Growing

Village Farms International’s Cannabis Joint Venture Pure Sunfarms Begins Shipping Branded Products to Saskatchewan and Approved to Begin Shipments to Manitoba


— Pure Sunfarms Continues to Launch New Merchandise, Together with Pre-Rolls in Ontario and Continues to Put together for Launch of First Hashish 2.zero Merchandise this Summer time —

VANCOUVER, BC, June 24, 2020 /PRNewswire/ – Village Farms Worldwide, Inc. (“Village Farms” or the “Firm”) (NASDAQ: VFF) (TSX: VFF)  as we speak introduced its majority-owned three way partnership for large-scale, low-cost, high-quality hashish manufacturing, Pure Sunfarms, has begun transport branded, packaged dried flower merchandise to Saskatchewan following approval from the Saskatchewan Liquor and Gaming Authority (the “SLGA”), the provincial regulator accountable for allowing and monitoring the operation of native hashish wholesalers and retailers within the Province. Pure Sunfarms expects its merchandise to be accessible to Saskatchewan shoppers starting subsequent week.

Saskatchewan ranks because the fifth largest Canadian province by hashish gross sales, comprising roughly 6% of the nation’s complete gross sales1 and has the second highest per capita spend on hashish of the 5 largest provinces1 (behind Alberta).  Saskatchewan presently has 44 licensed retailers and with the SLGA’s announcement to maneuver in the direction of an open market hashish mannequin by September of this yr, there shall be no cap on the variety of dispensaries permitted in municipalities provincewide which is predicted to offer extra shoppers entry to product.

“Following Pure Sunfarms’ success in British Columbia, Ontario, and most just lately, Alberta, we’re happy to produce one other key market in Canada as we proceed to broaden our footprint throughout the nation,” mentioned Mandesh Dosanjh, President & CEO, Pure Sunfarms. “With Saskatchewan’s sturdy community of shops, we’re excited to supply much more Canadians our signature strains at an incredible value.”

Pure Sunfarms Accredited to Start Shipments to Manitoba

Village Farms additionally introduced that Pure Sunfarms has been accepted by the Manitoba Liquor and Lotteries Company as an official provider of non-medical adult-use hashish to the Province’s licensed personal sector retailers and can start transport branded, packaged merchandise to Manitoba as quickly as attainable.

Manitoba ranks because the sixth largest Canadian province by hashish gross sales, comprising roughly 4.5% of the nation’s complete gross sales and has the next per capita spend on hashish than the nation common1

“Growth into further provinces is one among various development drivers for Pure Sunfarms this yr because it continues to capitalize on its main model efficiency since coming into the retail branded market final September,” mentioned Michael DeGiglio, CEO, Village Farms.  “We count on additional provincial launches within the coming months, together with the continued introduction of recent hashish merchandise, together with the launch of pre-rolls in Ontario this week, and the launch of its first bottled oil and Hashish 2.zero merchandise this summer time.”

Following the upcoming launch in Saskatchewan and Manitoba, Pure Sunfarms’ merchandise shall be accessible in 5 of Canada’s six most populous provinces, which in combination characterize greater than 70% of the full Canadian inhabitants.  Pure Sunfarms continues to advance discussions with different provincial distributors for potential provide agreements to additional broaden its presence within the Canadian hashish market.

Pure Sunfarms Continues to Launch New Dried Hashish Merchandise, Together with First Pre-Rolls in Ontario

Pure Sunfarms’ continues to launch new product choices, together with pre-roll codecs, new strains and new package deal sizes:

  • Pre-rolled dried hashish merchandise (4 completely different strains) in Ontario;
  • Pre-rolls of Afghan Kush, one among Pure Sunfarms top-selling strains, in addition to Headband, in British Columbia;
  • Two new strains, D. Bubba and high-THC Pink Kush, two well-known British Columbia strains, that are Pure Sunfarms’ first new strains for the reason that launch of its preliminary eight strains in September 2019;
  • A Hybrid 28-gram (1-ounce) large-format package deal in British Columbia and Alberta, and in Ontario within the coming weeks; and,
  • White Rhino 7-gram and Island Honey 7-gram packages in Alberta.

