The Valens Company posts record revenue
Published on February 24, 2020 by David Wylie
On heels of Cannabis 2.0, The Valens Company posted strong numbers for its 2019 fiscal year.
The Kelowna-based extraction business says annual revenue increased to $58.1 million.
Its fourth quarter revenue alone increased to $30.6 million — an 86% gain over the third quarter.
The strong performance comes on the heels of the introduction of Cannabis 2.0 products, which use the extracts Valens specializes in.
“In fiscal 2019 we added significant scale to our operations and became the largest white label product development, manufacturing and third-party extraction company in Canada,” says Valens CEO Tyler Robson in a statement.
“Our multi-year extraction contracts with industry leading players positioned us as the partner of choice in the industry and drove significant revenue, gross profit and adjusted EBITDA growth.”
The company says its white label contracts now outnumber its extraction contracts, and they include BRNT, Shoppers Drug Mart and Iconic Brewing.
The company recently held a career fair to hire production workers at its Kelowna facility.
Valens is holding a conference call tomorrow to discuss its 2019 fiscal performance.
By the numbers
• 61,394 kilograms of dried cannabis and hemp biomass was processed in fiscal 2019
• Revenue-per-gram of input increased to $1.25/gram in the fourth quarter of 2019, compared to $0.61/gram in the third quarter of 2019
• The Company began formulating and manufacturing 19 SKUs across three different product lines