– Pure Sunfarms' Full Spectrum Vapes in 510
Thread Cartridges and Pure Sun CBD Oil to be Available to Consumers
in British Columbia in the Coming
Days, with Ontario and
Alberta to Follow –
VANCOUVER, BC, Aug. 25, 2020 /CNW/ - Village Farms
International, inc. ("Village Farms" or the "Company") (NASDAQ:
VFF) (TSX: VFF) today announced its majority-owned joint
venture for large-scale, low-cost, high-quality cannabis
production, Pure Sunfarms, has begun shipping its first Cannabis
2.0 and bottled oil products. Shipments will initially be to
British Columbia, with shipments
to Ontario and Alberta planned to begin shortly.
"At Pure Sunfarms, flower is at the core of what we do. It's our
growing experience and our commitment to quality that has really
inspired our evolution into Cannabis 2.0," said Mandesh Dosanjh,
President & CEO, Pure Sunfarms. "All Pure Sunfarms' vape and
oil products are made from our naturally-grown, signature strains,
always using the best parts of the flower, to provide a safe and
smooth experience from start to finish."
Mr. Dosanjh added, "Pure Sunfarms has taken a pragmatic,
thoughtful and measured approach to our product strategy, first
establishing a commanding position in the dried flower market, and
then leveraging our brand, reputation and experience to enter new,
large, higher value product categories. Vapes have already become
the second largest category with the Ontario Cannabis Store after
dried flower, and bottled oils are the fourth largest category with
the OCS after dried flower, vapes and pre-rolls1."
"For three consecutive quarters – since first launching its
branded retail products last September – Pure Sunfarms has had the
leading market share of all dried flower brands in Canada's largest provincial market,
Ontario2," said
Michael DeGiglio, Chief Executive
Officer, Village Farms. "Pure Sunfarms will bring the same
winning value proposition that underpins that performance –
high-quality products that consumers want at an attractive price –
to its Cannabis 2.0 and bottled oil products, and we are confident
consumers will embrace these new products as enthusiastically as
they have Pure Sunfarms' dried flower products. Pure Sunfarms' goal
is to be the number one or number two brand in every product
category that is entered."
"As the low-cost greenhouse producer in Canada, with a focus on continuously elevating
quality, Pure Sunfarms has a significant pricing advantage in the
market, which we expect will continue to not only drive market
share in the legal market but also enable the company to continue
to lead the Canadian cannabis industry in the conversion of the
illicit market, which still comprises the vast majority of consumer
purchases. Also, the addition of these high value products is
expected to enhance Pure Sunfarms' already very healthy gross
margin going forward, especially when the company begins its own
extraction operations, which are ready for start up and subject
only to Health Canada licensing, expected in the months ahead."
Pure Sunfarms' vape cartridges feature full spectrum extract,
which preserves the cannabinoids and terpenes from the original
flower and maintains the aromas and flavors true to cultivar. Pure
Sunfarms' Full Spectrum Vapes feature 0.5g of single-strain,
BC-grown cannabis extract, and are available in three of their
best-selling strains: Afghan Kush, White Rhino, and Island
Honey. Each vape cartridge is fitted with a ceramic mouthpiece,
features a glass tank, ceramic heating coil, and is compatible with
a standard 510 thread cartridge battery.
Pure Sunfarms' Pure Sun CBD Oil is made purely with BC-grown,
whole flower Pure Sun CBD cultivar (aka Cannatonic), hand-selected
for its unique potential to produce consistently CBD-rich flowers.
Pure Sun CBD Oil comes in a 30mL amber bottle, and is available in
both a 1:10 or 1:30 THC:CBD formulation so consumers can customize
their CBD experience to meet their individual needs.
Pure Sunfarms will continue to add Cannabis 2.0 products to its
portfolio in the months ahead.
Notes
- Data cited has been calculated by Pure Sunfarms from sales
information provided by OCS.
- By kilograms sold for the three-month periods ended
December 31, 2019, March 31, 2020 and June
30, 2020. Defined as sales of Pure Sunfarms products
by the OCS to retailers and directly to consumers via its web
site. Market share performance is based on calculations by
Pure Sunfarms from sales information provided by the Ontario
Cannabis Store (OCS).
About Village Farms International, Inc.
Village Farms is one of the largest and longest-operating
vertically integrated greenhouse growers in North America. Village Farms produces is and
distributes fresh, premium-quality produce with year-round to
national grocers in the U.S. and Canada from more than nine million square feet
of Controlled Environment Agriculture (CEA) greenhouses in
Canada and the U.S., as well as
from its partner greenhouses in Canada and Mexico. The Company is
leveraging its 30 years of experience as a large-scale, low-cost
vertically integrated grower for the rapidly emerging global
cannabis and CBD opportunities. In
Canada, British-Columbia-based Pure Sunfarms (majority-owned
by Village Farms) is one of the single largest cannabis operations
in the world and one of the best-selling brands in the
country. In the U.S., subject to compliance with all
applicable U.S. federal and state laws, the Company is pursuing a
strategy become a leading developer and supplier of branded and
white-labeled CBD products targeting "big box" and other
major retailers and consumer packaged goods companies, and with one
the largest greenhouse operations in country, is well positioned
for the potential federal legalization of high-THC
cannabis.
