Extraction powerhouse Valens GroWorks reported its Q2 revenue increased to $8.8M, surpassing analyst expectations. Valens’ gross profits were $5.1M and the company posted a net loss of $10.5M.
- Ahead of the extraction boom this fall, Valens is among the industry’s most connected extractors, boasting partnerships with the Green Organic Dutchman, Hexo, and Tantalus, as well as a multi-year extraction deal with Canopy signed last December.
- The Deep Dive identified a questionable transaction from late April in Valens’ numbers—Deep Dive authors highlighted a share-based purchase of Wyoming-based Straight Fire Consulting (a company with no assets or liabilities) for roughly $5M. Valens has not yet commented on the reasons for the
- The process to launch new products for Legalization 2.0 began on Tuesday, meaning manufacturers had better hurry with their extract/edibles preventive control plans, said Cannabis Compliance’s Brenna Boonstra. Such legally required plans lay out how food producers plan to address food-safety hazards.
- Hexo announced its cofounder, Adam Miron, is stepping down as Chief Brand Officer, though he will remain on the board.