VANCOUVER, BC, Dec. 17, 2020 /CNW/ - Village Farms
International, Inc. ("Village Farms" or the "Company") (NASDAQ:VFF)
(TSX:VFF) today announced further expansion of its Cannabis 2.0
offerings, including its first cannabis-infused gummy products
based on the propriety technology of White Rabbit OG ("White
Rabbit").
Exclusive Partnership with White Rabbit OG for Edibles
Formulation and Manufacture
Pure Sunfarms has entered into an exclusive partnership
agreement with White Rabbit, a BC-based craft cannabis food
formulation and development company, for the formulation and
manufacture of edible cannabis-infused gummies using White Rabbit's
proprietary EAT ME Technology. EAT ME Technology is a proprietary,
all-natural emulsion blend that ensures cannabis extract is
dispersed equally in each gummy and increases the bioavailability
of the THC and CBD molecules, allowing for consistent results and
near-perfect dosing. Edibles from both companies will be
distributed and sold by Pure Sunfarms under their respective
brands.
Pure Sunfarms and White Rabbit cannabis-infused gummies are
expected to be the only gummies in Canada that are made using real pure fruit. In
addition, they are plant-based, allergen-free, non-GMO, vegan and
preservative-free.
"We are thrilled to exclusively partner with White Rabbit OG to
develop a unique product made with real fruit. Pure Sunfarms and
White Rabbit both share the fundamental belief in providing
consumers with a pure cannabis experience, which we know consumers
appreciate," said Mandesh Dosanjh, President and Chief Executive
Officer, Pure Sunfarms. "White Rabbit is a true Canadian leader in
the formulation of edibles. Combined with the absorption benefits
of White Rabbit's EAT ME Technology, we see lots of potential in
this rapidly growing segment of the cannabis market."
"As an innovative craft BC brand, aligning ourselves with a
partner who shares our vision and values, sees the opportunities
for growth and is intuitive about what cannabis consumers are
looking for is important to us," said Kyrsten Dewinetz, Co-Founder and Chief Executive
Officer, White Rabbit. "We are excited to have partnered with Pure
Sunfarms, a well-respected, fast-growing licensed producer, whose
approach and commitment to quality is complementary to our own.
Together, we look forward to setting the new standard of cannabis
edibles, and delivering products that not only taste great, but
provide consumers with a high-quality experience."
"This partnership is yet another example of our' prudent,
capital-efficient approach to pursuing growth opportunities in
cannabis," said Michael DeGiglio,
CEO, Village Farms International. "We expect edibles to be an
increasingly meaningful part of the Canadian cannabis market and
exclusively partnering with a formulation and technology leader
allows for the expedited launch of unique products with minimal
capital investment."
Pure Sunfarms plans to launch its Pure Sunfarms-branded
cannabis-infused gummies in early 2021, while White Rabbit plans to
launch its brand to the recreational cannabis retail markets in
British Columbia, Alberta, Saskatchewan, and Ontario, as well as nationally through Medical
Cannabis by Shoppers in the coming weeks. White Rabbit's first
products will consist of Craft Blueberry and Craft Sour Peach
flavours, each offered in packs of four 2.5-mg THC per gummy (total
of 10-mg THC per pack), with new flavours and potencies to be added
in 2021.
The Pure Sunfarms/White Rabbit partnership agreement is
initially for a period of two years, with the option to renew the
agreement annually thereafter.
Pure Sunfarms Expands Cannabis 2.0 Offering with Launch of
High-THC Vapes and Adds New Strains to its Full Spectrum Vape
Collection
Building on the success of its full spectrum vape products,
which were launched in Ontario,
British Columbia and Alberta, Pure Sunfarms will expand its vape
product offering with the introduction of new high-THC vape
products in the coming weeks. Each 510 cartridge will feature
840-mg to 900-mg of concentrated THC, intended for consumers
seeking a high-THC experience.
"Our high-THC vape products have just one ingredient: pure
cannabis extract," said Mr. Dosanjh. "They contain
no additives, no alternative botanical ingredients,
no flavouring agents, no thinning agents, no additional
cannabinoids. And like all Pure Sunfarms' products, they offer
consumers quality at an attractive price."
Pure Sunfarms will also add two new strains, Critical Kali Mist
and Headband, to their full spectrum vape portfolio in the weeks
ahead.
About White Rabbit OG
White Rabbit OG is a woman-led, craft cannabis brand based in
Surrey, BC. We have taken a step
through the looking glass and are reinventing cannabis experiences
using culinary techniques that combine our love for real food,
science and understanding of consumer trends. Our team has
over 40 years experience in food manufacturing, formulation,
production, development, and sales, with a specialization in
developing food products in multiple categories from benchtop
samples to full-scale commercialization. The White Rabbit team has
developed a cutting-edge water-soluble emulsion blend named EAT ME
Technology, that provides an all-natural, high-quality solution for
accurate dosing of cannabinoids with consistent results in food
products. We are a team of creators and inventors bringing our
imaginations to life for the edible cannabis market.
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.