Valens aquires edibles manufacturer LYF Food for $24.9M
January 25, 2021 By Grow Opportunity staff
The Valens Company is expanding its Cannabis 2.0 and 3.0 footprint with the purchase of a major edibles manufacturer.
According to a public statement, Valens has acquired LYF Food Technologies Inc. $24.9 million plus approximately $17.5 million in consideration subject to achieving certain EBITDA milestones.
LYF is an edibles manufacturer based in Kelowna, B.C. and is known for producing white label products and infusion technologies. It boasts more than 100 recipes and formulations to produce high-quality edible formats ready for the market.
“Our team could not be more thrilled to join forces with The Valens Company and collectively fuel our shared passion for producing exceptional cannabis products with consumers top of mind,” said LYF founders Paolo Pero and Matthew Amado, in a statement. “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.”
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