“Pre-rolls have been the second largest-selling product class in Ontario in its fiscal 2020 yr2,” mentioned Mr. DeGiglio.  “The launch of its first pre-rolled merchandise in Ontario builds on Pure Sunfarms’ main dried hashish market share efficiency in Canada’s largest provincial market, and comes at an opportune time because the opening of retail shops in Ontario is predicted to speed up all through this yr, driving continued development.”

Pure Sunfarms Continues to Put together for Launch of First Bottled Hashish Oils and Hashish 2.zero Merchandise this Summer time

Pure Sunfarms continues to arrange for the roll out of its first bottled hashish oils, in addition to its first Hashish 2.zero choices this summer time.  Pure Sunfarms’ Hashish 2.zero roll out will start with the launch of a number of pre-filled 510 vape cartridges and bottled hashish oil, accessible within the extract types of its top-selling3 dried hashish strains, beneath the extremely regarded and nicely trusted Pure Sunfarms model.

  1. 12 months ended April 30, 2020. Supply: Statistics Canada.
  2. Supply: Ontario Hashish Retailer – A 12 months in Assessment 2019-2020.
  3. Market share efficiency is predicated on calculations by Pure Sunfarms from gross sales info supplied by the Ontario Hashish Retailer (OCS).

About Village Farms Worldwide, Inc.

Village Farms is among the largest and longest-operating vertically built-in greenhouse growers in North America. Village Farms produces is and distributes contemporary, premium-quality produce with year-round to nationwide grocers within the U.S. and Canada from greater than 9 million sq. ft of Managed Surroundings Agriculture (CEA) greenhouses in Canada and the U.S., in addition to from its associate greenhouses in Canada and Mexico.  The Firm is leveraging its 30 years of expertise as a large-scale, low-cost vertically built-in grower for the quickly rising international hashish and CBD alternatives.  In Canada, British-Columbia-based Pure Sunfarms (majority-owned by Village Farms) is among the single largest hashish operations on the planet and one of many best-selling manufacturers within the nation.  Within the U.S., topic to compliance with all relevant U.S. federal and state legal guidelines, the Firm is pursuing a technique develop into a number one developer and provider of branded and white-labeled CBD merchandise  focusing on “massive field” and different main retailers and shopper packaged items firms, and with one the biggest greenhouse operations in nation, is nicely positioned for the potential federal legalization of high-THC hashish. 

