary with the capabilities to
supply both local and international markets. In fiscal 2021, Valens
expects to continue to evaluate options for establishing a full
end-to-end CPG supply chain within Australia which is expected to further
increase output of finished products to various markets."
Additionally, The Valens Company has recently added to its
increasing Australian client base and continues to see growth in
its pipeline of white label opportunities for its high-quality,
cost-effective cannabis derivative products through its partnership
with Cannvalate Pty Ltd. ("Cannvalate"). Earlier this month, the
Company made another shipment of finished products representing a
repeat purchase from an existing customer in Australia for distribution across Cannvalate's
network of medicinal cannabis clinics.
First Successful Shipment to Denmark
The Valens Company made its first successful shipment to a
partner in Denmark after being
selected to support a research and development initiative for a
leading pharmaceutical company. CBD isolate, and THC and CBD
distillate samples were shipped earlier this month and have arrived
in the country for analysis.
Robson added: "Despite not having established on-the-ground
international operations yet, Valens has already successfully
leveraged its Canadian manufacturing platform in Kelowna to supply emerging markets with
premium cannabis derivative products. As we strengthen our
international distribution capabilities, Valens will continue to
seek out additional global partnerships that will work to further
establish our reputation for manufacturing excellence and
high-quality products, in addition to providing the distribution
networks to expand our presence."
About The Valens Company
The Valens Company is a global leader in the end-to-end
development and manufacturing of innovative, cannabinoid-based
products. The Valens Company is focused on being the partner of
choice for leading Canadian and international cannabis brands by
providing best-in-class, proprietary services including CO2,
ethanol, hydrocarbon, solvent-less and terpene extraction,
analytical testing, formulation and product development and custom
manufacturing. Valens is the largest third-party extraction
company in Canada with an annual
capacity of 425,000 kg of dried cannabis and hemp biomass at our
purpose-built facility in Kelowna,
British Columbia which is in the process of becoming
European Union (EU) Good Manufacturing Practices (GMP) compliant.
The Valens Company currently offers a wide range of product
formats, including tinctures, two-piece caps, soft gels, oral
sprays and vape pens as well as beverages, concentrates, topicals,
edibles, injectables, natural health products and has a strong
pipeline of next-generation products in development for future
release. Finally, The Valens Company's wholly-owned subsidiary
Valens Labs is a Health Canada
licensed ISO 17025 accredited cannabis testing lab providing
sector-leading analytical services and has partnered with Thermo
Fisher Scientific to develop a Centre of Excellence in Plant-Based
Science. For more information, please visit
http://thevalenscompany.com. The Valens Company's investor deck can
be found specifically at
http://thevalenscompany.com/investors/.
Notice regarding Forward Looking Statements
All information included in this press release, including any
information as to the future financial or operating performance and
other statements of The Valens Company that express management's
expectations or estimates of future performance, other than
statements of historical fact, constitute forward-looking
information or forward-looking statements within the meaning of
applicable securities laws and are based on expectations, estimates
and projections as of the date hereof. Forward-looking statements
are included for the purpose of providing information about
management's current expectations and plans relating to the future.
Wherever possible, words such as "plans", "expects", "scheduled",
"trends", "indications", "potential", "estimates", "predicts",
"anticipate", "to establish", "believe", "intend", "ability to", or
statements that certain actions, events or results "may", "could",
"would", "might", "will", or are "likely" to be taken, occur or be
achieved, or the negative of these words or other variations
thereof, have been used to identify such forward-looking
information. Specific forward-looking statements include, without
limitation, all disclosure regarding future results of operations,
economic conditions and anticipated courses of action. Investors
and other parties are advised that there is not necessarily any
correlation between the number of SKUs manufactured and shipped and
revenue and profit, and undue reliance should not be placed on such
information.
The risks and uncertainties that may affect forward-looking
statements include, among others, regulatory risk,
United States border crossing and
travel bans, reliance on licenses, expansion of facilities,
competition, dependence on supply of cannabis and reliance on other
key inputs, dependence on senior management and key personnel,
general business risk and liability, regulation of the cannabis
industry, change in laws, regulations and guidelines, compliance
with laws, reliance on a single facility, limited operating
history, vulnerability to rising energy costs, unfavourable
publicity or consumer perception, product liability, risks related
to intellectual property, product recalls, difficulties with
forecasts, management of growth and litigation, many of which are
beyond the control of The Valens Company. For a more comprehensive
discussion of the risks faced by The Valens Company, and which may
cause the actual financial results, performance or achievements of
The Valens Company to be materially different from estimated future
results, performance or achievements expressed or implied by
forward-looking information or forward-looking statements, please
refer to The Valens Company's latest Annual Information Form filed
with Canadian securities regulatory authorities at www.sedar.com or
on The Valens Company's website at www.thevalenscompany.com. The
risks described in such Annual Information Form are hereby
incorporated by reference herein. Although the forward-looking
statements contained herein reflect management's current beliefs
and reasonable assumptions based upon information available to
management as of the date hereof, The Valens Company cannot be
certain that actual results will be consistent with such
forward-looking information. The Valens Company cautions you not to
place undue reliance upon any such forward-looking statements. The
Valens Company disclaims any intention or obligation to update or
revise any forward-looking statements whether as a result of new
information, future events or otherwise, except as required by
applicable law. Nothing herein should be construed as either an
offer to sell or a solicitation to buy or sell securities of The
Valens Company.
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SOURCE The Valens Company