Village Farms International, Inc. (TSX:VFF, OTC:VFFIF) (“Village Farms” or the “Company”), one of the largest and longest-operating vertically integrated greenhouse growers in North America, is pleased to announce that its joint venture partner in its greenhouse complex in Delta, British Columbia (the “Canadian Greenhouse”), Delta 9 Cannabis Inc. (TSX-V: NINE), reported its results for the fiscal year ended August 31, 2018. During the year ended August 31, 2018, Village Farms contributed an ownership interest of 33 percent to the Canadian Greenhouse, which together with the Company’s contribution of two million shares of its common stock,

Village Farms International, Inc. (TSX:VFF) (OTCQX:VFFIF) (“Village Farms” or the “Company”) is a North American provider of ‘Clean Green’, climate-controlled, indoor agriculture systems, producing clean, consistent crops, better quality and quantity than traditional outdoor production. Village Farms is an innovator and technology leader in sustainable, controlled environment agriculture. Our progress in North America is mirrored by our strategic expansion into cannabis production in the EU. Cannabis production will allow us to diversify our revenue sources as we expand into the emerging cannabis markets. The company grows its produce in a large greenhouse in Delta, BC and also has a 177,000

Village Farms Cannabis Revenue Increases 34% to $17.5 Million

Village Farms International announces financial results for the first quarter of 2021 : Pure Sunfarms achieves sales growth of 20% or more in retail brands for the third consecutive quarter

– Pure Sunfarms continues to post positive adjusted EBITDA in each of the ten quarters since launch – Pure Sunfarms was again the top selling dry flower brand with OCS in the first quarter -…

VANCOUVER, British Columbia, May 10. 20, 2021 /PRNewswire/ – Village Farms International, Inc. (Village Farms or the Company) (NASDAQ: VFF) (TSX: VFF) today announced its financial results for the first quarter ended December 31. March 2021 announced. All figures are in US dollars unless otherwise stated.

The Company’s financial statements for the three months ended December 31, 2009 are presented in the table below. March 2021 and the comparative periods for 2020 have been prepared and presented in accordance with accounting principles generally accepted in the United States (GAAP). As of 31. By March 2021, Village Farms owned 100% of Pure Sunfarms Corp. (Pure Sunfarms), with the full acquisition of the remaining shares of Pure Sunfarms completed on 2..3..1998. November 2020. Accordingly, the financial results of Pure Sunfarms for the three months ended December 31 are shown in the table below. March 2021 consolidated with the results of Village Farms. In March 2020, Pure Sunfarms will be included on a pro rata basis in the income from unconsolidated affiliates.

Pure Sunfarms First Quarter and Other Recent Results
(dollar amounts are for Village Farms’ proportionate share)

  • Third consecutive quarter of growth of 20% or more in key distribution channel, branded retail;
  • Achieving the tenth consecutive quarter of positive adjusted EBITDA; and,
  • During the three months ended December 31, March 2021, it was the top selling brand of dried flower products in the Ontario Cannabis Store (OCS) (in kilograms and dollars sold) and has remained the top selling brand of dried flower products in the OCS (in kilograms and dollars sold) since the brand began retailing in October 2019.

* Market share figures and data have been calculated by Pure Sunfarms based on sales information provided by OCS.

Village Farms’ consolidated financial statements for the three months ended March 31, 2021 and March 31, 2021 are as follows March 2020 and Company highlights

Village Farms Cannabis Revenue Increases 34% to $17.5 Million

  • Product sales increased 9%, but adjusted EBITDA declined 50% due to lower prices as the tomato industry experienced one of the lowest price levels of the past decade for both vine tomatoes and beefsteak varieties;
  • Completion of a registered direct offering to certain institutional investors for the purchase and sale of a total of 10,887,097 common shares at a purchase price of US$12.40 (approximately C$15.70) per common share for gross proceeds of approximately US$135 million (approximately C$171 million);
  • Proceeds were received from the exercise of $17.7 million of warrants, resulting in the issuance of an additional 3,045,283 common shares. The warrants were issued in connection with the offering of direct registered shares in September 2020. At the date of this press release, there are 1,652,830 outstanding warrants;
  • Full repayment of a promissory note of C$19.9 million (approximately $15.6 million), plus accrued interest of C$621,534.25 (approximately $486,849.78), issued by the Company to Emerald Health Therapeutics, Inc. as partial consideration for the November 2020 acquisition of the remaining Pure Sunfarms common stock not owned by the Company; and
  • It was the 22nd. March 2021: Pre-IPO inclusion in the S&P/TSX Composite Index (consumer non-durables sector)
  • Increasing shareholding in Altum International Pty Ltd from 6.6% to just under 12% as an effective way of participating in international opportunities in the Asia-Pacific region.
  • Village Farms amended the terms of the working capital loan by amending the credit agreement with an amended line of credit of C$10,000 and a maturity date of C$7. May 2024.

