– EU GMP Certification Permits Pure Sunfarms to Export Cannabis Products to EU Medical Markets – First Shipments Targeted for Third Quarter 2022 –
VANCOUVER, BC, March 9, 2022 /PRNewswire/ – Village Farms International, Inc. (“Village Farms” or the “Company”) (NASDAQ: VFF) today announced its wholly owned subsidiary, Pure Sunfarms, has received EU GMP certification from Bezirksregierung Düsseldorf (District Government of Dusseldorf, Germany) for its 1.1 million square foot Delta 3 cannabis production facility located in Delta, British Columbia. EU GMP certification permits Pure Sunfarms to export EU GMP-certified medical cannabis to importers and distributors in international markets that require EU GMP certification.
“Our ability to now export our cannabis products to the EU and other international markets that require EU GMP certification provides an incremental revenue stream in addition to the strong growth that we continue to expect in Canada in 2022 and beyond,” said Mandesh Dosanjh, President and Chief Executive Officer, Pure Sunfarms. “We look forward to providing the EU high quality, British Columbia-grown medical cannabis flower, beginning in the largest medical cannabis market in the region, Germany, with shipments to that country targeted to begin in the third quarter of this year.”
“Pure Sunfarms’ receipt of EU GMP certification marks another major step forward in Village Farms’ strategy to build a world-class, international cannabis platform,” said Michael DeGiglio, President and Chief Executive Officer, Village Farms. “In addition to the expected near-term growth from this expansion, we believe existing medical markets in the EU, and elsewhere, are a pathway to participating in much larger legal recreational cannabis opportunities as these markets develop.”
Mr. DeGiglio, added, “We also continue to advance our plans for Pure Sunfarms to export cannabis to Israel, with sales anticipated to start there by the end of this year.”
In anticipation of receipt of EU GMP certification for the Delta 3 facility, as well as other growth initiatives and opportunities for 2022, in late 2021 Pure Sunfarms expanded its overall capacity, commencing production in the first half of its second 1.1 million square foot greenhouse facility, Delta 2. In addition, Pure Sunfarms staff previously underwent GMP education and training to align production at Delta 3 with EU GMP standards.
Germany, with a population of more than 83 million, more than 90% of which are covered by public health insurers, is the largest legal medical cannabis market in the EU.
About Village Farms International, Inc.
Village Farms leverages decades of experience as a large-scale, Controlled Environment Agriculture-based, vertically integrated supplier for high-value, high-growth plant-based Consumer Packaged Goods opportunities, with a strong foundation as a leading fresh produce supplier to grocery and large-format retailers throughout the US and Canada, and new high-growth opportunities in the cannabis and CBD categories in North America and selected markets internationally.
In Canada, the Company’s wholly-owned Canadian subsidiary, Pure Sunfarms, is one of the single largest cannabis operations in the world, the lowest-cost greenhouse producer and one of Canada’s best-selling brands. The Company also owns 70% of Québec-based, Rose LifeScience, a leading third-party cannabis products commercialization expert in the Province of Québec.
In the US, wholly-owned Balanced Health Botanicals is one of the leading CBD brands and e-commerce platforms in the country. Subject to compliance with all applicable US federal and state laws and stock exchange rules, Village Farms plans to enter the US high-THC cannabis market via multiple strategies, leveraging one of the largest greenhouse operations in the country (more than 5.5 million square feet in West Texas), as well as the operational and product expertise gained through Pure Sunfarms’ cannabis success in Canada.
Internationally, Village Farms is targeting selected, nascent, legal cannabis and CBD opportunities with significant medium- and long-term potential, with an initial focus on the Asia-Pacific region and Europe.