Cautionary Statement Regarding Forward-Looking
Information
This press release contains forward-looking statements within
the meaning of the United States Private Securities Litigation
Reform Act of 1995, Section 27A of the Securities Act of 1933, as
amended, (the "Securities Act") and Section 21E of the Securities
Exchange Act of 1934, as amended (the "Exchange Act"), and is
subject to the safe harbor created by those sections. This press
release also contains "forward-looking information" within the
meaning of applicable Canadian securities law. We refer to such
forward-looking statements and forward-looking information
collectively as "forward-looking statements". Forward-looking
statements may relate to the Company's future outlook or financial
position and anticipated events or results and may include
statements regarding the financial position, business strategy,
budgets, expansion plans, litigation, projected production,
projected costs, capital expenditures, financial results, taxes,
plans and objectives of or involving the Company. Particularly,
statements regarding future results, performance, achievements,
prospects or opportunities for the Company, the greenhouse
vegetable industry or the cannabis industry are forward-looking
statements. In some cases, forward-looking information can be
identified by such terms as "outlook", "may", "might", "will",
"could", "should", "would", "occur", "expect", "plan",
"anticipate", "believe", "intend", "try", "estimate", "predict",
"potential", "continue", "likely", "schedule", "objectives", or the
negative or grammatical variation thereof or other similar
expressions concerning matters that are not historical facts. The
forward-looking statements in this press release are subject to
risks that may include, but are not limited to: our limited
operating history, including that of our Pure Sunfarms Corp. joint
venture for the production of cannabis in Canada (our "Joint Venture") and our start-up
operations of growing hemp in the United
States; the legal status of our Joint Venture; risks
relating to obtaining additional financing, including our
dependence upon credit facilities; potential difficulties in
achieving and/or maintaining profitability; variability of product
pricing; risks inherent in the cannabis, hemp and agricultural
businesses; the ability of our Joint Venture to cultivate and
distribute cannabis in Canada;
existing and new governmental regulations, including risks related
to regulatory compliance and licenses (e.g., our Joint Venture's
ability to obtain licenses for its Delta 2 greenhouse facility as
well as additional licenses under the Canadian Act Respecting
Cannabis To Amend to the Controlled Drugs and Substances Act, the
Criminal Code and other Acts, S.C. 2018, c. 16 (Canada) for its Delta 3 greenhouse facility),
and changes in our regulatory requirements; risks relating to
conversion of our greenhouses to cannabis production for our Joint
Venture; risks related to rules and regulations at the U.S. federal
(Food and Drug Administration and United States Department of
Agriculture), state and municipal levels with respect to produce
and hemp; retail consolidation, technological advances and other
forms of competition; transportation disruptions; product liability
and other potential litigation; retention of key executives; labor
issues; uninsured and underinsured losses; vulnerability to rising
energy costs; environmental, health and safety risks, foreign
exchange exposure, risks associated with cross-border trade;
difficulties in managing our growth; restrictive covenants under
our credit facilities; natural catastrophes; the ongoing and
developing COVID-19 pandemic; and tax risks.
The Company has based these forward-looking statements on
factors and assumptions about future events and financial trends
that it believes may affect its financial condition, results of
operations, business strategy and financial needs. Although the
forward-looking statements contained in this press release are
based upon assumptions that management believes are reasonable
based on information currently available to management, there can
be no assurance that actual results will be consistent with these
forward-looking statements. Forward-looking statements necessarily
involve known and unknown risks and uncertainties, many of which
are beyond the Company's control, that may cause the Company's or
the industry's actual results, performance, achievements, prospects
and opportunities in future periods to differ materially from those
expressed or implied by such forward-looking statements. These
risks and uncertainties include, among other things, the factors
contained in the Company's filings with securities regulators,
including our most recent Annual Report on Form 10-K, our
subsequent Quarterly Reports on Form 10-Q and Current Reports on
Form 8-K, each of which is available at www.sec.gov,
as well as our filings on SEDAR, available at www.sedar.com. In
particular, we caution you that our forward-looking statements are
subject to the ongoing and developing circumstances related to the
COVID-19 pandemic, which may have a material adverse effect on our
business, operations and future financial results.
When relying on forward-looking statements to make decisions,
the Company cautions readers not to place undue reliance on these
statements, as forward-looking statements involve significant risks
and uncertainties and should not be read as guarantees of future
results, performance, achievements, prospects and opportunities.
The forward-looking statements made in this press release relate
only to events or information as of the date on which the
statements are made in this press release. Except as required by
law, the Company undertakes no obligation to update or revise
publicly any forward-looking statements, whether as a result of new
information, future events or otherwise, after the date on which
the statements are made or to reflect the occurrence of
unanticipated events.
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SOURCE Village Farms International, Inc.