Village Farms International Announces Pure Sunfarms' Supply Arrangement with One of Canada's Largest Online Medical Cannabis Platforms
– Variety of Pure Sunfarms Products to be Available for Sale on Canna Farms' Newly-Launched Online Store Starting Today, Expanding Consumer Reach to Medical Market –
VANCOUVER, March 8, 2019 /CNW/ - Village Farms International, Inc. ("Village Farms" or the "Company") (TSX:VFF) (NASDAQ:VFF) today announced that its 50%-owned Canadian cannabis joint venture, Pure Sunfarms, has entered into a wholesale supply arrangement with one of the largest online platforms for medical cannabis users in Canada, Canna Farms Limited. Starting today, a selected variety of Pure Sunfarms high-quality dried flower products will be available for purchase through Canna Farms' newly-launched retail website, expanding the reach of Pure Sunfarms' industry-leading brand and products. The new offerings will include some rare and highly sought-after strains with Canadian origins.
"This partnership will enable Pure Sunfarms to reach new consumers and to showcase the quality of our product, which is something we are really proud of," said Mandesh Dosanjh, Pure Sunfarms' President and Chief Executive Officer, Pure Sunfarms. "This is an important step in increasing our brand exposure, and testament to our reputation and reliability as a high-volume quality producer. We have every confidence in the work of our team and the quality of our product, and broadening our customer base is a great way for us to let our product speak for itself."
"We are thrilled to see Pure Sunfarms launch its brand and products in the medical cannabis market in Canada as it continues to benefit from strong demand and favorable spot market pricing through sales to other Licensed Producers and prepares for direct retail sales, initially through its supply agreement with the Ontario Cannabis Store," said Michael DeGiglio, Chief Executive Officer, Village Farms. "I want to congratulate Mandesh and his team for seizing this strategic opportunity."
Canna Farms Ltd. is a wholly-owned subsidiary of VIVO Cannabis Inc. (TSX-V: VIVO; OTCQX: VVCIF).
About Village Farms International, Inc.
Village Farms International, Inc. is one of the largest and longest-operating vertically integrated greenhouse growers in North America and the only publicly traded greenhouse produce company in Canada. Village Farms produces and distributes fresh, premium-quality produce with consistency 365 days a year to national grocers in the U.S. and Canada from more than nine million square feet of Controlled Environment Agriculture (CEA) greenhouses in British Columbia and Texas, as well as from its partner greenhouses in British Columbia, Ontario and Mexico. The Company is now leveraging its 30 years of experience as a vertically integrated grower for the rapidly emerging global cannabis opportunity through its 50% ownership of British Columbia-based Pure Sunfarms Corp., one of the single largest cannabis growing operations in the world. The Company also intends to pursue opportunities to become a vertically integrated leader in the U.S. hemp and CBD markets, subject to compliance with all applicable U.S. federal and state laws, and has established a joint venture, Village Fields, for multi-state outdoor hemp cultivation and CBD extraction.
Cautionary Language
Certain statements contained in this press release constitute forward-looking information within the meaning of applicable securities laws ("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, 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, Pure Sunfarms, the greenhouse vegetable industry or the cannabis and hemp industries 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", "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.
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 U.S. and Canadian securities regulators, including as detailed in the Company's annual information form and management's discussion and analysis for the year-ended December 31, 2017.
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 only relate 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.
SOURCE Village Farms International, Inc.
For further information: Lawrence Chamberlain, Investor Relations, LodeRock Advisors, (416) 519-4196, [email protected]
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