Financial statement of Pure Sunfarms for the three months ended March 31, 2021 and March 31, 2021 March 2020 (before Village Farms’ proportionate share).

Village Farms Cannabis Revenue Increases 34% to $17.5 Million

Percentage of the turnover of Pure Sunfarms per product group

Village Farms Cannabis Revenue Increases 34% to $17.5 Million

Remark of the management

The first quarter of 2021 was another strong quarter for Pure Sunfarms, which for the third consecutive quarter posted strong sequential growth in our primary distribution channel, branded retail, up 20% from the fourth quarter, which is particularly encouraging given that the Canadian market was weak due to pandemic-related restrictions that stalled sales growth in the rest of the industry.

Michael DeGiglio, Managing Director, Village Farms

Village Farms Cannabis Revenue Increases 34% to $17.5 Million

Our continued momentum was again boosted by Pure Sunfarms’ leading position in the dried flower market1 , which remains our largest product category. The success of our brand is firmly rooted in our reputation for providing high quality products at a price that is suitable for everyday use.

He added: This, combined with our best-in-class operations, low-cost manufacturing and prudent management of administrative and management costs, has enabled Pure Sunfarms to deliver positive adjusted EBITDA for the tenth consecutive quarter, and for every quarter since we began selling in late 2018.

Looking ahead, our 1.1 million square foot Delta 3 plant is at full capacity. Given the expected strong demand, we will significantly increase our production capacity in the coming months and plan to increase it by 50% by the end of the year and double it in the second half of 2022. All of this enables Pure Sunfarms – together with our existing facilities and activities – to significantly and sustainably increase our short and long term profitability.

Our continued success and leadership in Canada gives us great confidence in our plans to develop cannabis in the United States and beyond. We continue to monitor regulatory developments in the U.S. with respect to our ability to legally participate in what we believe will be a changing market environment that will facilitate the success of both experienced players and new entrants. We believe that our unparalleled ability to produce crops on a large scale and at low cost, along with one of the largest high-tech greenhouse complexes in the country, is a key advantage in capitalizing on this important opportunity. We will do so strategically, prudently and with an unwavering commitment to the return on our investments. At the same time, we continue to look internationally for long-term strategic opportunities, which in turn are in line with our performance thresholds.

1. with the Ontario Cannabis Store for the first quarter of 2021 and since its launch in October 2019 (in pounds and dollars sold).

COVID-19 Update

All Village Farms production facilities in Texas and British Columbia and Pure Sunfarms facilities in Canada will remain open and operational. The company has experienced a small number of COVID-19 incidents at its facilities; however, company protocols have been followed and there have been no significant service interruptions. Village Farms and Pure Sunfarms adhere to the strictest health and safety standards in their operations and have each implemented improved hygiene practices and safety protocols, including more thorough cleaning and sanitation, and take necessary precautions in all operations as recommended by health authorities. The Company will continue to refine and develop these methods and protocols as appropriate.

Summary of Compulsory Results
(in thousands of U.S. dollars, unless otherwise indicated)

Village Farms Cannabis Revenue Increases 34% to $17.5 Million

Notes on the financial result

The following table provides an analysis of our consolidated results for the three months ended December 31. March 2021 and 2020 presented. Consolidated results include our three business segments, manufacturing, cannabis and energy, as well as all public company costs. Pure Sunfarms was founded on 2. The purchase price is fully assumed for the three months through November 31, 2020. For the three months ended March 31, 2021, Pure Sunfarms’ results of operations are consolidated in our consolidated statements of operations. In March 2020, Pure Sunfarms’ results were included in earnings per share of unconsolidated entities in our consolidated statements of operations.

