Valens GroWorks Corp (CVW:VLNS) (OTCMKTS:VLNCF) announced its first international shipments of white-label cannabinoid products to Australia.
The initial orders include 3,000 units of tinctures, which the company said it expects to ship in the second quarter after it receives the necessary import and export permits.
“These first international shipments of white label cannabis products mark a major milestone for Valens,” CEO Tyler Robson said in a statement. “We believe Australia’s strong underlying demand for cannabis products, together with the continued adoption of medical cannabis laws and relaxation of CBD laws, will drive sustained growth in the Australian market. Valens intends to continue to expand its footprint in Australia as well as other key international markets as global legal markets open up.”
There are some indications that the Australian market is already expanding.
Valens noted that prescription approvals for medicinal cannabis products in Australia jumped ninefold from 2018 to 2019, reaching more than 25,000.
One reason for the jump, the company said, is the establishment of the Special Access Scheme (SAS) online system, which streamlined the application process related to prescriptions for and access to cannabis products in the country.
Additionally, Australian Department of Health made a public submission to a Senate committee in January, suggesting that low-dose CBD could be made available over the counter this year.
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.
Contact Andrew Kessel at [email protected]
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