Australia and Denmark news of VLNS - 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 /CNW/ - 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, SoRSE 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."