A Kelowna cannabis manufacturer has acquired another cannabis-based firm. (Black Press Media File)

A Kelowna cannabis manufacturer has acquired another cannabis-based firm. (Black Press Media File)

Kelowna cannabis company acquires edibles manufacturer for $24.9 million

The Valens Company has acquired LYF Food Technologies

A Kelowna cannabis company has acquired another local manufacturer for $24.9 million.

On Monday, Jan. 25, The Valens Company announced it has bought LYF Food Technologies, an edibles manufacturer with expertise in novel product creation and infusion technologies.

Besides the initial $24.9 million, Valens stands to receive an additional $17.5 million after certain industry milestones are achieved, such as the company’s earnings before interest, taxes, and amortization (EBITA).

LYF has experience in producing food products and working with major grocery chains, health and wellness retailers and pharmacies.

The acquisition will significantly expand Valens’ edibles footprint and increase its ability to participate in a fast-growing product category.

Valens CEO Tyler Robson said LYF has set the standard for high-quality edibles in the Canadian cannabis market.

“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,” he said in a statement.

LYF founders Paolo Pero and Matthew Amado added they are excited to join the Valens team.

“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.”

READ: ‘Roadmap out of COVID-19’: Innovate BC’s program helping businesses recover


Twila Amato
Video journalist, Black Press Okanagan
Email me at twila.amato@blackpress.ca
Follow me on Twitter

cannabis

Get local stories you won't find anywhere else right to your inbox.
Sign up here

Just Posted

The District of Lake Country saw its number of overdose calls double in 2020 over the previous year. (Black Press file photo)
Overdose calls doubled in Lake Country in 2020: report

The district’s protective services annual report shows there were 47 overdose calls last year

Interior Health reported 33 new COVID-19 cases on March 5. (Black Press Files)
Interior Health reports 33 new COVID-19 cases on March 5

Over 300,000 vaccine doses have been administered provincewide.

An application to construct housing units for temporary farm workers was supported by District of Lake Country council Tuesday, March 2, 2021. The applicant, Gurjinder Sandher, must now get approval from the Agricultural Land Commission. (Google Maps)
Lake Country supports farmer’s bid to build housing for temporary workers

The application to construct 40 permanent units on farmland is now pending ALC approval

Transition house program manager Melrose Tomlinson, from left, Archway Society co-executive director Sherry Demetrick, Men’s Shed club members John Halper, David Friesen, Harry Knopf and Sam Lachman collaborated on building a gazebo structure for the women rising in the home to use during their time outdoors. (Caitlin Clow - Vernon Morning Star file)
Vernon men’s mental health club gains independence

Before becoming its own society, Men’s Shed was under the wings of the CMHA

A lawyer wears a face mask and gloves to curb the spread of COVID-19 while waiting to enter B.C. Supreme Court, in Vancouver, B.C., Friday, Aug. 28, 2020. British Columbia’s highest court has sided with the land owner in a dispute over public access to public land. THE CANADIAN PRESS/Darryl Dyck
B.C. high court finds in favour of large landowner in fight over access to Stoney and Minnie lakes

The Nicola Valley Fish and Game Club launched legal action after the cattle company blocked road and trail access

About 50 people gathered Friday, March 5, 2021 in Penticton to protest city council’s decision to close a temporary winter shelter. (Jesse Day - Western News)
WATCH: Protest over Penticton shelter draws large crowd

People are gathering in Gyro Park to protest the closure of a winter shelter

Cannabis bought in British Columbia (Ashley Wadhwani/Black Press Media)
Is it time to start thinking about greener ways to package cannabis?

Packaging suppliers are still figuring eco-friendly and affordable packaging options that fit the mandates of Cannabis Regulations

Malawian police guard AstraZeneca COVID-19 vaccines after the shipment arrived in Lilongwe, Malawi, Friday March 5, 2021. Canada is expecting its first shipments of AstraZeneca vaccine next week. (Associated Press/Thoko Chikondi)
B.C.’s daily COVID-19 cases climb to 634 Friday, four more deaths

Currently 255 people in hospital, 66 in intensive care

Join Black Press Media and Do Some Good
Join Black Press Media and Do Some Good

Pay it Forward program supports local businesses in their community giving

A crashed helicopter is seen near Mt. Gardner on Bowen Island on Friday March 5, 2021. Two people were taken to hospital in serious but stable condition after the crash. (Irene Paulus/contributed)
2 people in serious condition after helicopter goes down on Bowen Island

Unclear how many passengers aboard and unclear where the helicopter was going

Surrey Pretrial in Newton. (Photo: Tom Zytaruk)
B.C. transgender inmate to get human rights hearing after being held in mostly male jail

B.C. Human Rights Tribunal member Amber Prince on March 3 dismissed the pretrial’s application to have Makayla Sandve’s complaint dismissed

Supporters rally outside court as Pastor James Coates of GraceLife Church is in court to appeal bail conditions, after he was arrested for holding day services in violation of COVID-19 rules, in Edmonton, Alta., on Thursday March 4, 2021. THE CANADIAN PRESS/Jason Franson
‘Law remains valid:’ Pastor accused of violating health orders to remain in jail

The Justice Centre for Constitutional Freedoms is representing the pastor

The Princeton Traditional Music Festival, normally held in August, was denied a grant due to COVID. (File photo)
COVID makes some of the 2021 grant decisions for Princeton council

Municipality doles out funds while striving to meet policy

Most Read