Homegrown cannabis companies stand out in Q2
Published on July 16, 2021 by David Wylie
Two Okanagan-based companies are increasing their market share across Canada.
Both Avant Brands (until recently, known as GTEC) and The Valens Company reported strong second-quarter earnings this week.
Avant Brands, known for its premium flower under BLK MKT and Tenzo, posted record gross revenue of $2.9 million, up 30% from the previous quarter. The company is in a strong financial position with more than $17 million in cash, and no debt. Their cannabis sales continue to rise—selling 394 kilograms, up 15%.
Norton Singhavon, founder and CEO at Avant Brands, told those listening on the company’s first ever investor call Wednesday that the company is about to launch another brand called Cognoscente, an ultra-premium brand. The company graduated to the TSX this week from the TSX Venture.
Avant will also venture beyond flower for the first time. The company is about to drop its first concentrate product in the Ontario market, with a Tenzo-branded vape pen.
Meanwhile, Valens’ gross revenue increased about 16% in Q2 to $20.5 million compared to $17.6 million in Q2 2020.
Year-over-year product sales are up more than 70%, with $16.9 million in Q2 2021 compared to $9.9 million in Q2 2020. The company now has 132 different products on the market—with more to come.
“This material growth in SKU listings stands in stark contrast to many of our competitors in the sector and is a testament to the innovation and quality we are bringing consumers and retailers,” says Valens CEO Tyler Robson in a statement.
“Importantly, we are seeing this momentum continue into the third quarter with an additional 40 SKUs accepted by the provincial boards with shipments during the third and fourth quarters. These new listings include products from four newly entered categories during the second quarter, such as flower, pre-rolls, topicals, and edibles, with many of them already receiving high consumer acclaim.”
Read all about The Valens Company in Issue 3 of the oz. magazine.