Two local companies have come together with hopes of becoming a leader in the cannabis edibles marketplace. 

In a cash and stock deal worth $24.9-million, The Valens Company has acquired  LYF Food Technologies.

A leader in product creation and infusion technologies, LYF brings a wealth of experience in producing food products and working with major grocery chains, health and wellness retailers as well as pharmacies.

With the deal, Valens is now poised to substantially expand its edible product portfolio to begin producing innovative gummies, chocolates, baked goods and more.

The combined manufacturing space for the two Kelowna companies, which are located within minutes of each other, will now grow to over 90,000 square feet.

“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,” said Valens CEO Tyler Robson.

“We look forward to further developing our product offering to reach more consumers with high-quality and unique cannabis edibles as this product segment continues to gain in popularity.”

According to the agreement, LYF also stands to receive an additional $17.5 million after certain industry milestones are achieved.