Village Farms International, Inc. (“Village Farms” or the “Company“) (NASDAQ: VFF) (TSX: VFF) today announced that it has repaid in full the C$19.9 million (approximately US$15.6 million) promissory note, plus accrued interest of C$621,534.25 (approximately US$486,849.78), that it originally issued to Emerald Health Therapeutics, Inc. (“Emerald“) as partial consideration for the November 2020 acquisition from Emerald of the 36,958,500 common shares of Pure Sunfarms Corp. (“Pure Sunfarms“) that Village Farms did not own (the “Pure Sunfarms Transaction“). Village Farms no longer owes any amounts to Emerald with respect to the Pure Sunfarms Transaction.
Village Farms Increases Ownership of Asia-Pacific Partner, Altum International
Village Farms also announced that it has exercised a portion of its option to make an additional equity investment in Altum International (“Altum“), one of the Asia-Pacific’s leading cannabinoid platforms, increasing the Company’s equity ownership in Altum to just under 10% from 6.6%.
“The Altum team is making strong, steady progress on the execution of its business plan and we are pleased to be able to increase our equity stake in the company on similar terms to that our of original investment,” said Michael DeGiglio, CEO, Village Farms International. “Our international cannabis/CBD strategy is to target select emerging markets with significant long-term potential through partnerships with local experts who are early movers in their respective regions. Our investment in Altum represents a capital efficient means by which to participate in the significant opportunity in the Asia-Pacific region, which represents approximately one-third of the world’s GDP1.”
Village Farms continues to retain the remaining portion of the option that it did not exercise, which offers the Company the ability to further increase its ownership in Altum in the future on similar terms to its original investment. Village Farms made its original investment in Altum in August 2020.
