The Valens Company Continues to Expand Canadian Recreational Market Share in April
Kelowna, BC- The Valens Company Inc. (TSX: VLNS) (Nasdaq: VLNS), a manufacturer of branded cannabis products, is pleased to provide an update on its recent recreational market share in Canada.
Tyler Robson, Chief Executive Officer of The Valens Company, said, “We continue to expand our recreational market share as we develop strength within our brand portfolio through products that continue to resonate with consumers. Furthermore, Valens was the fastest growing company among the top ten licensed producers by market share, seeing retail sales growth of 53.8% from November 2021 to April 2022 based on Hifyre data in Ontario, Alberta, British Columbia, and Saskatchewan. Importantly, we were able to grow our market share across all product categories and overall market share increased by 90 basis points from 2.5% in November 2021 to 3.4% in April 2022. We continue to grow faster than the average of our top ten competitors who collectively saw their market share decline over the same period. In short, we are on track to hit our 2022 objectives to become a top five player in vapes, edibles and beverages and a top ten player in flower products by year end.”
Valens Market Share Summary:
Cannabis 1.0 Market Share Update2:
- Versus BC God Bud #1 best-selling SKU for four consecutive months in 2022 among all product categories in Ontario, Alberta, British Columbia, and Saskatchewan
- Launched Contraband infused pre-roll, Big Willie and Versus Super Lemon Haze Jar of J’s in May 2022, which further positions Valens for potential market share growth in the pre-roll category in Q3
Cannabis 2.0 Market Share Update2:
- Versus Seltzers are now among the fastest growing cannabis-infused beverages with 505% provincial sales growth and 2.86% combined market share in Ontario, Alberta, British Columbia, and Saskatchewan since launching in January 2022
- Launched two new flavours of Versus Seltzers, Mango and Ruby Grapefruit in May 2022 arriving just in time for the summer season
- Launched 4 of the most affordable vape SKUs in the market under our Versus brand (Peach Dream, Dank Berry, Mad Mango, and Loud Lemon) which further positions Valens for potential market share growth in the vape category in Q3
At Valens, it’s Personal.
1 Retail sales growth from November 2021 to April 2022, as per Hifyre data as of May 10th
2 Hifyre data as of May 10th in Ontario, Alberta, British Columbia, and Saskatchewan, not including any B2B LP Sales
Notice regarding Forward Looking Statements
All information included in this press release, including any information as to the future financial or operating performance and other statements of The Valens Company that express management’s expectations or estimates of future performance, other than statements of historical fact, constitute forward-looking information or forward-looking statements within the meaning of applicable securities laws and are based on expectations, estimates and projections as of the date hereof. Forward-looking statements are included for the purpose of providing information about management’s current expectations and plans relating to the future. Wherever possible, words such as “plans”, “expects”, “scheduled”, “trends”, “forecasts”, “future”, “indications”, “potential”, “estimates”, “predicts”, “anticipate”, “to establish”, “believe”, “intend”, “ability to”, or statements that certain actions, events or results “may”, “should”, “could”, “would”, “might”, “will”, or are “likely” to be taken, occur or be achieved, or the negative of these words or other variations thereof, have been used to identify such forward-looking information. Specific forward-looking statements include, without limitation, all disclosure regarding future results of operations, future outcomes of transactions, economic conditions, and anticipated courses of action. Investors and other parties are advised that there is not necessarily any correlation between the number of SKUs manufactured and shipped and revenue and profit, and undue reliance should not be placed on such information.
The risks and uncertainties that may affect forward-looking statements include, among others, Canadian regulatory risk, Australian regulatory risk, U.S. regulatory risk, U.S. border crossing and travel bans, the uncertainties, effects of and responses to the COVID-19 pandemic, reliance on licenses, expansion of facilities, competition, dependence on supply of cannabis and reliance on other key inputs, dependence on senior management and key personnel, general business risk and liability, regulation of the cannabis industry, change in laws, regulations and guidelines, compliance with laws, limited operating history, vulnerability to rising energy costs, unfavourable publicity or consumer perception, product liability, risks related to intellectual property, product recalls, difficulties with forecasts, management of growth and litigation, many of which are beyond the control of The Valens Company. For a more comprehensive discussion of the risks faced by The Valens Company, and which may cause the actual financial results, performance or achievements of The Valens Company to be materially different from estimated future results, performance or achievements expressed or implied by forward-looking information or forward-looking statements, please refer to The Valens Company’s latest Annual Information Form filed with Canadian securities regulatory authorities at www.sedar.com or on The Valens Company’s website at www.thevalenscompany.com. The risks described in such Annual Information Form are hereby incorporated by reference herein. Although the forward-looking statements contained herein reflect management’s current beliefs and reasonable assumptions based upon information available to management as of the date hereof, The Valens Company cannot be certain that actual results will be consistent with such forward-looking information. The Valens Company cautions you not to place undue reliance upon any such forward-looking statements. The Valens Company disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise, except as required by applicable law. Nothing herein should be construed as either an offer to sell or a solicitation to buy or sell securities of The Valens Company.
(This information is primarily sourced from The Valens Company Inc. Highly Capitalized has neither approved nor disapproved the contents of this news release. Read our Disclaimer here).
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