We also present the operating results of Pure Sunfarms before distribution to Village Farms, which are included in our financial results for the three months ended December 31. March 2020 were not consolidated, but were included in our results for the three months ended March 31, 2020. March 2021 were consolidated. As a result of the Pure Sunfarms acquisition, an increase in the fair value of Pure Sunfarms’ inventories was recorded at the acquisition date, resulting in a charge to cost of sales in the first quarter of 2021 of $2,925 and in the fourth quarter of 2020 of $3,295 related to the remeasurement of the fair value of inventories. This is a non-cash accounting charge at cost of sales and is subject to adjustment upon analysis of Pure Sunfarms’ actual operating results.

Consolidated results

Three months ending 31 March 2021 compared to three months ending 31 March 2021 March 2020

Turnover

Revenue for the three months ended December 31, 2021 was $52,396 compared to $32,112 for the three months ended March 31. March 2020. The increase in sales is primarily due to the inclusion of sales of $17,460 from Pure Sunfarms for the first quarter of 2021 and an increase in sales of $4,139 from product partners, partially offset by a decrease in sales of ($1,234) from proprietary products and of ($81) from VFCE Power. The tomato industry is currently experiencing one of the lowest price trends in the last decade for both truss and steak varieties.

The increase in sales to delivery partners is attributable to an increase in pounds of tomatoes, peppers, cucumbers and mini cucumbers sold. The decrease in own sales was due to a decrease in the average selling price of tomatoes in the three months to December 31. March 2021 by (24%) compared to March 31, 2020, partially offset by a 14% increase in internal production. The price decline reflects an oversupply in the market due to lower retail demand and higher tomato production in Canada due to new acreage in 2021.

Cost of sales

Cost of sales for the three months ended December 31, 2009 was $50,089 compared to $31,347 for the three months ended March 31, 2021. March 2020. The increase in cost of sales was primarily due to the addition of Pure Sunfarms’ first quarter 2021 cost of sales of $15,248, an increase in product supply partner costs of $3,282 and an increase in net energy costs of $356, partially offset by a decrease in our own product cost of sales. Cost of sales of Pure Sunfarms in the first quarter of 2021 includes a charge of $2,925 related to the revaluation of inventory to fair value at the date of acquisition. The increase in cost of goods sold related to shipping products is due to an increase in the number of books sold. The decrease in captive production costs was due to lower production costs per pound at our two plants in Texas and more efficient use of transportation and handling costs, primarily through efforts to make cash management more efficient.

Gross margin

Gross margin for the three months ended December 31 was March 2021 increased by $4,467 to $5,232, or a gross margin of 10% (excluding the charge of $2,925 related to the revaluation of the fair value of Pure Sunfarms’ inventory at the date of acquisition), compared to $765, or a gross margin of 2%, for the three months ended March 31, 2021. March 2020. Gross margin (excluding revaluation charges) increased primarily due to the inclusion of Pure Sunfarms’ 2021 gross margin of $5,137. The decrease in gross margin on products is primarily due to lower tomato prices in the first quarter of 2021.

Selling, general and administrative expenses

Selling, general and administrative expenses increased $4,171 to $8,092 during the three months ended March 2021, compared to $3,921 for the three months ended March 31. March 2020. The increase is primarily due to the inclusion of Pure Sunfarms expenses of $3,966 and an increase in operating expenses primarily related to limited liability company expenses, such as. B. Investor relations, legal and regulatory fees, TSX listing fees, revaluation of the shares in January 2021 and additional costs related to compliance with US reporting requirements.

Share-based payments

Share-based compensation expense for the three months ended December 31, 2014 was as follows. March 2021 was $1,998 compared to $529 for the three months ended March 31. March 2020. The increase in stock-based compensation is primarily due to the vesting of stock options granted to Pure Sunfarms management of $1,094 in the first quarter of 2021, compared to zero in the first quarter of 2020, and the value of stock options issued in December 2020.

Net income/(loss)

Net loss for the three months ended March 31, 2021 was ($7,382), compared to net income of $4,190 for the three months ended March 31. March 2020. The decrease in net income was primarily due to lower gross profit at Pure Sunfarms (which included a $2,925 charge related to the remeasurement of the fair value of inventory at the date of acquisition) and higher selling, general and administrative expenses and share-based compensation for the three months ended December 31. March 2021 compared to March 31, 2020, which also included a gain on the settlement agreement of $4,681 in March 2020.

Adjusted EBITDA

Adjusted EBITDA for the three months ended December 31, 2011 was $404 compared to $1,096 for the three months ended March 31, 2021. March 2020. The decrease in adjusted EBITDA was primarily due to lower operating results at Pure Sunfarms and the manufacturing operations.  See reconciliation of adjusted EBITDA to net income under Non-GAAP measures – Reconciliation of net income to adjusted EBITDA.

