VANCOUVER, BC, Dec. 4, 2020 /PRNewswire/ - Village Farms
International, Inc. ("Village Farms" or the "Company") (NASDAQ:
VFF) (TSX: VFF) today announced that DutchCanGrow Inc. ("DCG"), a
Netherlands-based cannabis
enterprise in which Village Farms holds just under a 16% ownership
stake, as the outcome of a lottery process, did not receive one of
the ten cannabis production licenses (the "License") under the
Dutch government's 10-city Experiment to Investigate Closed
Cannabis Supply Chains (know by its Dutch language acronym
"WECG").
Based on the results of the random draw, DCG has been placed in
the eighth position on a waiting list for a License. The
applicants drawn in the one to ten positions to potentially receive
of one the ten available licenses will be subject to a thorough
review of their business affairs and personnel under the Public
Administration (Probity Screening) Act (known by its Dutch language
acronym "BIBOB"), which is expected to be completed in eight to 12
weeks.
"We are extremely proud that DCG was one of only 40 applicants
out of a total of nearly 150 to even be considered for a production
license, and await the outcome of the rigorous and extensive review
of the initial ten applicants drawn in the lottery," said
Michael DeGiglio, CEO, Village Farms
International. "Village Farms undertook this process with the
understanding that the Licenses would be awarded based on merit,
not a random draw. We believe we would be a significant contributor
to the success of the WECG, providing safe, premium-quality,
legally-grown cannabis in the Netherlands."
Village Farms is one of six equal shareholders in DCG owning
just under 16% each, with a seventh shareholder owning
5%.
About Village Farms International, Inc.
Village Farms is one of the largest and longest-operating
greenhouse growers in North America, and is leveraging its
decades of experience in large-scale, low-cost intensive
agriculture and as a vertically integrated produce supplier to
pursue high-value, high-growth plant-based Consumer Packaged Goods
opportunities in cannabis and CBD in North America and
selected markets internationally.
In Canada, British-Columbia-based Pure Sunfarms is one
of the single largest cannabis operations in the world, the
lowest-cost greenhouse producer, one of the best-selling brands,
and has generated profitability for seven consecutive quarters.
In the U.S., subject to compliance with all applicable U.S.
federal and state laws, Village Farms is pursuing a strategy to
become a leading developer and supplier of branded and
white-labeled CBD products targeting "big box" and other major
retailers and consumer packaged goods companies, and with one the
largest greenhouse operations in country, is well positioned for
the potential federal legalization of high-THC cannabis.
Internationally, Village Farms is strategically targeting
selected, nascent, legal cannabis and CBD opportunities with
significant long-term potential, with an initial focus on
the Asia-Pacific region through its investment
in Australia-based Altum International.
Cautionary Statement Regarding Forward-Looking
Information
This press release contains forward-looking statements within
the meaning of the United States Private Securities Litigation
Reform Act of 1995, Section 27A of the Securities Act of 1933, as
amended, (the "Securities Act") and Section 21E of the Securities
Exchange Act of 1934, as amended (the "Exchange Act"), and is
subject to the safe harbor created by those sections. This press
release also contains "forward-looking information" within the
meaning of applicable Canadian securities law. We refer to such
forward-looking statements and forward-looking information
collectively as "forward-looking statements". Forward-looking
statements may relate to the Company's future outlook or financial
position and anticipated events or results and may include
statements regarding the financial position, business strategy,
budgets, expansion plans, litigation, projected production,
projected costs, capital expenditures, financial results, taxes,
plans and objectives of or involving the Company. Particularly,
statements regarding future results, performance, achievements,
prospects or opportunities for the Company, the greenhouse
vegetable industry or the cannabis industry are forward-looking
statements. In some cases, forward-looking information can be
identified by such terms as "outlook", "may", "might", "will",
"could", "should", "would", "occur", "expect", "plan",
"anticipate", "believe", "intend", "try", "estimate", "predict",
"potential", "continue", "likely", "schedule", "objectives", or the
negative or grammatical variation thereof or other similar
expressions concerning matters that are not historical facts. The
forward-looking statements in this press release are subject to
risks that may include, but are not limited to: our limited
operating history, including that of Pure Sunfarms and our start-up
operations of growing hemp in the United States; the legal status of Pure
Sunfarms cannabis business; risks relating to obtaining additional
financing, including our dependence upon credit facilities;
potential difficulties in achieving and/or maintaining
profitability; variability of product pricing; risks inherent in
the cannabis, hemp and agricultural businesses; the ability of Pure
Sunfarms to cultivate and distribute cannabis in Canada;
existing and new governmental regulations, including risks related
to regulatory compliance and licenses (e.g., Pure Sunfarms' ability
to obtain licenses for its Delta 2 greenhouse facility as well as
additional licenses under the Canadian act respecting cannabis to
amend to the Controlled Drugs and Substances Act, the Criminal Code
and other Acts, S.C. 2018, c. 16 (Canada) for its Delta 3 greenhouse facility),
and changes in our regulatory requirements; risks relating to
conversion of our greenhouses to cannabis production for Pure
Sunfarms; risks related to rules and regulations at the U.S.
federal (Food and Drug Administration and United States Department
of Agriculture), state and municipal levels with respect to produce
and hemp; retail consolidation, technological advances and other
forms of competition; transportation disruptions; product liability
and other potential litigation; retention of key executives; labor
issues; uninsured and underinsured losses; vulnerability to rising
energy costs; environmental, health and safety risks, foreign
exchange exposure, risks associated with cross-border trade;
difficulties in managing our growth; restrictive covenants under
our credit facilities; natural catastrophes; the ongoing and
developing COVID-19 pandemic; and tax risks.
The Company has based these forward-looking statements on
factors and assumptions about future events and financial trends
that it believes may affect its financial condition, results of
operations, business strategy and financial needs. Although the
forward-looking statements contained in this press release are
based upon assumptions that management believes are reasonable
based on information currently available to management, there can
be no assurance that actual results will be consistent with these
forward-looking statements. Forward-looking statements necessarily
involve known and unknown risks and uncertainties, many of which
are beyond the Company's control, that may cause the Company's or
the industry's actual results, performance, achievements, prospects
and opportunities in future periods to differ materially from those
expressed or implied by such forward-looking statements. These
risks and uncertainties include, among other things, the factors
contained in the Company's filings with securities regulators,
including this press release. In particular, we caution you that
our forward-looking statements are subject to the ongoing and
developing circumstances related to the COVID-19 pandemic, which
may have a material adverse effect on our business, operations and
future financial results.
When relying on forward-looking statements to make decisions,
the Company cautions readers not to place undue reliance on these
statements, as forward-looking statements involve significant risks
and uncertainties and should not be read as guarantees of future
results, performance, achievements, prospects and opportunities.
The forward-looking statements made in this press release relate
only to events or information as of the date on which the
statements are made in this press release. Except as required by
law, the Company undertakes no obligation to update or revise
publicly any forward-looking statements, whether as a result of new
information, future events or otherwise, after the date on which
the statements are made or to reflect the occurrence of
unanticipated events.
View original
content:http://www.prnewswire.com/news-releases/village-farms-internationals-investee-dutchcangrow-provides-update-on-production-licensing-lottery-for-netherlands-301186553.html
SOURCE Village Farms International, Inc.