Citizen Stash votes in favour of being bought by Valens
Published on November 3, 2021 by oz. staff
Citizen Stash shareholders have voted overwhelmingly in favour of approving its acquisition by The Valens Company.
Kelowna-based Valens announced in August it planned to buy the licensed producer for $54.3 million in a stock deal, which would catapult Valens into the high-margin premium flower category.
Nearly 99% of Citizen Stash shareholders who cast their ballot on the deal voted in favour, the company announced.
• RELATED: The Valens Company to acquire craft cannabis LP Citizen Stash
The deal melds cannabis 2.0-focused Valens, well-known known for its extraction products, with Citizen Stash’s portfolio of craft growers and proprietary genetics.
There are a few more steps before the sale is closed, including approval from the Supreme Court of British Columbia.
The deal is expected to officially close Nov. 8.
Valens President Jeff Fallows recently spoke the oz. about the Citizen Stash deal.
“We say buying Citizen Stash was entering the flower space the Valens way,” he says.
Fallows noted Citizen Stash doesn’t have a big growing infrastructure. They control the genetics and they control the quality in the agreements they have with their contract growers.
“From a strategy perspective, we saw the opportunity to go out and get a larger market opportunity for our shareholders. We saw it in the premium flower space. And we found what we believe to be the ideal puzzle piece to fill that hole,” he says.