Stock in The Valens Company Inc. (TSX: VLNS) (Nasdaq: VLNS) is set to list on the Nasdaq on Thursday.
In a statement Wednesday, the Canadian cannabis producer said its application to list its common shares on Nasdaq Capital Market has been approved. Its stock will trade there under the ticker “VLNS”.
Valens says its common shares will continue to list and trade on the Toronto Stock Exchange. Shares will also trade on the OTCQX under the symbol “VLNCD” until trading on the Nasdaq begins.
Shareholders don’t have to take any action as a result of the changes.
The Nasdaq listing represents another important milestone, reflecting Valens’s commitment to its shareholders as it advances growth initiatives and capitalizing on cannabis legalization globally, CEO Tyler Robinson says in a statement.
“I’m exceptionally proud of our team and the platform we have built here in Canada. Looking forward, we will continue to build a company focused on product innovation and advancing our intellectual property to create products that consumers enjoy.”
“Listing on Nasdaq is the next step to our capital markets strategy. We believe this listing will enable Valens and its shareholders greater access to liquidity, increased corporate visibility, and a broader shareholder base, in an effort to create long-term shareholder value.”
In its third quarter ending Aug. 31, the company reported sales rising 20 per cent to $24.6 million. Earnings before interest, taxes, depreciation and amortization (EBITDA) fell 24 per cent to a loss of $6.2 million.
And net loss rose 47 per cent to a loss of $12.8 million.
Valens has made a number of acquisitions this year, including buying extractor Verse for an undisclosed amount and Citizen Stash Cannabis Corp. (TSXV: CSC) (OTCQB: EXPFF) (FRANKFURT: MB31) in an all-stock transaction valued at around $54.3 million.
Company stock jumped almost 4 per cent Wednesday to $4.60 on the Toronto Stock Exchange.