VANCOUVER, BC, Sept. 28, 2020 /CNW/ - Village Farms
International, Inc. ("Village Farms" or the "Company") (NASDAQ:
VFF) (TSX: VFF) today announced that Pure Sunfarms has received
from Health Canada an amendment to its standard cannabis processing
license that authorizes the sale of cannabis extract, as well as
edible and topical cannabis products, produced by Pure Sunfarms at
its processing operations located within its Delta 3 production
facility, to provincial/territorial boards and directly to
authorized retailers. The amendment permits Pure Sunfarms to
begin internal extraction operations for its recently launched vape
and bottled oil products, as well as additional Cannabis 2.0
products, which Pure Sunfarms expects to launch in the months to
come.
"The receipt of this license amendment enables Pure Sunfarms to
begin the production and sale of its internally processed vape and
bottled oil products and, importantly, is the final approval
required to fully execute our Cannabis 2.0 product strategy," said
Mandesh Dosanjh, President and CEO, Pure Sunfarms. "We will
continue to explore the introduction of a variety of additional
Cannabis 2.0 products to the market to meet the evolving
preferences of the Canadian cannabis consumer – always with the
goal to provide consumers with pure, BC-grown cannabis products at
an affordable price."
"This approval comes on the heels of Pure Sunfarms' recent
launch of its first extracted products – co-manufactured vapes and
bottled oils – which have had strong initial sell-through in each
of the provinces in which they have been launched," said
Michael DeGiglio, CEO, Village Farms
International. "We have always recognized the value of Pure
Sunfarms having its own internal extraction operations. It
not only enables the generation of a significantly higher gross
margin on extracted products but also provides control over the
entire production process to ensure the highest levels of quality
and safety. It also enables Pure Sunfarms to expeditiously launch
additional strains, formats and SKUs of Cannabis 2.0 and bottled
oil products."
Pure Sunfarms' extraction operations, located within its 65,000
square foot, state-of-the-art processing center (housed in its 1.1
million square foot Delta 3 greenhouse facility), are capable of
processing 35,000 kilograms of biomass annually.
About Village Farms International, Inc.
Village Farms is one of the largest and longest-operating
greenhouse growers in North
America, and is leveraging its decades of experience as a
large-scale, low-cost intensive agriculture and vertically
integrated produce supplier to pursue high-value, high-growth
plant-based Consumer Packaged Goods opportunities in cannabis and
CBD in North America and selected
markets internationally.
In Canada, British-Columbia-based Pure Sunfarms is one of
the single largest cannabis operations in the world, the
lowest-cost greenhouse producer, one of the best-selling brands,
and has generated profitability for six consecutive quarters.
In the U.S., subject to compliance with all applicable U.S.
federal and state laws, Village Farms is pursuing a strategy to
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.
Internationally, Village Farms is strategically targeting
selected, nascent, legal cannabis and CBD opportunities with
significant long-term potential, with an initial focus on the
Asia-Pacific region through its
investment in Australia-based
Altum International.
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 and Section 21E of the Securities Exchange Act of 1934, as
amended, 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". Particularly, statements regarding the intended use of
proceeds, the acquisition of the remaining interest in Pure
Sunfarms, and the future results, performance, achievements,
prospects or opportunities for the Company, the greenhouse
vegetable industry, the cannabis industry or other risks discussed
in the Company's Form 10-K filed on April 1,
2020 and its other filings with the SEC 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. 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.