– Launch in Alberta Will Make Pure
Sunfarms' Products Available to Nearly Two-Thirds of Canadian
Recreational Cannabis
Market1 –
VANCOUVER, Feb. 26, 2020 /CNW/ - Village Farms
International, Inc. ("Village Farms" or the "Company") (TSX: VFF)
(NASDAQ: VFF) today announced its majority-owned joint venture
for large-scale, low-cost, high-quality cannabis production, Pure
Sunfarms, has begun shipping branded, packaged dried cannabis
products to Alberta Gaming, Liquor &
Cannabis ("AGLC"), the provincial wholesaler of recreational
adult-use cannabis products to private retailers in Alberta and the only authorized online
retailer in Alberta
(AlbertaCannabis.org). Pure Sunfarms expects its products to
be available to retail customers in Alberta beginning next week.
With the launch of Pure Sunfarms' products in Alberta, Pure Sunfarms' products will be
available in three of Canada's
four most populous provinces (Ontario, British
Columbia and Alberta) and
accessible to nearly two-thirds of the Canadian recreational
cannabis market1.
Alberta represents
approximately 12% of Canada's
population, however with a network of more than 400 retail stores
(by far the largest retail store network of any Canadian province)
generated 22% of total retail trade cannabis sales (dollars)
in Canada for the 12-month period
ended December 31, 20192,
making it the second largest provincial market for cannabis
products in Canada. As a result, Alberta has by far the highest per capita
sales of legal recreational cannabis amongst the four most populous
Canadian provinces during that same period2.
"At Pure Sunfarms, we aim to bring high-quality cannabis at an
accessible price to recreational consumers across Canada – that's why we are so excited to
expand our footprint into Alberta," said Mandesh Dosanjh, President and
CEO, Pure Sunfarms. "With the province's extensive network of
licensed retail outlets and strong retail sales, the Alberta cannabis market presents a substantial
opportunity for Pure Sunfarms as we continue to share our
high-quality BC bud with even more Canadians."
Pure Sunfarms continues to advance discussions with other
provincial distributors for potential supply agreements to further
expand its presence in the Canadian cannabis market.
Pure Sunfarms is Top Performing Dried Flower Cannabis Brand
with Ontario Cannabis Store for Fourth Quarter of 2019
Pure Sunfarms was the top performing brand of dried flower by
both kilograms sold and dollar sales with the Ontario Cannabis
Store (OCS) for the three-month period ended December 31, 2019, achieving 13% market share (by
kilograms sold). For the same period, Pure Sunfarms' Afghan Kush
was the top selling dried flower product (by dollar sales) with the
OCS and two of the top five selling dried flower products (by
dollar sales) with the OCS were Pure Sunfarms products (Afghan Kush
and White Rhino).
"Pure Sunfarms' reputation for quality products that customers
want at the right price point is resonating well with Canadian
consumers," said Michael DeGiglio,
CEO, Village Farms. "2020 promises to be a year of
significant growth for retail cannabis sales across Canada, and now, with access to nearly
two-thirds of the Canadian population and a thriving brand, Pure
Sunfarms is well positioned to participate in this market growth
based on its leading market share performance."
Notes
- As defined by population.
- Statistics Canada.
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 majority 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.