Village Farms International reports developments across its cannabis and controlled-environment agriculture businesses, including operating results, Canadian cannabis brands, international medical cannabis exports, and greenhouse capacity. The company operates cannabis activities in Canada, the U.S. and the Netherlands, with Pure Sunfarms as its Canadian licensed producer and Balanced Health Botanicals in CBD and hemp-derived products.
Recurring updates include quarterly and annual financial results, EU-GMP certified cultivation capacity in British Columbia, product and labelling initiatives such as Pure Sunfarms Pink Kush potency-range packaging, credit facility amendments, share repurchases and governance changes. News also covers greenhouse produce operations and expansion activity tied to the company’s cannabis platform.
Village Farms International has entered into definitive agreements for a registered direct offering of 10,887,097 common shares, aiming for gross proceeds of approximately US$135 million. Each share is priced at US$12.40, with net proceeds intended for general working capital purposes. The offering is conditioned upon customary closing requirements and is expected to finalize by January 20, 2021. A.G.P./Alliance Global Partners and Raymond James are acting as co-lead placement agents, while Roth Capital Partners is a co-placement agent.
Village Farms International (NASDAQ: VFF) announced a virtual presentation at the ICR Conference 2021 on January 13 at 2:30 p.m. ET. CEO Michael DeGiglio and CFO Stephen Ruffini will discuss the success of Pure Sunfarms, its leading cannabis brand in Canada, which has been profitable for seven consecutive quarters. The Company aims to leverage its extensive greenhouse operations in the U.S. for potential opportunities in the cannabis market. A live webcast will be available on the Company’s website, with recordings accessible for 90 days.
Village Farms International (NASDAQ: VFF) announced that it is unaware of any undisclosed material information causing recent stock price increases and trading volume spikes, per IIROC's request. The company is a major greenhouse grower in North America and is expanding into high-growth plant-based goods in cannabis and CBD. Its Pure Sunfarms division is a leading, cost-effective producer in Canada, showing profitability for seven quarters. In the U.S., Village Farms aims to capitalize on the CBD market, while also exploring cannabis opportunities in Asia-Pacific.
Village Farms International, Inc. (NASDAQ: VFF) announced an exclusive partnership with White Rabbit OG for developing cannabis-infused gummies using White Rabbit's EAT ME Technology. This proprietary all-natural emulsion ensures effective THC and CBD dosing. The gummies will be unique in Canada for using real fruit and are plant-based, allergen-free, and vegan. Additionally, Pure Sunfarms will launch high-THC vape products, consisting of pure cannabis extract. The agreement with White Rabbit lasts two years, emphasizing Village Farms' growth strategy in the expanding cannabis market.
Village Farms International (VFF) announced that DutchCanGrow Inc. (DCG), a Netherlands-based cannabis company in which it holds a 16% stake, did not receive one of the ten cannabis production licenses in a recent lottery. Instead, DCG is eighth on a waiting list. Only 40 out of nearly 150 applicants were considered for the licenses. The review of the top ten applicants will take 8 to 12 weeks. Village Farms highlights its capability to contribute significantly to the Dutch cannabis market, focusing on providing safe and quality cannabis.
Village Farms International (NASDAQ: VFF) announced a Supply Agreement with Medical Cannabis by Shoppers Inc. that will allow its subsidiary, Pure Sunfarms, to supply B.C.-grown cannabis products to Shoppers' online platform. This partnership is expected to enhance access to high-quality medical cannabis for patients across Canada. Pure Sunfarms' products will be available starting early December 2020, including a 28-gram package that marks a new offering for Shoppers. The company has generated profitability for seven consecutive quarters, highlighting its strong market position.
Village Farms International, Inc. (NASDAQ: VFF) announced significant advancements for its subsidiary, Pure Sunfarms. The company received a Cannabis Research License from Health Canada, allowing on-site sensory evaluations of cannabis products, which is expected to enhance product formulation and consumer experience. Additionally, Pure Sunfarms will debut internationally in Hong Kong through a luxury gift set featuring branded CBD gummies. This move aims to educate consumers and expand Pure Sunfarms' market presence in the Asia-Pacific region.
Village Farms International (NASDAQ: VFF) reported financial results for Q3 2020, highlighting a 75% sequential growth in net sales to C$22.6 million and a 200% increase in net income to C$3.2 million. Notably, Pure Sunfarms achieved a 15.2% market share in the dried flower category with the Ontario Cannabis Store. Gross profit surged by 81% to C$7.8 million, while Adjusted EBITDA rose 125% to C$5.6 million. Despite this success, net income for the nine months decreased by 52% year-over-year, raising concerns about long-term profitability.
On November 10, 2020, Village Farms International announced a 20-year extension of its contract with the City of Vancouver for landfill gas, enabling it to transition to Renewable Natural Gas (RNG). This shift, part of the Delta RNG Project, is expected to significantly reduce reliance on natural gas and lower CO2 emissions by 28,000 tonnes annually. The project will also produce food-grade liquid CO2, enhancing the company’s sustainability efforts. Regulatory approvals for the project are anticipated in early 2021, with operations potentially starting in 2022.
Village Farms International (NASDAQ: VFF) announced its third quarter 2020 financial results will be released on November 13, 2020, at 7:00 a.m. ET. The company will host a conference call to discuss these results the same day at 8:30 a.m. ET, accessible via telephone or online. For those unable to attend, the call will be archived for replay through telephone and the company's website until November 20, 2020. With a strong cannabis operation in Canada and strategic initiatives in the U.S. and international markets, Village Farms is positioned for growth in the plant-based consumer packaged goods sector.