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Business

Aaron Bry

Valens Co Shuts Down Citizen Stash Facility Acquired Last Year, Here's Why

Valens Nasdaq Valens Company Inc

The Valens Company Inc (NASDAQ:VLNS), a Canadian cannabis company, issued a letter to shareholders explaining efforts to increase efficiency and cut costs. Part of this plan includes shutting down its Citizen Stash facility that Valens acquired last August.

Valens explained that the company will be moving all production of Citizen Stash products to its facilities in Kelowna. Valens also said in the letter that they plan on selling the facility and other “non-core assets.”

Valens has been actively strengthening its balance sheet, recently raising more than $20 in a bought offering deal.

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