Valens reports strong earnings
Published on July 17, 2019 by oz. staff
Kelowna-based cannabis extraction company Valens GroWorks has posted a big revenue increase for the second quarter.
The company’s revenue jumped to $8.8 million — a 296% increase over the first quarter of 2019, it says. Gross profits also increased to $5.1 million, compared to $0.9 million.
The company has a current production capacity of 425,000 kilograms of dried cannabis and hemp, but have plans to increase that figure to 1 million kilograms per year. To hit that mark, Valens is expanding to an adjacent property at a Kelowna industrial area, which borders Lake Country. The anticipated completion is in 2020.
Valens is a big player in the cannabis industry. It has recently announced an expanded contract with Tilray, and new agreements with HEXO and Tantalus Labs. They also have contracts with Canopy Growth, Organigram and Sundial Growers.
Valens CEO Tyler Robson says there is a significant interest in white label product development and manufacturing for vape cartridges, tinctures, gel capsules, beverages and topicals, which will continue to fuel the company’s growth.
“We remain focused on the expansion of our footprint in Kelowna to capitalize on these significant opportunities,” he says.