Tahoe2468
2 weeks ago
Village Farms International Cannabis Company Back In NASDAQ's Good Graces
by
Rolando García
April 9, 2024 3:17 PM
Village Farms International, Inc. (NASDAQ:VFF) has successfully navigated its way back into compliance with NASDAQ’s minimum bid price requirement. The stock exchange has confirmed that Village Farms rectified its previous listing deficiencies by maintaining a minimum closing bid price of $1.00 per share, effectively closing the chapter on this regulatory hurdle.
This achievement follows a critical period of financial scrutiny which began when the NASDAQ granted the company a 180-day extension on October 18, 2023, to meet the minimum bid price requirement. This lifeline for VFF, allowed the company until April 15, 2024, to demonstrate its financial viability and operational strength. Throughout this period, Village Farms’ shares continued to trade on the NASDAQ Capital Market, with the company ultimately meeting the compliance criteria ahead of the deadline.
Challenges In The Cannabis Sector And Resilience
Cannabis companies have navigated a turbulent market characterized by shifts in demand, declining prices and a pervasive bearish sentiment among investors.
All of these challenges and more will be discussed and analyzed at the upcoming Benzinga Cannabis Capital Conference on April 16-17 in Florida.
These hurdles have been compounded by overproduction leading to a saturated market and intense competition. Despite these obstacles, Village Farms’ return to NASDAQ compliance underscores its resilience. Amid the dynamic shifts in the cannabis sector, VFF emerges as a standout, positioned for substantial growth.
The company that avoided delisting is now showing an attractive valuation. VFF’s sustained growth, marked by consistent EBITDA margins, free cash flow and a resurgence in the domestic recreational market, signals a positive outlook. VFF’s strategic product mix and pricing adjustments in response to market demands, further solidify its competitive stance, especially evident in its Q4 2023 performance.
The Benzinga Cannabis Capital Conference is returning to Florida in a new venue in Hollywood on April 16 and 17, 2024. The two-day event at The Diplomat Beach Resort will be a chance for entrepreneurs, both large and small, to network, learn, and grow.
Renowned for its trendsetting abilities and influence on the future of cannabis, mark your calendars — this conference is the go-to event of the year for the cannabis world.
Scout72
3 weeks ago
Village Farms International, Inc. (“Village Farms”) (NASDAQ: VFF) today announced it has ranked as one of the fastest growing companies in the Americas by The Financial Times and Statista for the second consecutive year. Village Farms ranked 1st among cannabis companies, 10th within agriculture, forestry and fishing companies, 32nd among Canadian companies and 355th overall, up 72 spots from last year. The 2024 Americas’ Fastest Growing Companies list ranks the top 500 companies by revenue growth between the years 2019 and 2022.
“Taking the top spot as a cannabis company on this prestigious list continues the validation of our business strategy: leveraging our deep expertise in controlled environmental agriculture to capitalize on the global cannabis opportunity,” said Michael DeGiglio, President and Chief Executive Officer, Village Farms. “In under five years, we have grown our Canadian cannabis business from startup to a top-ranked profitable operator. We’ll continue to maintain our leadership in agriculture and aggressively build out our cannabis strategy internationally in the years to come.”
To be included in the The Americas’ Fastest Growing Companies ranking, companies must have:
Revenue of at least US$100,000 generated in 2019;
Revenue of at least US$1.5 million generated in 2022;
Be independent (the company is not a subsidiary or branch office of any kind);
Be headquartered in one of 20 American countries; and,
Revenue growth between 2019 and 2022 that was primarily organic (i.e. “internally” achieved).
About Village Farms International
Village Farms leverages decades of experience as a large-scale, Controlled Environment Agriculture-based, vertically integrated supplier for high-value, high-growth plant-based Consumer Packaged Goods opportunities, with a strong foundation as a leading fresh produce supplier to grocery and large-format retailers throughout the US and Canada, and new high-growth opportunities in the cannabis and CBD categories in North America, the Netherlands and selected markets internationally.
The Company's wholly-owned Canadian subsidiary, Pure Sunfarms, is one of the single largest cannabis operations in the world, the lowest-cost greenhouse producer and one of Canada’s best-selling brands. The Company also owns 70% of Québec-based, Rose LifeScience, a leading third-party cannabis products commercialization expert in the Province of Québec. Village Farms ranks as the #2 producer nationally in Canada.
In the US, wholly-owned Balanced Health Botanicals is one of the leading CBD brands and e-commerce platforms in the country. Subject to compliance with all applicable US federal and state laws and stock exchange rules, Village Farms plans to enter the US high-THC cannabis market via multiple strategies, leveraging one of the largest greenhouse operations in the country (more than 5.5 million square feet in West Texas), as well as the operational and product expertise gained through Pure Sunfarms' cannabis success in Canada.
Internationally, Village Farms is targeting selected, nascent, legal cannabis and CBD opportunities with significant medium- and long-term potential, with an initial focus on the Asia-Pacific region and Europe. In the Netherlands, it is the only North American producer to hold one of ten cannabis licenses in this limited license country.
abrooklyn
3 weeks ago
Village Farms International Announces Start Up of Renewable Natural Gas Facility
Source: GlobeNewswire Inc.
Village Farms International, Inc. (“Village Farms” or the “Company”) (NASDAQ: VFF) today announced that operations have started at the Delta (British Columbia) Renewable Natural Gas (RNG) production facility, in partnership with Atlanta-based Terreva Renewables (“Terreva”). The Delta RNG facility is the result of Village Farms’ strategic initiative to transition its wholly owned subsidiary, Village Farms Clean Energy, Inc. (“VFCE”), to a more sustainable business model using advanced technologies. The Delta RNG project will immediately contribute incremental cash flow and profitability to Village Farms.
