January 21st, 2021
News, Top News
VANCOUVER, BC, Jan. 20, 2021 /CNW/ – Village Farms International, Inc. (“Village Farms” or the “Company“) (NASDAQ: VFF) (TSX: VFF), announced today that it has closed its previously announced registered direct offering with certain institutional investors for the purchase and sale of an aggregate of 10,887,097 common shares at a purchase price of US$12.40 (approximately CA$15.70) per unit for gross proceeds of approximately US$135 million (approximately CA$171 million) before placement agent fees and other offering expenses payable by Village Farms.
The net proceeds from this offering are intended to be used for general working capital purposes.
Upon closing of the offering there were 77,818,908 issued and outstanding common shares of Village Farms.
A.G.P./Alliance Global Partners and Raymond James (USA) Ltd. acted as co-lead placement agents and Roth Capital Partners acted as co-placement agent for the offering. Beacon Securities Limited acted as financial advisor for the offering.
This press release shall not constitute an offer to sell or a solicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.
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 the 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, (the “Securities Act”) and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), 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”. 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, expansion plans, 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, the greenhouse vegetable industry or the cannabis industry 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. The forward-looking statements in this press release are subject to risks that may include, but are not limited to: our limited operating history, including that of Pure Sunfarms and our start-up operations of growing hemp in the United States; the legal status of Pure Sunfarms’ cannabis business; risks relating to obtaining additional financing, including our dependence upon credit facilities; potential difficulties in achieving and/or maintaining profitability; variability of product pricing; risks inherent in the cannabis, hemp and agricultural businesses; the ability of Pure Sunfarms to cultivate and distribute cannabis in Canada; existing and new governmental regulations, including risks related to regulatory compliance and licenses (e.g., Pure Sunfarms’ ability to obtain licenses for its Delta 2 greenhouse facility as well as additional licenses under the Canadian act respecting cannabis to amend to the Controlled Drugs and Substances Act, the Criminal Code and other Acts, S.C. 2018, c. 16 (Canada) for its Delta 3 greenhouse facility), and changes in our regulatory requirements; risks relating to conversion of our greenhouses to cannabis production for Pure Sunfarms; risks related to rules and regulations at the U.S. federal (Food and Drug Administration and United States Department of Agriculture), state and municipal levels with respect to produce and hemp; retail consolidation, technological advances and other forms of competition; transportation disruptions; product liability and other potential litigation; retention of key executives; labor issues; uninsured and underinsured losses; vulnerability to rising energy costs; environmental, health and safety risks, foreign exchange exposure, risks associated with cross-border trade; difficulties in managing our growth; restrictive covenants under our credit facilities; natural catastrophes; the ongoing and developing COVID-19 pandemic; and tax risks.
The Company has based these forward-looking statements on factors and assumptions about future events and financial trends that it believes may affect its financial condition, results of operations, business strategy and financial needs. 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 securities regulators, including this press release. In particular, we caution you that our forward-looking statements are subject to the ongoing and developing circumstances related to the COVID-19 pandemic, which may have a material adverse effect on our business, operations and future financial results.
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.
SOURCE Village Farms International, Inc.
For further information: Investor Contact: Lawrence Chamberlain, Investor Relations, (416) 519-4196, [email protected]
This article was published by CFN Enterprises Inc. (OTCQB: CNFN), owner and operator of CFN Media, the industry’s leading agency and digital financial media network dedicated to the burgeoning CBD and legal cannabis industries. Call +1 (833) 420-CNFN for more information.
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Difference and Between CBD Isolate and Full Spectrum CBD
There are two primary forms of cannabidiol (CBD) … CBD isolate and the full spectrum CBD. Click Here To See The #1 Rated “Best Value” Full Spectrum CBD – It’s Lab Verified for Purity and Authenticity The contrast between these two types of CBD is seen in the content that forms each type. A full-spectrum […]
There are two primary forms of cannabidiol (CBD) … CBD isolate and the full spectrum CBD.
The contrast between these two types of CBD is seen in the content that forms each type. A full-spectrum CBD product contains several plant extracts such as terpenes, flavonoids, essential oils, and numerous other cannabinoids. Full-spectrum products comprise all-natural chemicals existent in the hemp plant or marijuana plant and in the case of the marijuana plant, there may be small traces of THC. But most CBD products on the market are made from hemp and have little of no THC. Since the full-spectrum CBD contains all combinations of cannabinoids, consuming it may provide a number of potential therapeutic benefits.
Most important to remember is that full-spectrum CBD provides what is known as an ‘entourage effect’, in order words all of the various cannabinoids along with terpenes work together to enhance the potential benefits of the ingredients in the plant. The hypothesis is that the entourage effect has greater impact that just the isolated cannabinoid such as CBD or CBG. It Full-spectrum CBD is being studied to determine if any purported therapeutic benefits such as antianxiety, pain relief, anti-seizure, treating psychotic conditions and such are in fact real..
On the other hand, the CBD isolate is a pure form of CBD without the other potentially beneficial cannabis plant compounds. It is extracted from hemp plants and all the other cannabinoids and terpenes are removed. CBD isolate comprises 99% pure CBD lacking in flavonoids and terpenes, so there is no entourage effect (McQuillan). Some of the extraction processes for CBD isolate are lipid extraction and steam distillation. Some are clean and some methods of extraction can use toxic substances.
Coelho, S. (2020, September 25). What’s the difference between CBD isolate and full-spectrum CBD? Retrieved March 05, 2021, from Medicalnewstoday: https://www.medicalnewstoday.com/articles/cbd-isolate-vs-full-spectrum-cbd
McQuillan, B. (2020, FEB 25). CBD isolate vs. full spectrum CBD oil: What’s the difference? Retrieved March 05, 2021, from https://stories.populum.com/articles/full-spectrum-cbd-vs-cbd-isolates
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