VANCOUVER, BC, Nov. 19, 2021 /CNW/ - Village Farms
International, Inc. ("Village Farms" or the "Company") (NASDAQ:
VFF) (TSX: VFF) today reported that the Delta, British Columbia operations of both
Pure Sunfarms (cannabis) and Village Farms Fresh (produce) have not
incurred any disruption from the severe weather recently
experienced in the region and, to date, continue to operate as
usual. A previous "State of Emergency" declared for the
Delta area has since been
cancelled.
The Company continues to monitor weather conditions and has
taken precautions to ensure that its greenhouse facilities in
Delta, British Columbia can
operate without interruption. Although weather related road
closures are posing some challenges to their suppliers and
transportation partners, both Pure Sunfarms and Village Farms Fresh
have, and will continue to, proactively put in place contingency
plans to address the evolving situation and, at this time, neither
expects the weather-related impacts to have a material, if any,
impact on fourth quarter revenue.
About Village Farms International, Inc.
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 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
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, (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 law. 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, although not all forward-looking statements
contain these identifying words. The forward-looking
statements in this press release are subject to risks that may
include, but are not limited to Company's expansion plans,
expectations regarding cannabis and CBD categories in North America and selected markets
internationally, the retail CBD and high-THC cannabis markets, the
legal and regulatory status of the cannabis and the CBD business;
risks relating to obtaining additional financing, dependence upon
credit facilities, profitability, product pricing, cannabis, hemp
and agricultural businesses, relating to the conversion of our
greenhouses to cannabis the ongoing and developing 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, 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 securities regulators available on SEDAR and
EDGAR. 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.