Village Farms International Comments on Canadian Budget

VANCOUVER, British Columbia and ORLANDO, Fla., April 17, 2024 (GLOBE NEWSWIRE) -- Village Farms International, Inc. (“Village Farms”) (NASDAQ: VFF) notes its disappointment that a change to the current Cannabis Excise Duty was not included in today’s Canadian federal budget.

“We remain focused on working with industry and government to create more favourable tax conditions for the cannabis industry and advance a level playing field for all,” said Michael DeGiglio, President and Chief Executive Officer, Village Farms. “While Village Farms’ Canadian Cannabis division remains profitable under the current taxation framework, it is our view that the true measure of success for any industry is the ability to contribute tax revenue from profitable income, not taxation from topline sales.”

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 U.S. and Canada, and new high-growth opportunities in the cannabis and CBD categories in North America, the Netherlands and selected markets internationally.

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. Village Farms ranks as the #2 producer nationally in Canada.

In the U.S., wholly-owned Balanced Health Botanicals is one of the leading CBD brands and e-commerce platforms in the country. Subject to compliance with all applicable US federal and state laws and stock exchange rules, Village Farms plans to enter the US high-THC cannabis market via multiple strategies, leveraging one of the largest greenhouse operations in the country (more than 5.5 million square feet in West Texas), as well as the operational and product expertise gained through Pure Sunfarms' cannabis success in Canada.