Village Farms International's Cannabis Joint Venture Pure Sunfarms Begins Shipping Branded Products to Alberta Provincial Wholesaler / Pure Sunfarms is Top Performing Dried Flower Brand for Fourth Quarter 2019 with Ontario Cannabis Store
– Launch in Alberta Will Make Pure Sunfarms' Products Available to Nearly Two-Thirds of Canadian Recreational Cannabis Market1 –
VANCOUVER, Feb. 26, 2020 /PRNewswire/ - Village Farms International, Inc. ("Village Farms" or the "Company") (TSX: VFF) (NASDAQ: VFF) today announced its majority-owned joint venture for large-scale, low-cost, high-quality cannabis production, Pure Sunfarms, has begun shipping branded, packaged dried cannabis products to Alberta Gaming, Liquor & Cannabis ("AGLC"), the provincial wholesaler of recreational adult-use cannabis products to private retailers in Alberta and the only authorized online retailer in Alberta (AlbertaCannabis.org). Pure Sunfarms expects its products to be available to retail customers in Alberta beginning next week.
With the launch of Pure Sunfarms' products in Alberta, Pure Sunfarms' products will be available in three of Canada's four most populous provinces (Ontario, British Columbia and Alberta) and accessible to nearly two-thirds of the Canadian recreational cannabis market1.
Alberta represents approximately 12% of Canada's population, however with a network of more than 400 retail stores (by far the largest retail store network of any Canadian province) generated 22% of total retail trade cannabis sales (dollars) in Canada for the 12-month period ended December 31, 20192, making it the second largest provincial market for cannabis products in Canada. As a result, Alberta has by far the highest per capita sales of legal recreational cannabis amongst the four most populous Canadian provinces during that same period2.
"At Pure Sunfarms, we aim to bring high-quality cannabis at an accessible price to recreational consumers across Canada – that's why we are so excited to expand our footprint into Alberta," said Mandesh Dosanjh, President and CEO, Pure Sunfarms. "With the province's extensive network of licensed retail outlets and strong retail sales, the Alberta cannabis market presents a substantial opportunity for Pure Sunfarms as we continue to share our high-quality BC bud with even more Canadians."
Pure Sunfarms continues to advance discussions with other provincial distributors for potential supply agreements to further expand its presence in the Canadian cannabis market.
Pure Sunfarms is Top Performing Dried Flower Cannabis Brand with Ontario Cannabis Store for Fourth Quarter of 2019
Pure Sunfarms was the top performing brand of dried flower by both kilograms sold and dollar sales with the Ontario Cannabis Store (OCS) for the three-month period ended December 31, 2019, achieving 13% market share (by kilograms sold). For the same period, Pure Sunfarms' Afghan Kush was the top selling dried flower product (by dollar sales) with the OCS and two of the top five selling dried flower products (by dollar sales) with the OCS were Pure Sunfarms products (Afghan Kush and White Rhino).
"Pure Sunfarms' reputation for quality products that customers want at the right price point is resonating well with Canadian consumers," said Michael DeGiglio, CEO, Village Farms. "2020 promises to be a year of significant growth for retail cannabis sales across Canada, and now, with access to nearly two-thirds of the Canadian population and a thriving brand, Pure Sunfarms is well positioned to participate in this market growth based on its leading market share performance."
Notes
- As defined by population.
- Statistics Canada.
About Village Farms International, Inc.
Village 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 opportunity through its majority ownership of British Columbia-based Pure Sunfarms Corp., one of the single largest cannabis growing operations in the world. The Company also intends to pursue opportunities to become a vertically integrated leader in the U.S. hemp-derived CBD market, subject to compliance with all applicable U.S. federal and state laws, Village Farms has established two joint ventures, Village Fields Hemp and Arkansas Valley Green and Gold Hemp, for outdoor hemp cultivation and CBD extraction and is pursuing controlled environment hemp production at a portion of its Texas greenhouse operations, which total 5.7 million square feet of production area.
Cautionary Language
Certain statements contained in this press release constitute forward-looking information within the meaning of applicable securities laws ("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, 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, Pure Sunfarms, the greenhouse vegetable industry or the cannabis and hemp industries 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", "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.
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 U.S. and Canadian securities regulators, including as detailed in the Company's annual information form and management's discussion and analysis for the year-ended December 31, 2018.
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 only relate 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.
SOURCE Village Farms International, Inc.
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