VANCOUVER, BC, Oct. 29, 2020 /PRNewswire/ - Village Farms
International, Inc. ("Village Farms" or the "Company") (NASDAQ:
VFF) (TSX: VFF) today announced that the shareholders of
Emerald Health Therapeutics, Inc. ("Emerald"), at Emerald's
annual and special meeting earlier today voted in favour of the
sale of Emerald's 36,958,500 common shares of Pure Sunfarms Corp.
("Pure Sunfarms"), representing approximately 41.3% of the issued
and outstanding common shares of Pure Sunfarms, to Village Farms
(the "Pure Sunfarms Transaction").
With the Pure Sunfarms Transaction approved by Emerald's
shareholders, Village Farms expects to complete the Pure Sunfarms
Transaction in the coming days, once Emerald receives formal TSX-V
approval and all the other closing conditions have been satisfied.
Upon completion of the Pure Sunfarms Transaction, Village Farms
will own 100% of the common shares of Pure Sunfarms.
About Village Farms International, Inc.
Village Farms is one of the largest and longest-operating
greenhouse growers in North
America, and is leveraging its decades of experience as a
large-scale, low-cost intensive agriculture and vertically
integrated produce supplier to pursue high-value, high-growth
plant-based Consumer Packaged Goods opportunities in cannabis
and CBD in North America and
selected markets internationally.
In Canada, British-Columbia-based Pure Sunfarms is one of
the single largest cannabis operations in the world, the
lowest-cost greenhouse producer, one of the best-selling brands,
and has generated profitability for six consecutive quarters.
In the U.S., subject to compliance with all applicable U.S.
federal and state laws, Village Farms is pursuing a strategy to
become a leading developer and supplier of branded and
white-labeled CBD products targeting "big box" and other
major retailers and consumer packaged goods companies, and with one
the largest greenhouse operations in country, is well positioned
for the potential federal legalization of high-THC cannabis.
Internationally, Village Farms is strategically targeting
selected, nascent, legal cannabis and CBD opportunities with
significant long-term potential, with an initial focus on the
Asia-Pacific region through its
investment in Australia-based
Altum International.
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 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 industry or the cannabis industry 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", "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: the closing of the
Pure Sunfarms Transaction; our limited operating history, including
that of our Pure Sunfarms Corp. joint venture for the production of
cannabis in Canada (our "Joint
Venture") and our start-up operations of growing hemp in
the United States; the legal
status of our Joint Venture; 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 and agricultural businesses; the ability of our
Joint Venture to cultivate and distribute cannabis in Canada; existing and new governmental
regulations, including risks related to regulatory compliance and
licenses (e.g., our Joint Venture's ability to obtain licenses for
its Delta 2 greenhouse facility as well as additional licenses
under the Canadian Act Respecting Cannabis To Amend to the
Controlled Drugs and Substances Act, the Criminal Code and other
Acts, S.C. 2018, c. 16 (Canada)
for its Delta 3 greenhouse facility), and changes in our regulatory
requirements; risks relating to conversion of our greenhouses to
cannabis production for our Joint Venture; risks related to rules
and regulations at the U.S. federal (Food and Drug
Administration and United States Department of Agriculture),
state and municipal levels with respect to produce and hemp; 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 our most recent Annual Report on Form 10-K, our
subsequent Quarterly Reports on Form 10-Q and Current Reports on
Form 8-K, each of which is available at www.sec.gov, as well as our
filings on SEDAR, available at www.sedar.com. 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.