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Aug. 31, 2021, 11:10 a.m. EDT

Valens buys craft grower Stash Cannabis

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By Steve Gelsi

The Valens Company Inc. shares fell 0.7% on Tuesday after the cannabis company said it agreed to acquire all of the outstanding shares of premium marijuana brand Citizen Stash Cannabis Corp. in a deal that values the target company at about $43 million on an enterprise value basis. Shares of Citizen Stash rose 11.8%. Under terms of the deal, Citizen Stash shareholders will receive 0.1620 of a Valens common share for each Citizen Stash common share. Valens said the transaction will add to earnings in 2021 and 2022 before synergies, along with an expansion into premium flower and pre-rolled cigarettes, which account for more than 70% of retail sales. Valens Company CEO Tyler Robson said the acquisition will help the company "significantly expand its presence in the recreational market."

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