Add-on Acquisition • Consumer Products

Valens Acquires Green Roads

On April 27, 2021, Valens acquired consumer products company Green Roads for 40M USD

Acquisition Context

This is Valens’ 1st transaction in the Consumer Products sector.
This is Valens’ 2nd largest (disclosed) transaction.
This is Valens’ 1st transaction in the United States.
This is Valens’ 1st transaction in Florida.

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M&A Deal Summary
Date	April 27, 2021
Target	Green Roads
Sector	Consumer Products
Buyer(s)	Valens
Deal Type	Add-on Acquisition
Deal Value	40M USD
Advisor(s)	Cowen (Financial) GreenbergTraurig (Legal)

Target Company

Green Roads

Deerfield Beach, Florida, United States

Green Roads is a privately-owned CBD company in the United States, with a focus on quality from its pharmacist-founded background. Based in South Florida, the company produces an award-winning lineup of health and wellness products using hemp-derived CBD across a variety of consumer categories such as oils, topicals, ingestibles, personal care and pet products. Additionally, Green Roads provides B2B manufacturing services for a variety of partners. Green Roads boasts a leading market share and brand platform in the US CBD industry, with an extensive distribution network consisting of over 7,000 retail stores and a robust e-commerce and marketing platform with over 30,000 five-star reviews across all its product lines.

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Buyer Overview 1

Buyer

Valens

Toronto, Ontario, Canada

Category	Company
Sector	Consumer Products
Employees	445
Revenue	84M USD (2020)

DESCRIPTION

Valens is a manufacturer of cannabis products with a mission to bring the benefits of cannabis to the world. Valens provides proprietary cannabis processing services across five core technologies, in addition to best-in-class product development, formulation, and manufacturing of cannabis consumer packaged goods. Valens is based in Kelowna, British Columbia.

Deal Context for Buyer	#
Overall	1 of 3
Sector: Consumer Products	1 of 3
Type: Add-on Acquisition	1 of 3
State: Florida	1 of 1
Country: United States	1 of 1
Year: 2021	1 of 3
Size (of disclosed)	2 of 2

FOLLOWING DEAL

DATE	TARGET	DEAL TYPE	VALUE
2021-08-31	Citizen Stash Mission, British Columbia, Canada Citizen Stash is an adult-use premium cannabis brand offered nationally in seven provinces and territories. It has invested and developed a portfolio of premium cannabis genetics, strains, and products with a unique growth strategy incorporating a highly scalable aggregation and distribution business model to drive revenues across its national sales network. Citizen Stash is based in Mission, British Columbia.	Buy	$54M

DATE

TARGET

DEAL TYPE

VALUE

2021-08-31

Citizen Stash

Mission, British Columbia, Canada

Citizen Stash is an adult-use premium cannabis brand offered nationally in seven provinces and territories. It has invested and developed a portfolio of premium cannabis genetics, strains, and products with a unique growth strategy incorporating a highly scalable aggregation and distribution business model to drive revenues across its national sales network. Citizen Stash is based in Mission, British Columbia.

Buy

$54M

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