SEATTLE, April 25, 2018 (GLOBE NEWSWIRE) -- CFN Media Group (“CFN Media”), the leading agency and financial media network dedicated to the North American cannabis industry, today announced that Village Farms International Inc. (TSX:VFF) (OTCQX:VFFIF) has engaged CFN Media to conduct a 3-month investor and market visibility program to begin on April 25, 2018.
“Village Farms is one of the largest and longest operating vertically integrated greenhouse growers in North America, and has been listed on the Toronto Stock Exchange for more than 10 years,” said Frank Lane, President of CFN Media. “Village Farms, through its 50%-owned joint venture, Pure Sunfarms, brings 30 years of experience in large-scale, low-cost greenhouse operations to the Canadian cannabis industry. With Health Canada's issuance of a cultivation license for Pure Sunfarms’ first 1.1 million ft2 greenhouse last month, Village Farms’ is well positioned to be one of the most consistent and reliable suppliers of high-quality cannabis products to wholesalers, distributors and private and government retailers across Canada and internationally.”
“Village Farms’ strategic decision to diversify into large-scale, low-cost, high-quality cannabis production in Canada through Pure Sunfarms is a transformational opportunity for our Company,” said Michael DeGiglio, Chief Executive Officer, Village Farms International, Inc. “Conversion of our existing 1.1 million ft2 greenhouse in Delta, British Columbia, which represented approximately 10% our total greenhouse footprint prior to its contribution to Pure Sunfarms, will generate more revenue from cannabis than Village Farm’s entire produce business, even at conservative market pricing – and yield significantly greater EBITDA margins that are in excess of 50%. Moreover, with its significant scale and supported by Village Farms’ low-cost production expertise, Pure Sunfarms has the goal to be the low-cost Canadian cannabis producer at an all-in production cost of less than $1.00 per gram at full production.”
CFN Media will leverage its powerful content platform and extensive reach into mainstream and cannabis-focused investor audiences and media across North America to attract high-quality investors to Village Farms International while elevating the company’s financial brand.
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About CFN Media
CFN Media (CannabisFN), the leading agency and financial media network dedicated to the worldwide cannabis industry, helps companies operating in the space attract investors, capital, and publicity. Private and public marijuana companies in the US and Canada rely on CFN Media to succeed in the capital markets.
About Village Farms’ Cannabis Joint Venture, Pure Sunfarms
Village Farms’ 50%-owned cannabis joint venture, Pure Sunfarms Corp., has converted the first 250,000 ft2 of an existing state-of-the-art 1.1 million ft2 greenhouse in Delta, BC (the “Delta 3 greenhouse”) to cannabis production, with the remainder in progress of being converted. Through options on two existing, adjacent greenhouses owned by Village Farms, Pure Sunfams has the potential to expand to nearly 5 million ft2 of cannabis growing capacity. Pure Sunfarms’ vision is to be a vertically integrated cannabis company and one of the most consistent and reliable suppliers of quality cannabis products to wholesalers, distributors and retailers across Canada and internationally.
Health Canada issued a cultivation license under Canada’s Access to Cannabis for Medical Purposes Regulations ("ACMPR") for the Delta 3 greenhouse on March 2, 2018. Pure Sunfarms conservatively forecasts annual production to be a minimum of 75,000 kg of dried cannabis, which it expects to achieve in 2020, and a cost of production (including depreciation) at full production of less than $1.00 per gram. If expanded (through Pure Sunfarms’ options on the two other Village Farms Delta greenhouse facilities), the nearly 5 million ft2 of greenhouse space is conservatively projected to produce 300,000 kg of dried cannabis annually.
About Village Farms International Inc.
Village Farms International, Inc. 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. With more than 750 years of accumulated master grower experience coupled with advanced proprietary technology and environmentally sustainable growing practices, Village Farms is highly resource efficient. 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 its large-scale Controlled Environment Agriculture (CEA) greenhouses in British Columbia and Texas , as well as from its partner greenhouses in BC, Ontario and Mexico.
CFN Media
Frank Lane
206-369-7050
flane@cannabisfn.com