Village Farms International, Inc. (“Village Farms” or the
“Company”) (NASDAQ: VFF) today announced the recognition of two
executives for their industry contributions. President and Chief
Executive Officer, Michael DeGiglio, has been named a 2023 Notable
Leader in Cannabis by Green Market Report, an aggregator of
financial news and analytics for the cannabis industry. John
Harloe, J.D., Ph.D., General Counsel at Village Farms’ wholly owned
subsidiary, Balanced Health Botanicals, has been appointed to the
governing board of Colorado’s Institute of Cannabis Research (ICR).
The Company was also honored, for the second consecutive year, as
the Best Canadian Cannabis Company at the 2023 Benzinga Cannabis
Awards.
Michael DeGiglio Named Notable Leader in
Cannabis for 2023
Mr. DeGiglio is among 75 Notable Leaders in
Cannabis that according to Green Market Report “have demonstrated a
willingness to effect meaningful change in a dynamic industry.
Their innovation, drive, and leadership help move the market
forward while navigating a wide range of challenges thrown in their
directions.”
Green Market Report’s Notable Leaders in
Cannabis is part of a time-honored Crain Communications’ program
that recognizes leaders across a range of industries for their
success and accomplishments, both in their field and in their
communities. The Notable program began in 2017 and has recognized
more than 5,000 leaders in Chicago, Cleveland, Detroit, Grand
Rapids, and New York – and now nationally for the cannabis
industry. The cannabis industry honorees include plant-touching and
non-plant-touching companies from across the cannabis world.
John Harloe Appointed to Governing Board
of Colorado Institute for Cannabis Research
As a member of Colorado’s Institute of Cannabis
Research Governing Board, Dr. Harloe will serve as a representative
of the cannabis industry, deploying his extensive scientific,
regulatory and legal experience in support of its role and mission
to conduct or fund research related to cannabis and publicly
disseminate the results of the research, as well as to advise any
Colorado institution of higher education developing a
cannabis-related curriculum and provide input to the Colorado
Commission on Higher Education before approving any
cannabis-related degrees or certifications.
Dr. Harloe has been General Counsel of Balanced
Health Botanicals since January 2019, a month after the 2018 Farm
Bill was passed. In 2022, he was appointed by the state to serve on
Colorado’s SB22-205 Task Force to develop regulations on
intoxicating hemp products.
Village Farms Named Best Canadian
Cannabis Company at 2023 Benzinga Cannabis Awards
Village Farms was named the Best Canadian
Cannabis Company at the 2023 Benzinga Cannabis Awards, the second
consecutive year that the Company has received this award. The
Benzinga Cannabis Awards “celebrate the new, creative, innovative,
and outstanding of the cannabis industry, spotlighting the
industry's luminaries, from trailblazers and innovators to
advocates who are helping to advance all facets of the business.”
The awards were announced during the Benzinga Cannabis Capital
Conference in Chicago on September 27.
About Balanced Health Botanicals and
CBDistillery™
Balanced Health Botanicals™ (BHB) is a family of
hemp-derived CBD brands that includes flag-ship brand
CBDistillery™. CBDistillery™ was founded in Denver in 2016 to
pursue a rapidly growing and predominantly untapped market. It has
since evolved into one of the largest CBD brands, sold in retailers
nationwide, solidifying CBDistillery™ as the leaders behind the
#CBDMOVEMENT. CBDistillery’s mission is to be the premier CBD
education resource and to provide the masses with easy access to
hemp-derived CBD products, the latest industry research and
verified customer testimonials. Distilling, the process of
extracting plant compounds and vital nutrients to improve life
naturally, is at the core of everything CBDistillery™ does.
CBDistillery™ has made significant investments in its
infrastructure, from rigorous product testing to pure and potent
products, so that consumers have the power in their hands to live
life distilled.
About Village Farms International,
Inc.
Village Farms leverages decades of experience as
a large-scale, Controlled Environment Agriculture-based, vertically
integrated supplier for high-value, high-growth plant-based
Consumer Packaged Goods opportunities, with a strong foundation as
a leading fresh produce supplier to grocery and large-format
retailers throughout the US and Canada, and new high-growth
opportunities in the cannabis and CBD categories in North America
and selected markets internationally.
In Canada, the Company's wholly-owned Canadian
subsidiary, Pure Sunfarms, is one of the single largest cannabis
operations in the world, the lowest-cost greenhouse producer and
one of Canada’s best-selling brands. The Company also owns 70% of
Québec-based, Rose LifeScience, a leading third-party cannabis
products commercialization expert in the Province of Québec.
In the US, wholly-owned Balanced Health
Botanicals is one of the leading CBD brands and e-commerce
platforms in the country. Subject to compliance with all applicable
US federal and state laws and stock exchange rules, Village Farms
plans to enter the US high-THC cannabis market via multiple
strategies, leveraging one of the largest greenhouse operations in
the country (more than 5.5 million square feet in West Texas), as
well as the operational and product expertise gained through Pure
Sunfarms' cannabis success in Canada.
Internationally, Village Farms is targeting
selected, nascent, legal cannabis and CBD opportunities with
significant medium- and long-term potential, with an initial focus
on the Asia-Pacific region, Israel and Europe.
Cautionary Statement Regarding
Forward-Looking Information
As used in this Press Release, the terms
“Village Farms”, “Village Farms International”, the “Company”,
“we”, “us”, “our” and similar references refer to Village Farms
International, Inc. and our consolidated subsidiaries, and the term
“Common Shares” refers to our common shares, no par value. Our
financial information is presented in U.S. dollars and all
references in this Press Release to “$” means U.S. dollars and all
references to “C$” means Canadian dollars.
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 U.S.
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
laws. 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 or produce industry or the
cannabis industry are forward-looking statements. In some cases,
forward-looking information can be identified by such terms as
"can", "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 in the cannabis and
cannabinoids industry, including that of Pure Sunfarms, Inc. (“Pure
Sunfarms”), Rose LifeScience Inc. (“Rose” or “Rose LifeScience”)
and Balanced Health Botanicals, LLC (“Balanced Health”); the legal
status of the cannabis business of Pure Sunfarms and Rose and the
hemp business of Balanced Health; risks relating to the integration
of Balanced Health and Rose into our consolidated 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, CBD, cannabinoids,
and agricultural businesses; market position; ability to leverage
current business relationships for future business involving hemp
and cannabinoids; the ability of Pure Sunfarms and Rose to
cultivate and distribute cannabis in Canada; existing and new
governmental regulations, including risks related to regulatory
compliance and regarding obtaining and maintaining licenses; legal
and operational risks relating to expected conversion of our
greenhouses to cannabis production in Canada and in the United
States; risks related to rules and regulations at the US federal
(Food and Drug Administration and United States Department of
Agriculture), state and municipal rules and regulations with
respect to produce and hemp, cannabidiol-based products
commercialization; 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; inflationary effects on costs
of cultivation and transportation; recessionary effects on demand
of our products; 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 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,
which 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.
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.
Contact Information
Lawrence ChamberlainInvestor
RelationsLodeRock Advisors(416)
519-4196lawrence.chamberlain@loderockadvisors.com |
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