Cannabis Results – Pure Sunfarms(C$)

The comparative analysis of Pure Sunfarms is based on the consolidated results of Pure Sunfarms for the three months ended December 31. March 2021, 31. December 2020 and 31. March 2020, excluding Village Farms’ share. As a result of the Pure Sunfarms acquisition, Pure Sunfarms recorded an increase in the fair value of its inventory at the acquisition date, resulting in a charge to cost of sales of C$3,679 in the first quarter of 2021 and C$4,223 in the fourth quarter of 2020, due to the revaluation of inventory to fair value. This is a non-cash accounting charge at cost of sales and is subject to adjustment upon analysis of Pure Sunfarms’ actual operating results. The reconciliation of U.S. GAAP results to pro forma results shows Pure Sunfarms’ pro forma results for the periods ended December 31. March 2020.

Three months ending March 31, 2021 compared to three months ending March 31, 2021 December 2020

Turnover

Pure Sunfarms’ net sales for the three months ended December 31 were C$22,092 in March 2021, compared to C$22,527 for the three months ended March 31, 2021. December 2020. The sequential decrease in net sales was primarily due to a decrease of (49%) in non-branded sales, partially offset by a 20% increase in branded sales. In the three months to March 31, 2021, 71% of branded flower sales and 13% of tincture and cannabis 2.0 product sales (cannabis oil, tinctures and branded vapes) were generated, compared to 56% of branded flower sales and 12% of tincture and cannabis 2.0 product sales in the three months to March 31, 2021. December 2020. In the three months to March 31, 2021, unbranded sales represented 16% of sales, compared to 32% in the three months to March 31. December 2020. The decrease in unbranded sales between periods was primarily due to oversaturation in the wholesale market coupled with the impact of the closure of several provincial offices at year-end on December 31, 2017. In March 2021, stock rationalization and management began, which reduced demand from other authorized producers (LPs) in the wholesale market.

Cost of sales

Pure Sunfarms’ cost of sales for the three months ended December 31 was CAD 15,600 (excluding inventory purchase price adjustment of CAD 3,679), compared to CAD 13,853 (excluding inventory purchase price adjustment of CAD 4,223) for the three months ended March 31, 2021. December 2020. The increase in cost of sales between periods is due to the increased sales of branded products, which incurs additional production, packaging and distribution costs.

Gross margin

Gross margin for the three months ended December 31 decreased by (C$2,182) to C$6,492 or a gross margin of 29% (excluding the purchase price adjustment of C$3,679) compared to C$8,674 or a gross margin of 39% (excluding the purchase price adjustment of C$4,223) for the three months ended March 31, 2021. December 2020. The decrease in gross margin between periods is primarily due to an increase in cost of sales associated with higher brand sales in 2021, which requires additional production, packaging and distribution costs.

Selling, general and administrative expenses

Pure Sunfarms’ selling, general and administrative expenses for the three months ended December 31 were as follows. December 2020. The decrease in selling, general and administrative expenses in the three months ended December 31, 2010 was due to a decrease in the number of employees. March 2021 compared to the three months ended March 31, 2013. December 2020 was primarily due to lower marketing expenses and lower expenses, such as B. Legal and consulting services, partially offset by an increase in headcount to support the growth of Pure Sunfarms.

Share-based payments

Share-based payment expense during the three months ended December 31, 2009 was C$1,392, compared to C$78 for the three months ended March 31, 2021. December 2020. The increase in share-based payments is due to the vesting of performance shares for Pure Sunfarms management and the increase in value of share options issued in December 2020.

Net income/(loss)

Pure Sunfarms’ net loss for the three months ended December 31 was (C$3,592) compared to (C$2,224) for the three months ended March 31, 2021. December 2020. The net loss for the first quarter of 2021 includes a charge of C$3,679 and the net loss for the fourth quarter of 2020 includes a charge of $4,223 related to the revaluation of inventories to their fair value at the acquisition date. The increase in net loss between the comparative periods was due to lower gross margins, primarily due to lower average selling prices for unbranded products and higher share-based compensation, partially offset by lower selling, general and administrative expenses.

