Valens Groworks Corp (CVE:VGW) (OTCMKTS:VGWCF) said Wednesday that it is rebranding to The Valens Company to reflect its focus on the development of cannabinoid-based products and plans to enter international markets in 2020.
In a statement, the British Columbia-based vertically integrated provider of extraction products and services, said that when the market opens on December 19, it will trade on the TSX Venture Exchange, previously known as the Canadian Venture Exchange, under the ticker “VLNS.”
Valens also expects to formally change its name in due course.
"The introduction of our new parent company brand, The Valens Company, on the eve of Cannabis 2.0, is a reflection of our growth and transformation over the past few years," said CEO Tyler Robson.
"Valens is best known as a leader in extraction, but we are much more than that. After years of research, product development, technology acquisitions and more, we are thrilled to introduce the next phase of growth for our company.”
The Valens boss said the current phase will “solidify” its position as an international leader in the end-to-end development and manufacturing of cannabinoid-based products.
“As we look ahead to 2020, we are energized by the tremendous opportunities in the market and excited to go into the new year as The Valens Company," said Robson.
While Valens' iconic logo will remain unchanged, effective at the start of trading on December 19, 2019, the Company's stock ticker will be "VLNS" on the TSXV (with its ticker changing on the OTCQX once final regulatory approvals are received).
Evolving from extraction to product development
Having already established itself in extraction, the rebrand marks The Valens Company's evolution to a cannabinoid-based product development and manufacturing company. Valens says it is gearing up for the new wave of legalization by building a portfolio of innovative manufacturing and end-product technologies to help its customers offer customized user experiences and differentiate their products in the market.
Valens offers a 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 expects to have more novel products in the Canadian market in 2020.
Valens Farms joint venture terminated
In keeping with the company’s rebrand and strategic evolution away from cultivation, Valens has terminated its joint venture agreement with Kosha Projects Inc to create the Valens Farms facility originally announced on April 11, 2018.
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 its purpose-built facility in Kelowna, British Columbia.
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