In a deal valued at approximately $54.3 million, the Valens Company Inc. will acquire Citizen Stash Cannabis Corp. The acquisition expedites Valens’ entry into the approximately $2.7 billion flower-based market.
Based in Mission, British Columbia, Citizen Stash is a licensed cultivator and processor of premium craft cannabis products. Citizen Stash selectively sources premium bulk flower grown from Citizen Stash’s industry-leading proprietary genetics and places the flower in exquisite marijuana packaging.
“We are excited to join forces with Citizen Stash’s experienced team and broaden our offerings in the flower and pre-roll verticals with a best-in-class brand,” said Tyler Robson, Chief Executive Officer and Chair of the Board of The Valens Company. “We are opportunistically expanding our product offering to align with consumer demand for high-quality craft cannabis flower and pre-rolls.”
“We look forward to the full integration of Citizen Stash with The Valens Company. Together we look forward to taking the Citizen Stash brand to new heights that Citizen Stash could not have achieved on its own,” said Jarrett Malnarich, Chief Executive Officer of Citizen Stash. “In our collaboration with Valens to date, Citizen Stash has come to realize the common values we share centered around providing consumers with the highest quality cannabis products. We look forward to the support of our shareholders in completing this transaction and the full integration of our two businesses.”
Citizen Stash shareholders will receive a percentage of Valens common share for each Citizen Stash Common Share held. The Citizen Stash transaction marks the third acquisition Valens has made this year.