Village Farms International, Inc. (“Village Farms” and “Company”)
(NASDAQ: VFF) has gained national market share for eight
consecutive months, making it the fastest growing producer among
the top five licensed producers in Canada.1 According to provincial
data, the Company has also regained the #1 licensed producer
position in Ontario, Canada’s largest provincial market, for the
first time since 2022.2
“Our dedicated focus on developing a winning strategy rooted in
high-quality flower has allowed us to continue to grow organic
market share from a position of strength,” said Michael A.
Degiglio, President & CEO of Village Farms International. “Our
industry leadership has been earned through our team’s dedication,
innovation, and a deep respect and understanding of our consumers,
resulting in organic growth with our partner retailers and
discerning consumers who come back to our products time and time
again.”
Village Farms leads in Ontario with the top-three-selling
ounces: Big Pleasures, D. Burger and Pure Sunfarms’ iconic Pink
Kush, reinforcing its consistent dominance in the large format
category for the past two years. Super Toast, the company’s most
recent launch by Pure Sunfarms has also notably emerged as one of
the fastest-growing brands in Ontario in just six months taking a
significant 20% share of the milled category. This new brand
continues to gain momentum nationally as well, as a top-growth
brand in Canada.3
Dominance in markets across the country continue to solidify the
company’s #2 position as a top producer nationally. In Quebec,
Canada’s second most populous province, Village Farms has posted
impressive share gains from circa 4% to circa 15% over the past two
years, which have significantly contributed to the company's
national momentum. The company not only maintained its #1 position
in the flower category in Quebec, but also claims two of the top
four brands, Promenade and Pure Laine, in the province from its
subsidiary Rose LifeScience.5 Meanwhile, in Alberta, the company
reached an all-time high market share of 8% in February, gaining
nearly three share points since September. Three of the four
largest Canadian provinces have met or exceeded Village Farms’
national market share rank, outgrowing their respective markets.4
In the fourth, British Columbia, Pure Sunfarms’ Fraser Valley Weed
Co. brand reigns supreme as the #1 flower brand in the
province.6
1 Based on estimated retail sales from HiFyre, other third
parties and provincial boards.2 Calculated from sales information
provided by the Ontario Cannabis Store (OCS) as of March 31, 2024.3
Q1 2024 as compared to Q1 2023 based on estimated retail sales from
HiFyre, other third parties and provincial boards.4 Calculated from
sales information provided by Alberta Gaming, Liquor and Cannabis
(AGLC).5 Based on estimated retail sales from WeedCrawler from
January 1st, 2024 to March 31st, 2024.6 Calculated from sales
information provided by BC Liquor Distribution Branch (BCLDB).
Village Farms has consistently retained the #1 position in the
flower category nationally over the past three years.
As of May 2024, the company expects to expand its footprint in
Atlantic Canada with products launching in Nova Scotia for the
first time, which will mean that every Canadian will have access to
Village Farms’ leading brands nationwide.
About Village Farms International
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,
the Netherlands and selected markets internationally.
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. Village Farms
ranks as the #2 producer nationally in Canada.
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. In the Netherlands, it is
the only North American producer to hold one of ten cannabis
licenses in this limited license country.
Cautionary Statement Regarding
Forward-Looking Information
As used in this Press Release, the terms “Village Farms”,
“Village Farms International”, the “Company”, “we”, “us”, “our” and
similar references refer to Village Farms International, Inc. and
our consolidated subsidiaries, and the term “Common Shares” refers
to our common shares, no par value. Our financial information is
presented in U.S. dollars and all references in this Press Release
to “$” means U.S. dollars and all references to “C$” means Canadian
dollars.
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 U.S.
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
laws. We refer to such forward-looking statements and
forward-looking information collectively as "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, 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 or produce 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 limited operating history in the cannabis and
cannabinoids industry, including that of Pure Sunfarms, Inc. (“Pure
Sunfarms”), Rose LifeScience Inc. (“Rose” or “Rose LifeScience”)
and Balanced Health Botanicals, LLC (“Balanced Health”); the legal
status of the cannabis business of Pure Sunfarms and Rose and the
hemp business of Balanced Health; risks relating to the integration
of Balanced Health and Rose into our consolidated 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 and Rose to
cultivate and distribute cannabis in Canada; existing and new
governmental regulations, including risks related to regulatory
compliance and regarding obtaining and maintaining licenses; 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 rules and regulations 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; inflationary effects on costs
of cultivation and transportation; recessionary effects on demand
of our products; 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 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,
which 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.
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.
Contact Information Lawrence
ChamberlainInvestor RelationsLodeRock Advisors(416)
519-4196lawrence.chamberlain@loderockadvisors.com
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