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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 (NASDAQ: VFF) announced that its subsidiary, Pure Sunfarms, received an amendment from Health Canada allowing it to sell cannabis extract, edibles, and topical products. This milestone enables Pure Sunfarms to start internal extraction operations for its new vape and bottled oil products. CEO Mandesh Dosanjh emphasized the importance of this license for executing their Cannabis 2.0 strategy. The Delta 3 facility can process 35,000 kilograms of biomass annually, enhancing production efficiency and increasing gross margins on extracted products.
Village Farms International announced the launch of Pure Sunfarms' vape and oil products in Ontario, Alberta, and British Columbia, which together account for nearly 60% of Canadian recreational cannabis sales. The CEO emphasized the initial sell-through success of these products, which include full-spectrum vapes and CBD oil, made from 100% pure cannabis extract. Pure Sunfarms is now present in all four major cannabis product categories, showcasing strong market penetration and plans for further expansion.
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Village Farms International has successfully closed a registered direct offering, raising approximately US$49.8 million by selling 9,396,226 units at US$5.30 each. Each unit includes one common share and a warrant for an additional share at US$5.80. The funds will primarily finance the acquisition of a 41.3% stake in Pure Sunfarms Corp., with the balance allocated for working capital. This strategic move positions Village Farms in a strong position in the cannabis market, particularly for the upcoming potential legalization in the U.S.
Village Farms International (NASDAQ: VFF) has announced the acquisition of 36,958,500 common shares of Pure Sunfarms, representing 41.3% of its shares, for C$79.9 million (US$61.0 million). The payment will consist of C$60.0 million in cash and a C$19.9 million promissory note. This acquisition positions Village Farms to own 100% of Pure Sunfarms, enhancing its role in the Canadian cannabis market. Pure Sunfarms has seen strong financial performance, reporting C$30.9 million in net sales and C$9.6 million in net income for the first half of 2020.
Village Farms International (NASDAQ: VFF) has announced a registered direct offering of 9,396,226 units, providing approximately US$49.8 million in gross proceeds. Each unit consists of one common share and a warrant to purchase half a common share at an exercise price of US$5.80. Proceeds will primarily finance the acquisition of a 41.3% stake in Pure Sunfarms Corp., with the remainder for general working capital. The offering is expected to close on or about September 10, 2020, subject to customary conditions.
Village Farms International (NASDAQ: VFF) will present at the LD 500 Virtual Conference on September 3, 2020, at 1:20 p.m. ET. CEO Michael DiGiglio and CFO Stephen Ruffini will discuss the success of their joint venture, Pure Sunfarms, a leading cannabis producer in Canada. The company has expanded its product line to include bottled oils and vape products. Additionally, they will outline opportunities in U.S. and international CBD markets, emphasizing their capacity as a large-scale greenhouse operator for potential federal legalization of cannabis in the U.S.
Village Farms International (NASDAQ: VFF) announced that its joint venture, Pure Sunfarms, has started shipping Cannabis 2.0 products and bottled oils. Initial shipments will be to British Columbia, with Ontario and Alberta to follow. The company aims to leverage its expertise in dried flower to establish a strong presence in these new product categories. Pure Sunfarms has maintained market leadership in dried flower in Ontario for three consecutive quarters. The addition of high-value products is expected to enhance margins as extraction operations are set to begin pending regulatory approval.
Village Farms International (VFF) reported Q2 2020 results, showing a 15% increase in produce sales to $47.6 million, yet net income fell by 103% to a loss of $0.1 million compared to $3.72 million in 2019. Earnings per share dropped 100% to $(0.00). Adjusted EBITDA decreased 50% to $2.3 million. Despite challenges, Pure Sunfarms maintained its status as the top dried cannabis brand in Ontario with a 13.8% market share and prepared for the launch of Cannabis 2.0 products. The company is expanding its market reach and operational capacity amid ongoing COVID-19 protocols.
Village Farms International (NASDAQ: VFF) will report its second quarter 2020 financial results via news release on August 12, 2020 at approximately 5:00 p.m. ET. The company will also host a conference call to discuss these results on August 13, 2020 at 8:30 a.m. ET. Interested participants can join the call by dialing (647) 427-7450 or (888) 231-8191, or accessing it online. For those unable to attend, an archive will be available for replay until August 20, 2020. Village Farms is a major vertically integrated greenhouse grower in North America, focusing on both produce and cannabis opportunities.