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The Valens Company Inc. (TSX:VLNS) (NASDAQ:VLNS) has received a sales license amendment from Health Canada for its Pommies manufacturing facility located in the Greater Toronto Area to sell micro processed cannabis products directly to provincial distributors. Prior to this announcement, Valens leveraged its British Columbia sales license to sell into the provincial distributors which created additional cost and complexity in our supply chain. With this amendment now in place, products produced at the companies GTA Facility will benefit from a streamlined, direct route to market that the company believes will increase margins and overall company efficiencies.
"Since the opening of our facility in November 2021 we have already seen an increase in our beverage margins," stated Tyler Robson, CEO of Valens. "This amendment will further increase our flexibility and logistical efficiencies to focus on further margin growth especially with elevated shipping costs throughout Canada. As we have launched more branded products, we have seen our cannabis beverage market share increase from 5.5% in Q1 2021 to 9.0% in Q3 2022 in Alberta, British Columbia, Ontario and Saskatchewan. With this amendment behind us, we look forward to launching more innovative products to keep up with growing consumer demand within the category."
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