| The Valens Company (TSX: VLNS) (OTCQX:VLNCF) is pleased to provide the following summary of operations to investors: Operational Developments On September 18, 2020, The Valens Company announced that 56 white label and custom manufacturing product SKUs were produced in the third quarter of 2020, a 56% increase from 36 SKUs in the second quarter of 2020.
The increase in SKUs quarter-over-quarter can be attributed to new brand partnerships and white label and custom manufacturing agreements announced in the third quarter, in addition to the expansion and fulfillment of existing contracts to serve the demand for oil-based products in the Canadian market.
“In the third quarter, Valens manufactured the widest range and highest number of oil-based products in partnership with some of the most prominent brands, companies and distributors in the cannabis space on a domestic and international scale. As a result of the challenging extraction environment discussed in the second quarter, we have accelerated our custom manufacturing and white label services footprint, allowing the Company to improve efficiencies and increase its production and manufacturing resources. As Valens continues to advance its product development capabilities, producing a bespoke portfolio across all oil-based product categories will serve as a key differentiator for our business as we work to enter new strategic partnerships globally.”
Tyler Robson, Chief Executive Officer of The Valens Company Three of the product SKUs produced in the third quarter were developed as part of the Company’s distribution agreement with Cannvalate Pty Ltd., Australia’s largest medicinal cannabis distributor and clinical research organization. The manufactured products include a 1:20 CBD oil, 10:10 oil, and 1:10 CBD oil. The orders were completed and shipped after successful product stability testing and receipt of shipping permits, marking our first shipment to the Australian market.
The Company also announced the launch of Summit 10, a lemonade iced tea containing 10mg of THC –the third addition to The Valens Company and A1's line of cannabis-infused beverages. Available in a 355ml bottle, Summit 10 differentiates from the previously released 2.5mg THC-infused Summit beverage, with a flavour profile of citrus and black tea and a higher potency level. Summit 10 was developed using SRSE by Valens emulsion technology and is designed for consumers seeking a higher dosage product with faster observed onset times and reduced offset times, housed in a resealable bottle for convenient and controlled consumption. |