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VANCOUVER, Jan. 21, 2019 /CNW/ – Village Farms International, Inc. (“Village Farms” or the “Company”) (TSX:VFF) (OTCQX:VFFIF) today announced that it has filed an application to list its common shares on NASDAQ Capital Market under the symbol “VFF”. Village Farms’ common shares will continue to be listed on the Toronto Stock Exchange (TSX), also under the symbol “VFF”.
“As a company with substantive U.S. assets and operations and, with our recently announced intention to aggressively pursue potential opportunities in the now federally legal U.S. hemp and CBD industry, the listing of our common shares on NASDAQ is intended to provide broader exposure to, and greater liquidity for, U.S. investors,” said Michael DeGiglio, Chief Executive Officer, Village Farms. “A NASDAQ listing will provide Village Farms with access to the largest equity market in the world to support our intended hemp and CBD growth strategy should U.S. state laws follow the U.S. federal decision to legalize hemp, as well as, potentially, for cannabis, in the event that it is federally legalized in the U.S.”
In advance of its intended NASDAQ listing, Village Farms has filed a Form 40-F Registration Statement (“Form 40-F”) with the United States Securities and Exchange Commission (the “SEC”). Listing of the Company’s common shares on NASDAQ remains subject to the approval of NASDAQ and the satisfaction of all applicable listing and regulatory requirements. The timing of such approval may be adversely impacted by any delay in the SEC’s review of the Form 40-F and any delay in the effectiveness of the Form 40-F due to the ongoing partial government shutdown in the U.S.
Following receipt of all required approvals, the Company will issue a press release announcing its first trading date on NASDAQ. Upon commencement of trading of its common shares on NASDAQ, Village Farms intends to voluntarily delist its common shares from the OTCQX.
In conjunction with the listing on NASDAQ, Village Farms’ common shares will become Direct Registration System (DRS) eligible for U.S. shareholders.
Conversion of All Growing Area at Pure Sunfarms 1.1 Million Square Foot Greenhouse Completed and Awaiting Health Canada Review
Village Farms also announced that its Canadian cannabis joint venture, Pure Sunfarms, has completed conversion of all of the growing area in the fourth and final quadrant of its 1.1 million square foot greenhouse facility in Delta, British Columbia. The fourth quadrant, totaling approximately 206,000 square feet of growing area, along with approximately 138,000 square feet of growing area in the third quadrant (conversion of which was completed in 2018), are currently under review by Health Canada in respect of amendment of Pure Sunfarms’ cultivation license, which will, in aggregate, expand Pure Sunfarms’ permitted production area by approximately 344,000 square feet to just over 1.03 million square feet, with the remaining approximately 69,000 square feet of the 1.1 million square foot facility currently in the process of being converted for extraction activities. Pure Sunfarms plans to put the approximately 344,000 square feet of greenhouse currently under review by Health Canada into production as soon as Health Canada’s review is complete and its cultivation license is amended.
“It is a tremendous accomplishment to not only have completed conversion of more than 1 million square feet of greenhouse for cannabis production in just over a year but also to have simultaneously ramped up production while that conversion was ongoing, and I would like to acknowledge the Pure Sunfarms management team for their tireless efforts toward this achievement,” said Mr. DeGiglio. “We continue to be very pleased with the performance of that part of the Pure Sunfarms’ facility currently in production and look forward to further expanding production to the entirety of the 1.1 million square foot facility as soon as permitted.”
Pure Sunfarms also continues to await Health Canada’s review of its packaging license application. Upon receipt of its packaging license, Pure Sunfarms expects to commence sales directly to provincial government distributors as soon as possible. As it awaits its packaging license, Pure Sunfarms continues to make regular sales to other licensed produces at favourable spot market pricing amidst the continuing shortage of supply in the Canadian market.