As the economy continues to take a hit from the lockdown restrictions, cannabis companies prosper.
The Valens Company Inc. (TSX: VLNS) a global leader in the end-to-end development and manufacturing of innovative, cannabinoid-based products, today 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 56 SKUs were manufactured in partnership with over ten of the Company's customers and span four of its product categories, with formats ranging from disposable vapes, vape cartridges, oils and oral sprays, to beverages and concentrates. 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.
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 product orders were completed and shipped after successful product stability testing and receipt of shipping permits, marking The Valens Company's first shipment to the Australian market. The Company also expects to make an additional shipment of oils to Australia within the next few weeks, subject to shipping permit approvals.
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. Tyler Robson, Chief Executive Officer of The Valens Company.
Mr Robson went on to say "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."
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Disclaimer: Past performance is not an indicator of future performance.
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