The Valens Company Inc (CVE:VLNS) (OTCQX:VLNCF) (FRA:7LV), which makes cannabinoid-based products, revealed on Wednesday that the Victoria State Government in Australia has granted its subsidiary Valens Australia Pty Ltd, wholesale licences to sell and supply cannabis-derived medical products.
The Canadian firm said it had been granted the wholesale licences to sell and supply Schedule 4 and Schedule 8 cannabis-derived products under its own title in line with the Drugs, Poisons and Controlled Substance Act 1981. Valens noted that the coveted licences further “expands the company's capabilities in Australia.”
With the wholesale licences, Valens Australia is permitted to provide premium derivative products containing Cannabidiol (CBD) and/or Tetrahydrocannabinol (THC) directly to the medicinal cannabis market in Australia, said the company.
The two wholesale licences will work for one year after which they can be renewed. Meanwhile, Valens will leverage its strategic partnership with Cannvalate Pty Ltd, Australia's largest medicinal cannabis distributor and clinical research organization. Valens Australia will use Cannvalate’s “comprehensive medical network” to distribute products and secure white-label, bulk and extraction agreements throughout Australia, said the company. It will also simultaneously establish on-the-ground operations for Valens Australia.
"This exciting milestone allows us to accelerate our Australian expansion plans and continue to strengthen our reputation in Australia as a trusted supplier of derivative products for the medicinal cannabis market," Valens CEO Tyler Robson said in a statement.
"Through our partner Cannvalate, we have demonstrated the Valens advantage to Australia's largest network of prescribing and dispensing medical professionals in the second largest medicinal market outside of North America,” he added.
Robson noted that with the ability to directly sell and supply customers and partners in Australia with “in-demand derivative product formats,” the firm was well-positioned to continue its build-out of Valens Australia, which the company seeks to establish as “one of the largest cannabinoid-based product manufacturers serving Asian-Pacific cannabis markets."
In the meantime, Valens Australia is working to fulfill demand in Australia for premium, pharmaceutical grade derivative products, from balanced blends (10:10 and 25:25) to high potency THC (20:1) and CBD oil for medical use (1:10 and 1:110). Valens also has access to emulsion technology which converts oil into SōRSE – a water-soluble emulsion – that can be used to infuse CBD and other functional ingredients into beverages, food, nutraceuticals, and topicals.
Valens is the largest third-party extraction company in Canada with an annual capacity of 425,000 kilograms of dried cannabis and hemp biomass at its facility in Kelowna, British Columbia. It is equipped to service Canadian demand as well as the global markets with efficiency at scale.
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