Business
Village Farms International Completes Acquisition of Pure Sunfarms' Shares to Own 100% of Canada's Premier Cannabis Supplier - Transaction Marks Significant Milestone in Village Farms Transformation to a Plant-Based CPG Company
VANCOUVER, BC, Nov. 2, 2020 /PRNewswire/ - Village Farms International, Inc. ("Village Farms" or the "Company") (NASDAQ: VFF) (TSX: VFF) today announced it
About this update from Village Farms International, Inc.
[{"type":"text","content":"VANCOUVER, BC, Nov. 2, 2020 /PRNewswire/ - Village Farms International, Inc. (\"Village Farms\" or the \"Company\") (NASDAQ: VFF) (TSX: VFF) today announced it has completed the acquisition from Emerald Health Therapeutics, Inc. (\"Emerald\") of 36,958,500 common shares of Pure Sunfarms Corp. (\"Pure Sunfarms\") owned by Emerald, representing approximately 41.3% of the issued and outstanding common shares of Pure Sunfarms (the \"Pure Sunfarms Transaction\"). With the completion of the Pure Sunfarms Transaction, Village Farms now owns 100% of the common shares of Pure Sunfarms. The acquisition of the Pure Sunfarms shares will be immediately accretive to Village Farms' net income.\n\"Village Farms conceived of a joint venture to launch its Canadian cannabis business, and the result, Pure Sunfarms, is now one of the leading Canadian cannabis companies. With this transaction our shareholders will now fully benefit from our initiative,\" said Michael DeGiglio, CEO, Village Farms. \"Pure Sunfarms is well positioned for long-term growth as one of what we believe will be just a small number of major suppliers to the Canadian cannabis market. Importantly, as part of the Village Farms organization Pure Sunfarms can now pursue additional opportunities to further leverage its success to date and increase its earnings potential. I am pleased to welcome the outstanding management team and employees of Pure Sunfarms to our organization, and welcome back so many Village Farms' personnel who transitioned to our cannabis venture in the early days to ensure that Pure Sunfarms would benefit fully from Village Farms' decades of experience and site-specific operational expertise. Pure Sunfarms' CEO, Mandesh Dosanjh, and his entire team have done exceptional work in bringing Village Farms' vision to reality, and we look forward to their continued contribution to its success as part of Village Farms going forward.\"\n\"The acquisition of the entirety of Pure Sunfarms is a defining moment for Village Farms, furthering our transformation to a vertically integrated, plant-based consumer packaged goods company. It allows us to fully leverage the invaluable cannabis expertise Village Farms has gained in combination with the organizational strength underlying the Village Farms produce business to pursue high-growth opportunities in emerging legal cannabis an...