– Pure Sunfarms Expects Entirety of
Licensed Area to be Planted by End of April
2019 and Remains Firmly on Track to Achieve Run-Rate Annual
Production of 75,000 Kilograms by Mid-2019 –
VANCOUVER, March 11, 2019 /CNW/ - Village Farms
International, Inc. ("Village Farms" or the "Company") (TSX:VFF)
(NASDAQ:VFF) today announced that its 50%-owned joint venture for
large-scale, low-cost, high-quality cannabis production, Pure
Sunfarms, received from Health Canada the seventh amendment to the
cultivation license for its 1.1 million square foot greenhouse in
Delta, BC (the "Delta 3 Facility"). This amendment permits
Pure Sunfarms to expand its cannabis production area by
approximately 206,000 square feet to a total of approximately 1.03
million square feet (16 grow rooms). With this amendment, the
entire growing area at Pure Sunfarms' greenhouse is now licensed
for cultivation. The newly licensed area is expected to be
planted by the end of March 2019.
Village Farms also announced that Pure Sunfarms has, as planned,
commenced re-planting of Quadrant 1 of its greenhouse following the
planned suspension of production last autumn to install the
infrastructure for supplemental lighting to maximize yields in the
winter months. The Company expects Quadrant 1 to be fully
planted by the end of April 2019, at
which time Pure Sunfarms will be in production on the entire 1.03
million square feet of growing area at its facility, making it one
of the largest fully operational cannabis production facilities in
the world. Pure Sunfarms continues to expect to achieve full
run rate annual production for its 1.1 million square foot
greenhouse facility of 75,000 kilograms by mid-2019.
"It is a monumental achievement for Pure Sunfarms to complete
its cultivation licensing of more than 1 million square feet and,
very shortly, be in full commercial production – just over a year
from receiving initial approval from Health Canada to begin
growing," said Michael DeGiglio,
Chief Executive Officer, Village Farms. "Pure Sunfarms has rapidly
become one of the largest cannabis operations in Canada and is establishing itself as a
reliable, large-scale supplier of quality, safe cannabis products
to the Canadian market which continues to be challenged by a
shortage of supply. With thousands of kilograms harvested,
the Pure Sunfarms facility continues to perform well, with yield
and quality of the product continuing to meet or exceed our
expectations, and the team continues to execute on plan."
With licensing of the entirety of the Delta 3 Facility cultivation area completed,
the option periods that Pure Sunfarms holds on the two additional
Delta greenhouse facilities,
currently owned and operated by Village Farms, has commenced.
If these two options are exercised by Pure Sunfarms the additional
total production area could be increased by approximately 3.7
million square feet.
"The two options on the additional Delta greenhouses provide Pure Sunfarms with
the opportunity to significantly expand production to address
market demand," added Mr. DeGiglio. "Village Farms continues to be,
as it has since Pure Sunfarms received its initial cultivation
license a year ago, in full support of Pure Sunfarms expanding its
production beyond the initial Delta 3 facility as rapidly possible."
About Village Farms International, Inc.
Village Farms International, Inc. is one of the largest and
longest-operating vertically integrated greenhouse growers in
North America and the only
publicly traded greenhouse produce company in Canada. Village Farms produces and distributes
fresh, premium-quality produce with consistency 365 days a year to
national grocers in the U.S. and Canada from more than nine million square feet
of Controlled Environment Agriculture (CEA) greenhouses in
British Columbia and Texas, as well as from its partner greenhouses
in British Columbia, Ontario and Mexico. The Company is now
leveraging its 30 years of experience as a vertically integrated
grower for the rapidly emerging global cannabis opportunity through
its 50% ownership of British
Columbia-based Pure Sunfarms Corp., one of the single
largest cannabis growing operations in the world. The Company
also intends to pursue opportunities to become a vertically
integrated leader in the U.S. hemp and CBD markets, subject to
compliance with all applicable U.S. federal and state laws, and has
established a joint venture, Village Fields, for multi-state
outdoor hemp cultivation and CBD extraction.
Cautionary Language
Certain statements contained in this press release constitute
forward-looking information within the meaning of applicable
securities laws ("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, 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, Pure Sunfarms, the greenhouse vegetable industry or
the cannabis and hemp industries are forward-looking statements. In
some cases, forward-looking information can be identified by such
terms as "outlook", "may", "might", "will", "could", "should",
"would", "occur", "expect", "plan", "anticipate", "believe",
"intend", "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 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 U.S. and Canadian securities regulators, including as detailed
in the Company's annual information form and management's
discussion and analysis for the year-ended December 31, 2017.
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 only
relate 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.
View original
content:http://www.prnewswire.com/news-releases/village-farms-international-announces-that-all-growing-area-at-the-pure-sunfarms-facility-is-now-licensed-for-production-300809770.html
SOURCE Village Farms International, Inc.