VANCOUVER, BC, Nov. 23, 2020 /CNW/ - Village Farms
International, Inc. ("Village Farms" or the "Company") (NASDAQ:
VFF) (TSX: VFF) today announced two positive developments with
respect to its wholly owned Canadian cannabis subsidiary, Pure
Sunfarms.
Pure Sunfarms Receives Cannabis Research License for On-Site
Sensory Evaluation from Health Canada
Pure Sunfarms has received from Health Canada its Cannabis
Research License to conduct human administration trials for sensory
evaluation of cannabis, enabling it to engage in on-site
assessments of the taste, sight, smell or touch of its products at
its Delta 3 cannabis facility in
Delta, British Columbia.
"This license provides us with significant new opportunities in
the formulation and refinement of our products, and underscores our
commitment to innovation and the advancement of the Canadian
cannabis consumer experience," said Mandesh Dosanjh, President and
Chief Executive Officer, Pure Sunfarms. "We look forward to
leveraging this new capability to continue to extend Pure Sunfarms'
product leadership and further strengthen what is already one of
Canada's best-selling cannabis
brands."
Pure Sunfarms Brand Debuts Internationally in Hong Kong
Pure Sunfarms will be featured as part of a limited-edition
Lane Crawford x Found CBD-infused
gift set to be sold in the luxury department store's holiday pop-up
shops in Hong Kong this holiday
season. The luxury gift sets will feature Pure Sunfarms
branded CBD gummies created specifically for the Hong Kong consumer, among other CBD-inspired
items such as chocolates, bath salts, and tea bags. The co-branded
Lane Crawford and Found holiday
pop-up shops aim to educate consumers and elevate their awareness
of CBD.
The inclusion of Pure Sunfarms-branded CBD products was
facilitated through a partnership between Altum International
Limited's ("Altum") Found, Asia-Pacific's first CBD retail platform and
café, and Lane Crawford, an iconic
luxury department store in Greater China. In August 2020, Village Farms acquired 6.6%
of Australia-based Altum, one of
the Asia-Pacific's leading cannabinoid platforms.
"We're so pleased for the Pure Sunfarms' brand to make its debut
internationally, alongside such prestigious and progressive
partners as Altum and Lane
Crawford," said Mr. Dosanjh. "This is just the beginning of
what's to come for Pure Sunfarms as we look to share our love of
plants and B.C.-grown cannabis products with the global cannabis
market."
"We are particularly excited to be able to present in
Asia-Pacific for the first time,
Pure Sunfarms, Canada's
market-leading cannabis brand," Fiachra
Mullen, Chief Marketing Officer for Altum International. "We
believe that the leading cannabis brands in the Canadian market
will hold a special place in the Hong
Kong consumer's heart. We are incredibly proud to have their
trust in helping them access the Asia-Pacific markets for the first time
through the most progressive cannabinoid jurisdiction in the region
– Hong Kong."
About Altum International
Altum International is a cannabinoid company born from its
founders' desire to bring the life-changing benefits of cannabis
back to the Asia-Pacific. Through
its Hong Kong headquarters, Altum
is disrupting the status quo of decades past by importing,
distributing and marketing a curated range of high-quality
cannabinoid products across the region in a compliant and
cost-effective manner.
In early 2020, Altum launched a line of consumer-friendly CBD
products (Felix & Co), as well as plug-and-play CBD inputs for
business operators (LIFE CBD) in the Hong
Kong market. Following this, Altum launched Found,
Asia-Pacific's first CBD retail
platform and café – designed to educate consumers and elevate
category awareness. The August 2020
completion of a strategic investment from Village Farms has further
fueled Altum's growth aspirations for 2021 and beyond.
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 in
large-scale, low-cost intensive agriculture and as a 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 seven 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: our limited
operating history, including that of Pure Sunfarms and our start-up
operations of growing hemp in the United
States; the legal status of Pure Sunfarms cannabis business;
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 Pure Sunfarms to cultivate and
distribute cannabis in Canada;
existing and new governmental regulations, including risks related
to regulatory compliance and licenses (e.g., Pure Sunfarms' 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 Pure Sunfarms; 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 this press release. 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.