Business
Village Farms International's Pure Sunfarms Completes First Export Shipment to Australia for Medicinal Cannabis Market Via Altum International and Commences Cultivation in Second 1.1 Million Square Foot Greenhouse Facility
– EU-GMP Certification Inspection of Pure Sunfarms Delta 3 Facility Completed – VANCOUVER, BC, Sept. 29, 2021 /PRNewswire/ - Village Farms International, Inc.
About this update from Village Farms International, Inc.
[{"type":"text","content":"– EU-GMP Certification Inspection of Pure Sunfarms Delta 3 Facility Completed –\n VANCOUVER, BC, Sept. 29, 2021 /PRNewswire/ - Village Farms International, Inc. (\"Village Farms\" or the \"Company\") (NASDAQ: VFF) (TSX: VFF) today announced its wholly owned Canadian cannabis subsidiary, Pure Sunfarms, has completed its first export shipment of cannabis, supplying a variety of high-quality, high-THC dried flower products to Village Farms' minority interest investee, Australia-based Altum International Pty Ltd. (\"Altum\")1, for the Australian medicinal cannabis market. The products will be sold under Altum's recently launched brand, Kind Medical (www.kind.com.au). The shipment is the first international export shipment for Pure Sunfarms and its first shipment to Australia under a three-year supply agreement with Altum.\n\n \n \n \n \n \n \n\n \nMedicinal cannabis was federally legalized in Australia in 2016. Following a period of moderate expansion, the Australian medicinal cannabis market is currently experiencing strong growth, due in part to the significant increase in the number of authorised prescribers. Patient numbers have increased 15-fold over the past two years2, with total market sales for 2021 forecast to increase to approximately AU$200 million, double that of the approximately AU$100 million in total market sales in 20202.\n\"This is another important milestone for Village Farms' cannabis strategy for a number of reasons,\" said Michael DeGiglio, CEO, Village Farms International. \"For Pure Sunfarms, exportation of their leading cannabis products represents a significant long-term opportunity to leverage their scale and position as the top-selling dried flower brand in three of Canada's largest provincial markets3 for opportunities beyond the Canadian market. For our partner Altum, it marks commercial entry into their third Asia-Pacific market, and entry into their first high-THC cannabis market. And for Village Farms overall, it is an example of the significant synergies that are developing amongst our family of brands and partners.\"\n\"We are excited to supply dried flower for consumers internationally for the first time and look forward to supporting our partner, Altum, as they expand their product offerings going forward to build their own brand in the Australian medicinal market,\" said Mandesh Dosanjh, Presid...