Business
Village Farms International Announces that Pure Sunfarms Achieves Full Run-Rate Annual Production at Delta 3 Operation - Performance of Delta 3 Greenhouse Continues to Meet or Exceed Expectations
– U.S. Outdoor Hemp Production Program Progressing on Plan and Remains on Track to Realize First Sales in 2019 – – Company to Transition to Domestic Issuer
About this update from Village Farms International, Inc.
[{"type":"text","content":"– U.S. Outdoor Hemp Production Program Progressing on Plan and Remains on Track to Realize First Sales in 2019 –\n– Company to Transition to Domestic Issuer Status in the U.S. –\n VANCOUVER, July 11, 2019 /PRNewswire/ - Village Farms International, Inc. (\"Village Farms\" or the \"Company\") (TSX:VFF; NASDAQ:VFF) today announced that its 50%-owned joint venture for large-scale, low-cost, high-quality cannabis production, Pure Sunfarms, has, on schedule, achieved full run-rate production of 75,000 kilograms of dried cannabis annually at its 1.1 million square foot Delta 3 greenhouse in Delta, B.C.\n\"With the benefit of Village Farms' 30-plus year track record of successfully developing and operating large-scale greenhouse facilities, Pure Sunfarms' ramp up to full production of premium, B.C.-grown cannabis has proceeded exceedingly well, and at a remarkable pace,\" said Michael DeGiglio, CEO Village Farms. \"Quality, yield and cost of production at Pure Sunfarms' Delta 3 operation continue to meet or exceed our expectations, as they have since commercial production began last year. Importantly, with the advantage of the most experienced growing team in the industry and Village Farms' continued support, Pure Sunfarms' production output has not been impacted by crop issues as has been reported to be the case with other Canadian Licensed Producers. Pure Sunfarms is a best-in-class growing operation that is setting the standard for large-scale, high-quality cannabis production in Canada.\"\n\"We look forward to strong growth in revenue and profitability at Pure Sunfarms, driven by the successful ramp to full production at Delta 3. In addition, gross margin will benefit from the start of sales to the Ontario Cannabis Store and other potential retailers following Health Canada's expected near-term approval to sell directly to provincial/territorial and private retailers, as well as the transition of Pure Sunfarms' supply agreement with another licensed producer to more favorable terms on January 1, 2020.\"\nPure Sunfarms continues to steadily progress on its in-house extraction capabilities, which it expects to be operational this year.\nPure Sunfarms is one of the largest cannabis producers in the world and was profitable in both the fourth quarter of 2018 and first quarter of 2019, during both of which its Delta 3 greenhouse was ram...