– EU GMP Certification Permits Pure
Sunfarms to Export Cannabis Products to EU Medical Markets – First
Shipments Targeted for Third Quarter 2022 –
VANCOUVER, BC, March 9,
2022 /PRNewswire/ - Village Farms International, Inc.
("Village Farms" or the "Company") (NASDAQ: VFF) today announced
its wholly owned subsidiary, Pure Sunfarms, has received EU GMP
certification from Bezirksregierung Düsseldorf (District Government
of Dusseldorf, Germany) for its
1.1 million square foot Delta 3 cannabis production facility
located in Delta, British Columbia. EU GMP certification
permits Pure Sunfarms to export EU GMP-certified medical cannabis
to importers and distributors in international markets that require
EU GMP certification.
"Our ability to now export our cannabis products to the EU and
other international markets that require EU GMP certification
provides an incremental revenue stream in addition to the strong
growth that we continue to expect in Canada in 2022 and beyond," said Mandesh
Dosanjh, President and Chief Executive Officer, Pure
Sunfarms. "We look forward to providing the EU high quality,
British Columbia-grown medical
cannabis flower, beginning in the largest medical cannabis market
in the region, Germany, with
shipments to that country targeted to begin in the third quarter of
this year."
"Pure Sunfarms' receipt of EU GMP certification marks another
major step forward in Village Farms' strategy to build a
world-class, international cannabis platform," said Michael DeGiglio, President and Chief Executive
Officer, Village Farms. "In addition to the expected
near-term growth from this expansion, we believe existing medical
markets in the EU, and elsewhere, are a pathway to participating in
much larger legal recreational cannabis opportunities as these
markets develop."
Mr. DeGiglio, added, "We also continue to advance our plans for
Pure Sunfarms to export cannabis to Israel, with sales anticipated to start there
by the end of this year."
In anticipation of receipt of EU GMP certification for the Delta
3 facility, as well as other growth initiatives and opportunities
for 2022, in late 2021 Pure Sunfarms expanded its overall capacity,
commencing production in the first half of its second 1.1 million
square foot greenhouse facility, Delta 2. In addition, Pure
Sunfarms staff previously underwent GMP education and training to
align production at Delta 3 with EU GMP standards.
Germany, with a population of
more than 83 million, more than 90% of which are covered by public
health insurers, is the largest legal medical cannabis market in
the EU.
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. We refer to such
forward-looking statements and forward-looking information
collectively as "forward-looking statements". Forward-looking
statements include statements regarding 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 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 operating history, Pure Sunfarms; the legal status of Pure
Sunfarms cannabis 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 to cultivate and distribute cannabis in Canada;
existing and new governmental regulations, including risks related
to regulatory compliance and regarding obtaining and maintaining
licenses required under the Cannabis Act (Canada), the Criminal Code and other Acts,
S.C. 2018, c. 16 (Canada) for its
Canadian operational facilities), and changes in our regulatory
requirements; 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
levels 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; 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 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,
including this press release. In particular, we caution you that
our forward-looking statements are subject to the ongoing and
developing circumstances related to the COVID-19 pandemic, which
may have a material adverse effect on our business, operations and
future financial results.
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.