VANCOUVER, BC, March 15, 2021 /CNW/ - Village Farms
International, Inc. ("Village Farms" or the "Company") (NASDAQ:
VFF) (TSX: VFF) today announced the Company will be added to the
S&P/TSX Composite Index (Consumer Staples sector) prior to the
open of trading on March 22, 2021.
The S&P/TSX Composite is the headline index for the Canadian
equity market, is the broadest in the S&P/TSX family and is the
basis for multiple sub-indices. It includes the largest and most
liquid companies on the Toronto Stock Exchange (TSX), currently
totalling approximately 220 (of the approximately 1500 listed on
the TSX) that meet certain criteria, including for market
capitalization and liquidity. Inclusion in the S&P/TSX
Composite Index can potentially broaden participation in a
Company's investor base by enabling investment from index funds and
similar investment vehicles.
"Our addition to the benchmark stock index for the TSX, on which
Village Farms has been listed since 2006, is another proud
milestone for Village Farms, and a reflection of the significant
value we are creating for shareholders as we leverage our decades
of experience as one of North
America's largest vertically integrated controlled
environment produce suppliers for the high-growth cannabis
opportunity in Canada, and
internationally, including the U.S. and other large potential
markets," said Michael DeGiglio,
CEO, Village Farms International. "We pursue these
opportunities with the same integrity and commitment to sound
corporate governance and sustainable agriculture practices that has
guided our organization since inception. And we look forward
to the increased exposure, broader range of potential investors and
enhanced liquidity that inclusion in the S&P/TSX Composite
Index can provide, as we execute on our strategy to continue to
drive long-term value for our shareholders."
About Village Farms International, Inc.
Village Farms
is one of the largest and longest-operating greenhouse growers in
North America. The Company
leverages decades of experience in large-scale, low-cost intensive
agriculture 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 select markets
internationally.
The Company's wholly-owned Canadian subsidiary, British-Columbia-based Pure Sunfarms, is one
of the single largest cannabis operations in the world, the
lowest-cost greenhouse producer and one of the best-selling brands
in Canada, 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 major retailers and consumer
packaged goods companies. Village Farms has one of the largest
greenhouse operations in the country and is strategically
positioned to utilize its agricultural experience and Pure
Sunfarms' operational and product expertise, to pursue potential
high-THC cannabis opportunities when legally permitted to do
so.
Internationally, Village Farms evaluates and targets select,
nascent, legal cannabis and CBD opportunities with significant
long-term potential, with an initial focus on the Asia-Pacific region through its investments 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.