The Valens (VLNS), a Canadian maker of cannabis products, announced Wednesday that it has acquired Verse Cannabis.

This acquisition, along with the recently announced agreement to acquire Citizen Stash, positions Valens as a leading licensed cannabis producer in the Canadian industry, in terms of total provincial listings and market share.

Verse has 90 provincial listings in seven provinces and territories. The cannabis company offers a wide selection of products that Valens aims to leverage as the primary value-driven offering within its brand portfolio.

The acquisition of Verse is expected to be accretive for Valens in 2021, and 2022, before synergies. (See The Valens stock charts on TipRanks)

"The acquisitions of Verse and Citizen Stash were motivated by an underlying desire to become an ally to both our customers and consumers," said Tyler Robson, CEO, co-founder, and chair of The Valens. "The expanded platform we have built at Valens is now positioned to better serve current and future customers and consumers through unique product offerings at attractive price points while maximizing shareholder value through Valens branded products."

Two months ago, Desjardins analyst John Chu maintained a Buy rating on the stock, and raised its price target to C$4.25 (from C$3.75). This implies 40.7% upside potential.

Overall, the consensus is that VLNS is a Strong Buy, based on three Buys. The average VLNS price target of C$4.83 implies upside potential of 62.1% to current levels. Shares have gained nearly 75% year-to-date.

Related News:
The Valens to Buy Cannabis Retailer Citizen Stash
TerrAscend Q2 Net Loss Widens; Shares Plunge 16%
Village Farms Buys CBD Leader Balanced Health Botanicals

The post The Valens Acquires Verse Cannabis appeared first on TipRanks Financial Blog.

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By: Stephanie Bedard-Chateauneuf
Title: The Valens Acquires Verse Cannabis
Sourced From: blog.tipranks.com/the-valens-acquires-verse-cannabis/
Published Date: Wed, 01 Sep 2021 13:48:57 +0000

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