Join our daily newsletter At The Bell to receive exclusive market insights
- Epsilon Healthcare (EPN) receives the first order under its strategic partnership with The Valens Company
- The first order, totalling $540,000, is for white-labelled cannabis products and will be sold throughout Australia and New Zealand
- Epsilon expects the complete the delivery of the first two pallets in the coming week with additional deliveries expected early next year
- In early September, both companies entered a long-term partnership that allows Valens access to Epsilon’s GMP Manufacturing Facility in Queensland
- Shares in Epsilon are down 6.67 per cent on the market and are trading at 14 cents at 1:03 pm AEST
Epsilon Healthcare (EPN) has received the first order under its strategic partnership with The Valens Company.
The first order, totalling $540,000, is for white-labelled cannabis products and will be sold throughout Australia and New Zealand.
Epsilon has stated it expects to complete the delivery of the first two pallets in the coming week, with additional deliveries expected to be completed early next year.
Furthermore, the company expects to receive payment for roughly 65 per cent of the total order this month, with the outstanding balance to be received at the time of the final product delivery.
Valens President Jeff Fallows commented on the first order and the partnership.
“The order represents Valens taking advantage of Epsilon’s large-scale GMP manufacturing capability, with the capacity and means to provide further accelerated access to Europe through their TGA and EU GMP capabilities,” Mr Fallows said.
“Through Cannvalate’s significant local market presence and leading distribution platform, and with Epsilon’s manufacturing capability, Valens is well placed with strategic access to a market we see through recent trends being poised for dramatic growth.”
On September 9, Epsilon and The Valens Company entered a long-term partnership that allows Valens access to Epsilon’s GMP Manufacturing Facility in Queensland.
Listed on the Toronto Stock Exchange, Valens is a leading manufacturer of cannabis products.
Furthermore, the agreement states Valens will not sell or supply and medicinal cannabis products in Australia or New Zealand other than via the Queensland facility.
Epsilon CEO Jarrod White is excited by the milestone reached.
“This is a significant milestone for the partnership between Epsilon and The Valens Company, as it represents both Valens first sale of GMP product in the Australian and New Zealand markets, and Epsilon’s first manufacturing order under this new exclusive partnership,” Mr White commented.
Shares in Epsilon were down 6.67 per cent on the market and were trading at 14 cents at 1:03 pm AEST.
