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Village Farms International Announces that Texas Governor Signs House Bill 1325 into Law, Legalizing the Cultivation of Hemp and Processing of Hemp and Hemp-Derived Products
VANCOUVER, June 11, 2019 /PRNewswire/ - Village Farms International, Inc. ("Village Farms" or the "Company") (TSX: VFF) (NASDAQ: VFF) today announced that
About this update from Village Farms International, Inc.
[{"type":"text","content":" VANCOUVER, June 11, 2019 /PRNewswire/ - Village Farms International, Inc. (\"Village Farms\" or the \"Company\") (TSX: VFF) (NASDAQ: VFF) today announced that Governor Greg Abbott has signed into law Texas House Bill 1325 (the \"Texas Hemp Legislation\"), which effectively legalizes the cultivation of hemp and processing of hemp and hemp-derived products, including cannabidiol (CBD) in the State.\nAs previously announced, in anticipation of the passage of the hemp legislation in Texas, Village Farms has begun conversion of half of its 1.3 million square foot, ultra-high-tech Permian Basin greenhouse (which utilizes the Company's proprietary GATES® technology) for cultivation of high-CBD hemp and CBD extraction. The Texas Hemp Legislation will require licenses for both the cultivation and processing of hemp and Village Farms plans to apply for the requisite licenses as soon as it is permitted to do so. No time frame has yet been provided by the State of Texas for the licensing process.\n\"The Governor's signing of this bill into law formalizes a significant opportunity for Village Farms as a first mover in the Texas hemp industry and will allow us to capitalize on the expected demand for premium-grade hemp grown in controlled-environment facilities for the high-end health and wellness and the pharmaceutical industries,\" said Michael DeGiglio, CEO, Village Farms International. \"Conversion of half of Permian Basin greenhouse in West Texas for hemp production is now well underway and we look forward to commencing production as soon as possible upon Texas establishing a licensing and regulatory framework for hemp and CBD.\"\nAbout Village Farms International, Inc.\nVillage Farms 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. 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 more than nine million square feet of Controlled Environment Agriculture (CEA) greenhouses in British Columbia and Texas, as well as from its partner greenhouses in British Columbia, Ontario and Mexico. The Company is now leveraging its 30 years of experience as a vertically integrated grower for the rapidly emerging global cannabis opportuni...