VANCOUVER, Sept. 26, 2019 /PRNewswire/ - Village Farms
International, Inc. ("Village Farms" or the "Company") (TSX: VFF)
(NASDAQ: VFF) today announced that it has ranked as the third
top-performing company in Toronto Stock Exchange's (TSX) inaugural
TSX30, a flagship program recognizing the 30 top-performing TSX
stocks over a three-year period based on dividend-adjusted share
price appreciation.
"Since Village Farms first publicly listed its shares in 2006,
Toronto Stock Exchange has been an outstanding platform for
investors to participate in the growth of our Company to one of the
largest vertically integrated greenhouse growing operations in
North America," said Michael DeGiglio, CEO and Founder, Village Farms
International. "Now, leveraging more than three decades as a leader
in large-scale, precision agriculture, we are adding to our legacy
produce business with the biggest opportunity in our history as we
pursue outsized, long-term growth potential in the cannabis and CBD
markets."
"Although this award recognizes outstanding recent performance,
Village Farms is only just beginning to realize the value of these
significant new growth opportunities, which have transformed both
our near- and long-term earnings potential, and which we expect
will drive growth for years to come. Our financial results
are just starting to benefit from the success of our 50%-owned
joint venture for large-scale, low-cost, high-quality cannabis
production in Canada, Pure
Sunfarms, which is already one of the most profitable companies in
the industry. Moreover, financial performance in the coming
quarters should reflect Pure Sunfarms recent ramp to full capacity
at its first greenhouse, the planned doubling of capacity next year
with the conversion of a second greenhouse, and the potential to
more than double that capacity again through the option to add a
third greenhouse."
"In parallel, in the United
States we are aggressively pursuing the significant
opportunity in hemp and CBD. We expect to generate our first
hemp biomass sales later this year, and then rapidly transition
into higher margin CBD crude oil and then our own CBD products, as
we build a leading consumer packaged goods company in this
exciting, high-growth market. All of this should drive even further
value for our shareholders over both the short and long terms."
"We are extremely proud to present the TSX30, a new recognition
program featuring some of the most compelling success stories among
our listed issuers, including companies operating in traditional
areas of strength like natural resources and also in newly defined
sectors like clean tech and cannabis," said Loui Anastasopoulos, President, Capital
Formation, TMX Group. "TSX listed companies play a vital role in
Canada's capital markets and as we
continue to evolve into a global leader, TSX remains committed to
our work in support of this crucial ecosystem. Today, we
congratulate the companies included in the inaugural TSX30 for all
of their achievements and look forward to continuing to serve them
along each stage of their growth path into the future."
For more information on the TSX30, visit: www.tsx.com/tsx30
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.