Adjusted EBITDA

Adjusted EBITDA for the three months ended December 31 was March 2021 or December 31, 2020 was C$3,125 and C$2,959, respectively. The increase in adjusted EBITDA was due to higher net sales and lower selling, general and administrative expenses in the three months ended March 2021, compared to the three months ended March 31, 2013. December 2020. In the three months to December 31, 2020, there was also a write-off of CAD 991 on Emerald’s receivables related to the acquisition of PSF.

Three months ending 31 March 2021 compared to three months ending 31 March 2021 March 2020

Turnover

Pure Sunfarms’ net sales for the three months ended December 31 were as follows Net sales for the three months ended March 31, 2021 were C$22,092 compared to C$18,004 for the three months ended March 31, 2021. March 2020. The increase in net sales from the prior period was due to a 117% increase in sales of branded products, partially offset by a 62% decrease in sales of unbranded products. In the three months to 31 December 2021, 71% of sales were from branded flowers and 13% were from tinctures and cannabis 2.0 products, compared to 47% of sales from branded flowers in the three months to 31 March 2021. March 2020. Pure Sunfarms made a profit of EUR 31 in the reporting period. Mars 2020 has not started selling Cannabis 2.0 products. In the three months ended March 31, 2021, unbranded sales represented 16% of sales, compared to 53% in the three months ended March 31. March 2020. The decline in unbranded sales between periods is primarily due to oversaturation in the wholesale market and the fact that several provincial offices were closed at the end of the year ended December 31. March 2021 began rationalizing SKUs and managing inventory, which reduced demand for other LPs in the wholesale market.

Cost of sales

Pure Sunfarms’ cost of sales for the three months ended December 31 was C$1.5 million. March 2021 C$15,600 (excluding an adjustment to the purchase price of inventories of C$3,679), compared to C$8,607 for the three months ended March 31, 2021. March 2020. The increase in cost of sales between periods is due to the increased sales of branded products, which incurs additional production, packaging and distribution costs.

Gross margin

Gross margin for the three months ended December 31 decreased by (C$2,905) to C$6,492 or a gross margin of 29% (excluding the purchase price adjustment of C$3,679) compared to C$9,397 or a gross margin of 52% for the three months ended March 31, 2021. March 2020. The decrease in gross margin between the comparative periods is primarily due to lower wholesale prices in the last twelve months, combined with an increase in cost of sales associated with higher volumes of brands requiring additional production, packaging and distribution costs.

Selling, general and administrative expenses

Selling, general and administrative expenses increased $1,787 or (55%) to C$5,024 for the three months ended March 31, 2021 compared to C$3,237 for the three months ended March 31, 2021. March 2020. The increase in selling, general and administrative expenses is primarily due to an increase in selling and marketing expenses as a result of increased brand sales in the first quarter of 2021, as well as an increase in headcount to support the growth of Pure Sunfarms.

Share-based payments

Share-based payment expense for the three months ended December 31, 2014 was C$1,392 in March 2021 compared to nil for the three months ended March 31. March 2020. The increase in share-based awards is primarily due to the vesting of shares granted to Pure Sunfarms management and the fact that Pure Sunfarms management will not be employed by the Company until November 2020.

Gain on settlement of net liabilities

Pure Sunfarms recorded revenue of C$6,044 in the first quarter of 2020 as a result of a settlement agreement reached between Pure Sunfarms, Emerald Health and the Company on March 2, 2020. This gain represents Pure Sunfarms’ waiver of the shareholder loan and accrued interest owed to Emerald and will be offset by the repayment of the supply agreement and resulting receivables, including Emerald’s receivable of C$8,100 for 2019 sales.

Net income/(loss)

Pure Sunfarms reported a net loss of (C$3,592) for the three months ended December 31. March 2021, compared to net income of C$8,553 for the three months ended March 31. March 2020. The net loss for the first quarter of 2021 includes a charge of CA$3,679 due to the revaluation of inventories to their fair value at the acquisition date. The decrease in net income between periods is primarily due to lower gross margins, higher selling, general and administrative expenses and share-based compensation in the first quarter of 2021, while the first quarter of 2020 included a gain on settlement of net debt of C$6,044.

Adjusted EBITDA

Adjusted EBITDA for the three months ended December 31, 2011 was C$1.5 million. March 2021 and March 31. 2020 was C$3,125 and C$6,726, respectively. The decrease in EBITDA between the comparative periods is mainly due to lower sales of unbranded products and a lower gross margin in Q1 2021 compared to Q1 2020. In the three months to 31 December March 2020, the average selling price of unbranded products was higher than in the three months to 31 March 2020. March 2020, with the wholesale market in danger of becoming oversaturated in 2021.

