VANCOUVER, April 3, 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 satisfied all pre-conditions and completed its
previously announced expansion of its credit facility with its
existing lender to $59 million,
including accordion provisions of $22.5
million. (All figures are in Canadian dollars.)
As a pre-condition to completion of the debt facility, Village
Farms has made an additional capital contribution of $8 million in Pure Sunfarms and, as a result has
further increased its majority ownership of Pure Sunfarms to 58.7%
from 57.4%.
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
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, including that
[the Canadian and United States
economies will remain stable over the next 12 months, that
inflation will remain relatively low, that interest rates will
remain stable, that tax laws remain unchanged, that market
conditions within the greenhouse produce and Canadian cannabis
industries generally will be consistent with the current climate,
that the U.S. hemp business will not be adversely impacted by the
evolving United States federal and
state regulatory and statutory regime, and that the United States and Canadian capital markets
will provide the Company with access to equity and/or debt at
reasonable prices or rates when required.
Although the forward-looking statements contained in this report
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 its Annual Report on Form 10-K.
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 report relate only to
events or information as of the date on which the statements are
made in this report. 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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content:http://www.prnewswire.com/news-releases/village-farms-international-announces-completion-of-pure-sunfarms-expanded-credit-facility-with-existing-lender-for-up-to-59-million-and-makes-additional-capital-contribution-to-pure-sunfarms-to-increase-ownership-to-58-7-301034879.html
SOURCE Village Farms International, Inc.