Village Farms International Announces Availability of Pure Sunfarms' Vape and Oil Products to Consumers in Ontario, Alberta and British Columbia

Rhea-AI Summary

Village Farms International announced the launch of Pure Sunfarms' vape and oil products in Ontario, Alberta, and British Columbia, which together account for nearly 60% of Canadian recreational cannabis sales. The CEO emphasized the initial sell-through success of these products, which include full-spectrum vapes and CBD oil, made from 100% pure cannabis extract. Pure Sunfarms is now present in all four major cannabis product categories, showcasing strong market penetration and plans for further expansion.

Positive

• Launch of vape and oil products in Canada's largest provinces.
• Initial sell-through of products indicates strong consumer demand.
• Pure Sunfarms is now present in all four major cannabis product categories.
• Top-selling brand in dried flower products in Ontario over the last 11 months.

Negative

• None.

VANCOUVER, BC, Sept. 23, 2020 /PRNewswire/ - Village Farms International, Inc. ("Village Farms" or the "Company") (NASDAQ: VFF) (TSX: VFF) today announced that Pure Sunfarms' recently launched vape and oil products are now available to consumers in the three most populous provinces to which Pure Sunfarms distributes – Ontario, Alberta and British Columbia.  Ontario, Alberta and British Columbia, in aggregate, represent nearly 60% of all Canadian recreational cannabis sales¹.

"We are thrilled to bring Pure Sunfarms' same uncompromising approach to quality and commitment to a pure cannabis experience that resonates so well with our dried flower customers to our Cannabis 2.0 products," said Mandesh Dosanjh, President and CEO, Pure Sunfarms. "Made with 100% pure cannabis extract, our Full Spectrum 510 Vapes deliver a range of flavours that preserve the cannabinoids and terpenes of the original whole flower.  Our Vape products have one single ingredient: cannabis – no flavouring agents, added terpenes or thinning agents. It's what our customers have come to expect of Pure Sunfarms, and we are proud to deliver – pure, BC-grown cannabis products at an affordable price."

Michael DeGiglio, CEO, Village Farms International commented, "In less than a year since first entering the retail branded recreational cannabis market, Pure Sunfarms now has products available in each of the four largest product categories – dried cannabis, vapes, pre-rolls and oils.  In Ontario, for example, these four categories combined represent 90% of all recreational cannabis product sales²."

Mr, DeGiglio added, "We are very encouraged by the initial sell through of Pure Sunfarms' vape and oil products, supporting our belief that Canadian cannabis consumers will embrace the Pure Sunfarms' value proposition – high quality products that consumers want at an affordable price – with the same enthusiasm that has made Pure Sunfarms the top-selling brand of dried flower products with the Ontario Cannabis Store over the last 11 months³."

Pure Sunfarms is planning for the launch of its vape and oil products in additional provinces in the months ahead, and will continue to expand its Cannabis 2.0 offering with new products in the vape and oil categories, as well as additional categories.

About Pure Sunfarms' Vape and Oil Products

Pure Sunfarms' vape cartridges feature full spectrum extract, which preserves the cannabinoids and terpenes from the original flower and maintains the aromas and flavors true to cultivar. Pure Sunfarms' Full Spectrum Vapes feature 0.5 g of single-strain, BC-grown cannabis extract, and are available in three of their best-selling strains: Afghan Kush, White Rhino, and Island Honey. Each vape cartridge is fitted with a ceramic mouthpiece, features a glass tank, ceramic heating coil, and is compatible with a standard 510 thread cartridge battery.

Pure Sunfarms' Pure Sun CBD Oil is made purely with BC-grown, whole flower Pure Sun CBD cultivar (aka Cannatonic), hand-selected for its unique potential to produce consistently CBD-rich flowers. Pure Sun CBD Oil comes in a 30mL amber bottle, and is available in both a 1:10 or 1:30 THC: CBD formulation so consumers can customize their CBD experience to meet their individual needs.

Notes

1. Source: Statistics Canada. 12 month period ended June 30, 2020.

2. By dollar sales. For the year-to-date ended July 30, 2020.  Data is based on calculations by Pure Sunfarms from sales information provided by the Ontario Cannabis Store (OCS).

3. By both dollar sales and kilograms sold. For 11-month period ended August 31, 2020.  Data is based on calculations by Pure Sunfarms from sales information provided by the Ontario Cannabis Store (OCS).

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 as a large-scale, low-cost intensive agriculture and 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 six 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 and Section 21E of the Securities Exchange Act of 1934, as amended, 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". Particularly, statements regarding the intended use of proceeds, the acquisition of the remaining interest in Pure Sunfarms, and the future results, performance, achievements, prospects or opportunities for the Company, the greenhouse vegetable industry, the cannabis industry or other risks discussed in the Company's Form 10-K filed on April 1, 2020 and its other filings with the SEC 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. 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.

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SOURCE Village Farms International, Inc.

FAQ

What provinces are Pure Sunfarms' vape and oil products available in?

Pure Sunfarms' vape and oil products are available in Ontario, Alberta, and British Columbia.

What market share do these provinces represent in Canadian cannabis sales?

Ontario, Alberta, and British Columbia represent nearly 60% of all Canadian recreational cannabis sales.

What types of products has Pure Sunfarms launched?

Pure Sunfarms has launched vape cartridges and CBD oil products.

How does Pure Sunfarms ensure product quality?

Pure Sunfarms products are made with 100% pure cannabis extract, containing no added flavoring agents.

What is the market performance of Pure Sunfarms products?

Pure Sunfarms has become the top-selling brand of dried flower products in Ontario over the last 11 months.