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KELOWNA, B.C. – 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 announced that the Victoria State Government in Australia has granted its wholly-owned subsidiary, Valens Australia Pty Ltd. (“Valens Australia”), the wholesale licences required to sell and supply Schedule 4 and Schedule 8 cannabis-derived products under its own title in accordance with the Drugs, Poisons and Controlled Substance Act 1981, further expanding the Company’s capabilities in Australia.
With the wholesale licences, Valens Australia is permitted to provide premium derivative products containing Cannabidiol (CBD) and/or Tetrahydrocannabinol (THC) directly to the medicinal cannabis market in Australia. The two wholesale licences remain active for one year after which they are eligible for renewal. The Company will continue to seek to leverage its strategic partnership with Cannvalate Pty Ltd. (“Cannvalate”) and Cannvalate’s comprehensive medical network to distribute products and secure white label, bulk and extraction agreements throughout Australia, while simultaneously working to establish on-the-ground operations for Valens Australia.
“This exciting milestone allows us to accelerate our Australian expansion plans and continue to strengthen our reputation in Australia as a trusted supplier of derivative products for the medicinal cannabis market,” said Tyler Robson, Chief Executive Officer of The Valens Company. “Through our partner Cannvalate, we have demonstrated the Valens advantage to Australia’s largest network of prescribing and dispensing medical professionals in the second largest medicinal market outside of North America. With the ability to directly sell and supply customers and partners in Australia with in-demand derivative product formats, we are well-positioned to continue our build-out of Valens Australia, which we seek to establish as one of the largest cannabinoid-based product manufacturers serving Asian-Pacific cannabis markets.”
Valens Australia is working to fulfill demand in Australia for premium, pharmaceutical grade derivative products, from balanced blends (10:10 and 25:25) to high potency THC (20:1) and CBD oil for medical use (1:10 and 1:110), in addition to its patented SōRSE by Valens emulsion technology which may be seamlessly integrated into various product formats. For more information, please visit the Valens Australia website.
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/.