The Valens Company (VLNS.T), a leading manufacturer of cannabis products, announced today that it has signed a two-year agreement with Harvest One Cannabis.
“Our partnership with The Valens Company will accelerate national and global growth opportunities…We are looking forward to partnering with The Valens Company, a leading expert in the cannabis space with a superior customer service approach, to advance the manufacturing of this product and its future extensions. We will utilize our experience in marketing and distribution to assist in the promotion of the brand and to increase the awareness of cannabis infused topicals across Canada,” said Gord Davey, President and Chief Executive Officer of Harvest One.
According to the agreement, Valens will become the white label manufacturer and provincial sales partner of cannabis-infused topicals for Harvest One’s leading brand LivRelief™. For context, LivRelief™ was originally developed by Delivra, a specialty biotechnology company recognized for its proprietary transdermal delivery system platform, capable of shuttling pharmaceutical and natural molecules through the skin. However, Harvest One acquired Delivra in its entirety on March 4, 2019. Through this acquisition, Harvest One obtained LivRelief™ along with Delivra’s established distribution channels across Canada.
Following the legalization of cannabis-infused products in Canada, Harvest One successfully launched its cannabis-infused portfolio of LivRelief™ products in 2020. since then, the Company’s LivRelief™ product line has become the number one selling cannabis-infused topical brand in Ontario, Canada’s largest market. Utilizing Delivra’s transdermal delivery system, Harvest One’s cannabis-infused LivRelief™ topical creams enable cannabinoids to reach targeted areas. In doing so, LivRelief™ is able to treat a variety of conditions including joint and muscle pain, nerve pain, varicose veins, wound healing, and sports performance.
“…We are proud to manufacture these top-selling creams in partnership with Harvest One and provide both new and experienced consumers the comfort to engage with cannabis-infused topicals. Valens already manufactures the number one selling bath product in Ontario3 and now adds the number one selling cannabis-infused topical brand to its portfolio, making it a clear leader in both the topicals and health and wellness verticals in Canada,” commented Tyler Robson, Chief Executive Officer, Co-Founder and Chair of The Valens Company.
LivRelief™ is now available in three formats, including Harvest One’s newly launched extra strength CBD formulation containing 750mg of CBD. All products will be manufactured and distributed across Canada by Valens. Currently, LivRelief™ is available nationally through the Medical Cannabis by Shoppers™ marketplace, and in various provincial and private retailers in Alberta, British Columbia, Manitoba, New Brunswick, Ontario and Saskatchewan. First shipments of LivRelief™ products out of Valens’ facilities are forecasted to begin at the start of Q4 2021.
Valens’ share price opened at $2.40. The Company’s shares are up 6.66% and are currently trading at $2.56 as of 1:06PM ET. Similarly, Harvest One’s share opened at $0.10, up from a previous close of $0.095. Harvest One’s shares are currently trading at $0.095 as of 1:21PM ET.
