Kelowna-based The Valens Company’s US market strategy is giving us hope for Canadian cannabis after making a $40 million deal (USD) in the American CBD market.
America’s largest CBD company
On Tuesday, Valens announced it was acquiring Florida-based Green Roads, the largest privately-owned CBD company with 7,000 storefronts plus e-commerce services, in the cash and stock deal. Green Roads will receive an additional $20 million if they meet targets.
“We evaluated what would strategically make the most sense as our first piece of the puzzle in our US market strategy,” CEO Tyler Robson said in a statement.
But wait, there’s more…
Valens has also applied to list shares on the Nasdaq, which will require shareholders to vote on consolidating shares on May 25.
“We believe that listing in the U.S. will unlock various opportunities to enhance corporate visibility, increase liquidity and broaden overall awareness of The Valens Company to a larger investor base while driving value for our shareholders,” said president Jeff Fallows in a press release.
Shares of Valens will continue to be listed on the Toronto Stock Exchange, where they trade as VLNS.