Cannabis manufacturer The Valens Company Inc. (TSX:VLNS) (OTCQX:VLNCF) revealed Monday it has reached the Québec cannabis market. The Kelowna, British Columbia-based company executed a letter of intent with Société québécoise du cannabis for the distribution of its cannabis products into the third-biggest cannabis market in Canada.
Valens noted that the move represents a notable milestone for the company, considering that Québec accounts for around 15% of Canadian cannabis retail sales and approximately 22% of the Canadian population.
“We are pleased to announce the entrance into the Québec marketplace,” said Tyler Robson, CEO, co-founder and chair of The Valens Company. “This an important milestone for The Valens Company with a national distribution platform that now makes our products accessible to over 95% of the Canadian population. This letter of intent showcases our innovation and consumers should expect new product offerings coming to the Québec marketplace soon. We expect our products to be first available at the beginning of 2022.”
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Valens’ shares closed Friday market session 17.48% lower at $1.54 per share.