Cautionary Assertion Relating to Ahead-Wanting Data

This press launch incorporates forward-looking statements inside the which means of the US Personal Securities Litigation Reform Act of 1995, Part 27A of the Securities Act of 1933, as amended, (the “Securities Act”) and Part 21E of the Securities Trade Act of 1934, as amended (the “Trade Act”), and is topic to the secure harbor created by these sections. This press launch additionally incorporates “forward-looking info” inside the which means of relevant Canadian securities legislation. We consult with such forward-looking statements and forward-looking info collectively as “forward-looking statements”. Ahead-looking statements could relate to the Firm’s future outlook or monetary place and anticipated occasions or outcomes and will embrace statements concerning the monetary place, enterprise technique, budgets, growth plans, litigation, projected manufacturing, projected prices, capital expenditures, monetary outcomes, taxes, plans and targets of or involving the Firm. Significantly, statements concerning future outcomes, efficiency, achievements, prospects or alternatives for the Firm, the greenhouse vegetable business or the hashish business are forward-looking statements. In some circumstances, forward-looking info might be recognized by such phrases as “outlook”, “could”, “may”, “will”, “might”, “ought to”, “would”, “happen”, “count on”, “plan”, “anticipate”, “imagine”, “intend”, “attempt”, “estimate”, “predict”, “potential”, “proceed”, “doubtless”, “schedule”, “targets”, or the adverse or grammatical variation thereof or different related expressions regarding issues that aren’t historic details. The forward-looking statements on this press launch are topic to dangers which will embrace, however usually are not restricted to: our restricted working historical past, together with that of our Pure Sunfarms Corp. three way partnership for the manufacturing of hashish in Canada (our “Joint Enterprise”) and our start-up operations of rising hemp in the US; the authorized standing of our Joint Enterprise; dangers referring to acquiring further financing, together with our dependence upon credit score amenities; potential difficulties in reaching and/or sustaining profitability; variability of product pricing; dangers inherent within the hashish, hemp and agricultural companies; the flexibility of our Joint Enterprise to domesticate and distribute hashish in Canada; current and new governmental rules, together with dangers associated to regulatory compliance and licenses (e.g., our Joint Enterprise’s capability to acquire licenses for its Delta 2 greenhouse facility in addition to further licenses beneath the Canadian Act Respecting Hashish To Amend to the Managed Medicine and Substances Act, the Felony Code and different Acts, S.C. 2018, c. 16 (Canada) for its Delta Three greenhouse facility), and adjustments in our regulatory necessities; dangers referring to conversion of our greenhouses to hashish manufacturing for our Joint Enterprise; dangers associated to guidelines and rules on the U.S. federal (Meals and Drug Administration  and United States Division of Agriculture), state and municipal ranges with respect to supply and hemp; retail consolidation, technological advances and different types of competitors; transportation disruptions; product legal responsibility and different potential litigation; retention of key executives; labor points; uninsured and underinsured losses; vulnerability to rising vitality prices; environmental, well being and security dangers, international change publicity, dangers related to cross-border commerce; difficulties in managing our development; restrictive covenants beneath our credit score amenities; pure catastrophes; the continued and growing COVID-19 pandemic; and tax dangers.

The Firm has based mostly these forward-looking statements on elements and assumptions about future occasions and monetary tendencies that it believes could have an effect on its monetary situation, outcomes of operations, enterprise technique and monetary wants. Though the forward-looking statements contained on this press launch are based mostly upon assumptions that administration believes are cheap based mostly on info presently accessible to administration, there might be no assurance that precise outcomes shall be in step with these forward-looking statements. Ahead-looking statements essentially contain identified and unknown dangers and uncertainties, a lot of that are past the Firm’s management, which will trigger the Firm’s or the business’s precise outcomes, efficiency, achievements, prospects and alternatives in future intervals to vary materially from these expressed or implied by such forward-looking statements. These dangers and uncertainties embrace, amongst different issues, the elements contained within the Firm’s filings with securities regulators, together with our most up-to-date Annual Report on Type 10-Okay, our subsequent Quarterly Stories on Type 10-Q and Present Stories on Type 8-Okay, every of which is accessible at www.sec.gov, in addition to our filings on SEDAR, accessible at www.sedar.com. Particularly, we warning you that our forward-looking statements are topic to the continued and growing circumstances associated to the COVID-19 pandemic, which can have a cloth antagonistic impact on our enterprise, operations and future monetary outcomes.

When counting on forward-looking statements to make choices, the Firm cautions readers to not place undue reliance on these statements, as forward-looking statements contain vital dangers and uncertainties and shouldn’t be learn as ensures of future outcomes, efficiency, achievements, prospects and alternatives. The forward-looking statements made on this press launch relate solely to occasions or info as of the date on which the statements are made on this press launch. Besides as required by legislation, the Firm undertakes no obligation to replace or revise publicly any forward-looking statements, whether or not because of new info, future occasions or in any other case, after the date on which the statements are made or to replicate the prevalence of unanticipated occasions.

SOURCE Village Farms Worldwide, Inc.

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www.villagefarms.com



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