The Daily Courier
Valens buys Kelowna edibles maker
The Valens Company has entered into the cannabis edibles segment, acquiring Kelowna-based LYF Food Technologies Inc.
Valens, a cannabis extraction company, purchased LYF for $24.9 million, plus up to $17.5 million if certain milestones are achieved.
“LYF stood out for its product innovation and marketing teams, as well as its broad range of edible products which will introduce new formats to Canadian consumers that are typically only available in more mature markets,” says Valens CEO Tyler Robson.
He says LYF set the standard of what high-quality edibles should be and has developed a diverse and flexible manufacturing platform. LYF’s operation is located only minutes away from Valens.
“As a fellow Kelowna-based company, Valens’ vision for global growth resonated with the team and ultimately led us to recognize the significant value in combining what we have each uniquely created to bring a new level of manufacturing excellence to Canada and beyond,” said LYF founders Paolo Pero and Matthew Amado.