Valens GroWorks Corp. (CSE:VGW), one of the Canadian marijuana stocks, said it is making plans to list its shares on the TSXV
SmallCapPower | June 19, 2019: Valens GroWorks Corp. (CSE:VGW) (OTC:VGWCF), one of the Canadian cannabis stocks, late Monday announced that it has received conditional approval to list its common shares and warrants on the TSX Venture Exchange as a Tier 1 life sciences issuer. The Company added that it expects its stock symbol (VGW) to remain the same.
Valens GroWorks Tyler Robson CEO, in a statement, said, “We are very pleased to have received conditional approval from the TSXV and believe that this listing will provide the Company and its shareholders with many advantages, including greater visibility and enhanced market access for Canadian and international investors.”
Valens GroWorks also said it will expedite the release date of its second-quarter financial results to after the market closes on July 15, 2019.
Valens GroWorks Corp. is a vertically-integrated pure play cannabis extraction company that focuses on downstream secondary extraction methodology, distillation and cannabinoid isolation and purification, and the associated quality testing.
Valens GroWorks is the first extraction company in Canada to obtain organic certification for cannabis oil production from Pro-Cert Organic Systems Ltd. for its CO2 and ethanol extraction processes. Valens is also one of the few extraction companies in Canada to offer a wide range of extraction methods, which allows it to reach a larger customer base, as it is able to provide a wider variety of end products.
In a recent interview with Benzinga, Valens GroWorks Executive Vice President of Strategy and Investments Everett Knight said, “I think people are underestimating that market (cannabis oil-based products) substantially, especially when you get in the CBD space,” adding that he expects the market share for oil-based products to grow from 50% in the U.S. today to about 75%.
On June 18, 2019, Valens announced that it has substantially increased its annual extraction capacity to 425,000kg of dried cannabis and hemp biomass, with further plans to up its extraction capacity to more than 1,000,000kg per annum by the first half of 2020.
With Canada’s legalization of edibles expected in October 2019, Valens’ recent expansion should allow it to meet the growing demand for derivatives that will likely occur after October.
Shares of Valens GroWorks climbed 12% to close at $3.87 on Tuesday, June 18, 2019.
Disclosure: Neither the author nor his family own shares in the company mentioned above.
To read our full disclosure, please click on the button below: