Business
Village Farms International Acquires Remaining Equity Ownership Interest in Leli Holland
– Village Farms now owns 100% of Leli Holland, one of 10 licensed producers in the Dutch cannabis program – – Company recently completed construction of its
About this update from Village Farms International, Inc.
[{"type":"text","content":"– Village Farms now owns 100% of Leli Holland, one of 10 licensed producers in the Dutch cannabis program – – Company recently completed construction of its cultivation facility in Drachten – – Leli expects to commence cultivation in October, pending final inspections – VANCOUVER, British Columbia and ORLANDO, Fla., Sept. 24, 2024 (GLOBE NEWSWIRE) -- Village Farms International, Inc. (“Village Farms” or the “Company”) (NASDAQ: VFF) today announced that it has acquired the remaining equity ownership interest in Leli Holland, B.V. (“Leli”). This transaction increased Village Farms’ equity ownership in Leli to 100 percent from 85 percent. “We are thrilled to complete this transaction as we believe the Dutch market represents one of the most attractive limited-license cannabis market opportunities across the entire globe,” said Michael DeGiglio, President and Chief Executive Officer, Village Farms International. “After decades of tolerating the unintended consequences of a backdoor decriminalisation policy, the new Dutch program represents an historic evolution of regulations that make it the first major European country to permit legal recreational cannabis operations. We have been very impressed by the Dutch government’s thoughtful implementation of this program, and applaud them for an excellent job done to help ensure a successful launch.” The Company also announced that it has completed construction of its cultivation facility in the town of Drachten. The Drachten facility is an indoor facility with five flower rooms and additional space for drying, manufacturing, and packaging of finished goods for distribution to approximately 80 Dutch coffeeshops in participating jurisdictions. Leli anticipates commencing cultivation in October, pending final regulatory inspections, with its first sales expected to occur during the first quarter of 2025. President of Leli Holland and Village Farms subsidiary Pure Sunfarms, Orville Bovenschen added, “Our entrance into the Dutch market represents a homecoming for our organization given that much of our cultivation expertise is rooted in Dutch techniques. Village Farms has been operating highly-sophisticated, large-scale greenhouses in North America for over 35 years, but our first growers were Dutch immigrants who moved to Canada and the U.S. at a time when greenhouse cultivation was a complet...