As a biofuel, RNG generates low-to-negative carbon emissions and is playing an integral role in the global transition to low-carbon energy sources by both offsetting fossil fuels and serving as a direct replacement for natural gas. Leveraging state-of-the-art technologies, the Delta RNG facility purifies and converts landfill (methane) gas that would otherwise escape into the atmosphere to high-demand RNG. The resulting RNG will be sold pursuant to a long-term contract. VFCE will receive a royalty on all revenue generated from the Delta RNG facility, which is owned and operated by Terreva.
“We are proud to contribute to environmental sustainability, while at the same time transitioning Village Farms Clean Energy’s model to one that will generate incremental cash flow, profitability and value for our shareholders, beginning immediately,” said Michael DeGiglio, President and Chief Executive Officer, Village Farms. “The RNG project continues our longstanding investment in the Greater Vancouver Area and is a unique opportunity to significantly reduce the harmful impact of landfill gas, while addressing the energy needs of the region.”
“We are thrilled to start up operation of this transformative facility and, in partnership with Village Farms, begin supplying British Columbia with RNG,” said Jason Byars, Senior Vice President & General Manager, Terreva. “This partnership is an excellent example of how Terreva unites world-class capabilities and expertise with creative and agile execution. We look forward to delivering the benefits of cleaner energy and air to the citizens of the Vancouver region for many years to come.”
The Delta RNG Project’s output is expected to provide nearly 3% of British Columbia’s targeted RNG volumes, which are part of the Province’s 30BY30 plan to reduce its customers’ greenhouse gas emissions by 30 per cent by 2030, with a goal of reaching net zero emissions by 2050.
About Terreva Renewables
Terreva Renewables is an industry-leading developer, owner and operator of renewable natural gas projects. Terreva’s current platform comprises seven (7) assets - approximately 20,000 scfm of raw landfill gas (“LFG”) flow and 3.5 million MMBtu’s per year of RNG production (2024E) - in operation, construction, and advanced development. For more information, visit www.terrevarenewables.com.
About Village Farms International
Village Farms leverages decades of experience as a large-scale, Controlled Environment Agriculture-based, vertically integrated supplier for high-value, high-growth plant-based Consumer Packaged Goods opportunities, with a strong foundation as a leading fresh produce supplier to grocery and large-format retailers throughout the US and Canada, and new high-growth opportunities in the cannabis and CBD categories in North America, the Netherlands and selected markets internationally.
In Canada, the Company's wholly-owned Canadian subsidiary, Pure Sunfarms, is one of the single largest cannabis operations in the world, the lowest-cost greenhouse producer and one of Canada’s best-selling brands. The Company also owns 70% of Québec-based, Rose LifeScience, a leading third-party cannabis products commercialization expert in the Province of Québec.
In the US, wholly-owned Balanced Health Botanicals is one of the leading CBD brands and e-commerce platforms in the country. Subject to compliance with all applicable US federal and state laws and stock exchange rules, Village Farms plans to enter the US high-THC cannabis market via multiple strategies, leveraging one of the largest greenhouse operations in the country (more than 5.5 million square feet in West Texas), as well as the operational and product expertise gained through Pure Sunfarms' cannabis success in Canada.
Internationally, Village Farms is targeting selected, nascent, legal cannabis and CBD opportunities with significant medium- and long-term potential, with an initial focus on the Asia-Pacific region and Europe.
Cautionary Statement Regarding Forward-Looking Information
As used in this Press Release, the terms “Village Farms”, “Village Farms International”, the “Company”, “we”, “us”, “our” and similar references refer to Village Farms International, Inc. and our consolidated subsidiaries, and the term “Common Shares” refers to our common shares, no par value. Our financial information is presented in U.S. dollars and all references in this Press Release to “$” means U.S. dollars and all references to “C$” means Canadian dollars.
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 U.S. 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 laws. 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 or produce industry or the cannabis industry are forward-looking statements. In some cases, forward-looking information can be identified by such terms as "can", "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 in the cannabis and cannabinoids industry, including that of Pure Sunfarms, Inc. (“Pure Sunfarms”), Rose LifeScience Inc. (“Rose” or “Rose LifeScience”) and Balanced Health Botanicals, LLC (“Balanced Health”); the legal status of the cannabis business of Pure Sunfarms and Rose and the hemp business of Balanced Health; risks relating to the integration of Balanced Health and Rose into our consolidated business; 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, CBD, cannabinoids, and agricultural businesses; market position; ability to leverage current business relationships for future business involving hemp and cannabinoids; the ability of Pure Sunfarms and Rose to cultivate and distribute cannabis in Canada; existing and new governmental regulations, including risks related to regulatory compliance and regarding obtaining and maintaining licenses; legal and operational risks relating to expected conversion of our greenhouses to cannabis production in Canada and in the United States; risks related to rules and regulations at the US federal (Food and Drug Administration and United States Department of Agriculture), state and municipal rules and regulations with respect to produce and hemp, cannabidiol-based products commercialization; 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; inflationary effects on costs of cultivation and transportation; recessionary effects on demand of our products; 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 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, which 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 this Press Release.
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.
Contact Information
Lawrence Chamberlain
Investor Relations
LodeRock Advisors
(416) 519-4196
lawrence.chamberlain@loderockadvisors.com
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