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
    Deep Dive

Quick Hits

  1. 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.

  2. Hexo announced its cofounder, Adam Miron, is stepping down as Chief Brand Officer, though he will remain on the board.
    Globe NewsWire