VANCOUVER, British Columbia – Village Farms International, Inc. (“Village Farms” or the “Company”) (NASDAQ: VFF) (TSX: VFF) today announced two positive developments with respect to its wholly owned Canadian cannabis subsidiary, Pure Sunfarms.
Pure Sunfarms Receives Cannabis Research License for On-Site Sensory Evaluation from Health Canada
Pure Sunfarms has received from Health Canada its Cannabis Research License to conduct human administration trials for sensory evaluation of cannabis, enabling it to engage in on-site assessments of the taste, sight, smell or touch of its products at its Delta 3 cannabis facility in Delta, British Columbia.
“This license provides us with significant new opportunities in the formulation and refinement of our products, and underscores our commitment to innovation and the advancement of the Canadian cannabis consumer experience,” said Mandesh Dosanjh, President and Chief Executive Officer, Pure Sunfarms. “We look forward to leveraging this new capability to continue to extend Pure Sunfarms’ product leadership and further strengthen what is already one of Canada’s best-selling cannabis brands.”
Pure Sunfarms Brand Debuts Internationally in Hong Kong
Pure Sunfarms will be featured as part of a limited-edition Lane Crawford x Found CBD-infused gift set to be sold in the luxury department store’s holiday pop-up shops in Hong Kong this holiday season. The luxury gift sets will feature Pure Sunfarms branded CBD gummies created specifically for the Hong Kong consumer, among other CBD-inspired items such as chocolates, bath salts, and tea bags. The co-branded Lane Crawford and Found holiday pop-up shops aim to educate consumers and elevate their awareness of CBD.
The inclusion of Pure Sunfarms-branded CBD products was facilitated through a partnership between Altum International Limited’s (“Altum”) Found, Asia-Pacific’s first CBD retail platform and café, and Lane Crawford, an iconic luxury department store in Greater China. In August 2020, Village Farms acquired 6.6% of Australia-based Altum, one of the Asia-Pacific’s leading cannabinoid platforms.
“We’re so pleased for the Pure Sunfarms’ brand to make its debut internationally, alongside such prestigious and progressive partners as Altum and Lane Crawford,” said Mr. Dosanjh. “This is just the beginning of what’s to come for Pure Sunfarms as we look to share our love of plants and B.C.-grown cannabis products with the global cannabis market.”
“We are particularly excited to be able to present in Asia-Pacific for the first time, Pure Sunfarms, Canada’s market-leading cannabis brand,” Fiachra Mullen, Chief Marketing Officer for Altum International. “We believe that the leading cannabis brands in the Canadian market will hold a special place in the Hong Kong consumer’s heart. We are incredibly proud to have their trust in helping them access the Asia-Pacific markets for the first time through the most progressive cannabinoid jurisdiction in the region – Hong Kong.”
About Altum International
Altum International is a cannabinoid company born from its founders’ desire to bring the life-changing benefits of cannabis back to the Asia-Pacific. Through its Hong Kong headquarters, Altum is disrupting the status quo of decades past by importing, distributing and marketing a curated range of high-quality cannabinoid products across the region in a compliant and cost-effective manner.
In early 2020, Altum launched a line of consumer-friendly CBD products (Felix & Co), as well as plug-and-play CBD inputs for business operators (LIFE CBD) in the Hong Kong market. Following this, Altum launched Found, Asia-Pacific’s first CBD retail platform and café – designed to educate consumers and elevate category awareness. The August 2020 completion of a strategic investment from Village Farms has further fueled Altum’s growth aspirations for 2021 and beyond.
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.