Village Farms International Applauds German Cannabis Progress

VANCOUVER, British Columbia and ORLANDO, Fla., March 22, 2024 (GLOBE NEWSWIRE) -- Village Farms International, Inc. (“Village Farms”) (NASDAQ: VFF) today applauded the passing of legislation partially legalizing cannabis for personal use in Germany, beginning April 1, 2024. The new legislation will provide patients with greater access to high quality, legal products, which will be beneficial to further growth of the German medicinal cannabis market.

“This is a milestone in the journey towards the legalization of cannabis for personal use in Europe and globally. Village Farms has a strong link to the German market, having received our EU GMP certification from the District Government of Dusseldorf in 2022. We began shipping our best-selling Canadian strains to Germany in the second quarter of 2023 and have been adding both local distributors and revenues since then. The German cannabis market is already core to Village Farms’ international cannabis strategy and, along with our participation in the Netherlands’ legal recreational cannabis program, central to our focus on legal cannabis opportunities in Europe,” said Michael DeGiglio, President and Chief Executive Officer, Village Farms.

Under the new legislation, cannabis has been removed from the German Narcotics Act, allowing adults to possess up to 25 grams (just under one ounce) of cannabis in public and up to 50 grams (just under two ounces) at home. It also permits adults to cultivate up to three cannabis plants at home and allows for the operation of “cannabis social clubs” (up to 500 members), from which adults can obtain up to 50 grams per month.

About Village Farms International

Village Farms leverages decades of experience as a large-scale, Controlled Environment Agriculture-based, vertically integrated supplier for high-value, high-growth plant-based Consumer Packaged Goods opportunities, with a strong foundation as a leading fresh produce supplier to grocery and large-format retailers throughout the US and Canada, and new high-growth opportunities in the cannabis and CBD categories in North America, the Netherlands and selected markets internationally.

In Canada, the Company's wholly-owned Canadian subsidiary, Pure Sunfarms, is one of the single largest cannabis operations in the world, the lowest-cost greenhouse producer and one of Canada’s best-selling brands. The Company also owns 70% of Québec-based, Rose LifeScience, a leading third-party cannabis products commercialization expert in the Province of Québec.