Non-GAAP measures

In this press release, adjusted EBITDA means earnings (including share of earnings of joint ventures) before interest, taxes, depreciation and amortization, adjusted for foreign exchange gains and losses on translation of long-term debt, unrealized gains on changes in value of share-based compensation derivatives, gains and losses on sale of assets, and other adjustments described below in the reconciliation of net income to adjusted EBI Adjusted EBI is a non-GAAP cash flow measure that is not presented in accordance with GAAP and does not have a standardized meaning prescribed by GAAP. Accordingly, adjusted EBITDA may not be comparable to similar measures published by other issuers. Investors are cautioned that adjusted EBITDA should not be considered an alternative to GAAP-defined net income or loss as a measure of our performance, or to cash flows from operating, investing and financing activities as a measure of liquidity and cash flows.  Management believes that adjusted EBITDA is an important measure of the Company’s historical performance.

We also present adjusted EBITDA, earnings per share and diluted earnings per share on a segment basis. Each component of adjusted EBITDA on a proportional segment basis (which includes our proportional share of the Pure Sunfarms and VFH businesses) is shown in the following tables, which provide a reconciliation of GAAP results to proportional results. We believe investors are better able to assess our overall performance by reporting adjusted EBITDA, earnings per share and diluted earnings per share in our proportionate segment, as our joint ventures represent a significant portion of our net income.

Reconciliation of net income to adjusted EBITDA

The following table provides the reconciliation between net income and adjusted EBITDA, as reported by the Company.

Village Farms Cannabis Revenue Increases 34% to $17.5 Million

Reconciliation of US GAAP results to pro forma results

The following tables provide a reconciliation of our GAAP results to our pro rata results (which include our pro rata share of the Pure Sunfarms (cannabis) and VFH (hemp) businesses). The tables show the full income statements of Pure Sunfarms and VFH multiplied by the percentage owned (as opposed to reporting the results of these joint ventures in the results through equity of unconsolidated entities) :

Village Farms Cannabis Revenue Increases 34% to $17.5 Million

This press release should be read in conjunction with the Company’s consolidated financial statements (Financial Statements) and Management’s Discussion and Analysis (MD&A) for the three months and year ended December 31, 2004. The Company’s MD&A for the three months ended March 31, 2021, will be read in the Company’s Form 10-Q filed at (www.sec.gov/edgar.shtml) and on SEDAR (www.sedar.com), which will be available at www.villagefarms.com.

Conference call

Village Farms’ board of directors will hold a conference call today, Monday, May 10, 2021, at 8:30 a.m. AND to discuss his financial results.  Participants may call (647) 427-7450 or (888) 231-8191 or register online athttps://bit.ly/3dGm67Z.

For those unable to join the conference call at the scheduled time, the conference call will be archived and available for replay by phone and online beginning approximately one hour after the end of the call. To access the archived conference call recording, dial (416) 849-0833 or (855) 859-2056 and key in the password 7179724 followed by the pound key. A phone recording will be made by Monday the 17th. May 20, 2021, at midnight (ET).  The conference call will also be archived on the Village Farms website at http://villagefarms.com/investor-relations/investor-calls.

About Village Farms International, Inc.

Village Farms is one of the largest and oldest greenhouse builders in North America. The Company is leveraging its years of experience in large-scale, low-cost intensive cultivation as a vertically integrated product provider to create high-quality, high-growth cannabis and CBD consumer product opportunities in North America and selected international markets.

The company’s Canadian subsidiary, Pure Sunfarms, based in British Columbia, is now one of the largest cannabis producers in the world, one of the cheapest greenhouse producers, and one of the best-selling brands in Canada.

In the United States, Village Farms, in compliance with all applicable federal and state laws, intends to become a leading developer and supplier of CBD branded products to major retailers and consumer products companies. Village Farms has one of the largest greenhouses in the country and is strategically positioned to leverage its agricultural expertise and the production and product expertise of Pure Sunfarms to realize the potential of growing high THHC cannabis where permitted by law.

Internationally, Village Farms is evaluating some emerging legal cannabis and CBD production opportunities with significant long-term potential, initially focusing on the Asia-Pacific region through its investment in Australian company Altum International.

Original press release

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Village Farms Cannabis Revenue Increases 34% to $17.5 Million Village Farms Cannabis Revenue Increases 34% to $17.5 Million

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