VANCOUVER, June 11, 2019 /CNW/ - Village Farms
International, Inc. ("Village Farms" or the "Company") (TSX:
VFF) (NASDAQ: VFF) today announced that Governor Greg Abbott has signed into law Texas House Bill
1325 (the "Texas Hemp Legislation"), which effectively legalizes
the cultivation of hemp and processing of hemp and hemp-derived
products, including cannabidiol (CBD) in the State.
As previously announced, in anticipation of the passage of the
hemp legislation in Texas, Village
Farms has begun conversion of half of its 1.3 million square foot,
ultra-high-tech Permian Basin greenhouse (which utilizes the
Company's proprietary GATES® technology) for
cultivation of high-CBD hemp and CBD extraction. The Texas
Hemp Legislation will require licenses for both the cultivation and
processing of hemp and Village Farms plans to apply for the
requisite licenses as soon as it is permitted to do so. No
time frame has yet been provided by the State of Texas for the licensing process.
"The Governor's signing of this bill into law formalizes a
significant opportunity for Village Farms as a first mover in the
Texas hemp industry and will allow
us to capitalize on the expected demand for premium-grade hemp
grown in controlled-environment facilities for the high-end health
and wellness and the pharmaceutical industries," said Michael DeGiglio, CEO, Village Farms
International. "Conversion of half of Permian Basin greenhouse in
West Texas for hemp production is
now well underway and we look forward to commencing production as
soon as possible upon Texas
establishing a licensing and regulatory framework for hemp and
CBD."
About Village Farms International, Inc.
Village Farms 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-derived CBD market, subject to
compliance with all applicable U.S. federal and state laws, Village
Farms has established two joint ventures, Village Fields Hemp and
Arkansas Valley Green and Gold Hemp, for outdoor hemp cultivation
and CBD extraction and is pursuing controlled environment hemp
production at a portion of its Texas greenhouse operations, which total 5.7
million square feet of production area.
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, 2018.
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.
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SOURCE Village Farms International, Inc.