Village Farms International has announced the sale of its fresh produce business, allowing the company to concentrate entirely on its cannabis operations. This strategic decision aims to strengthen Village Farms’ presence in international cannabis markets, leveraging its export capabilities and assets in the Netherlands. The divestment is part of a larger strategy to enhance growth opportunities through its stake in Vanguard Food, a private joint venture involving Kennedy Lewis Investment Management, Sweat Equities, and Village Farms itself.
CEO Michael DeGiglio expressed enthusiasm about this new direction, stating that the company has spent the past eight years developing its cannabis business, drawing from over 35 years of experience in controlled environment agriculture. With the divestiture, Village Farms plans to operate independently from its produce segment.
Village Farms’ subsidiary, Pure Sunfarms, operates one of the largest cannabis facilities globally, featuring 2.2 million square feet of greenhouse production capacity. The company exports medical cannabis from its facility in Canada, which is certified under European Union Good Manufacturing Practices, to various international markets including Germany, the United Kingdom, Israel, Australia, and New Zealand.
Shares of Village Farms are traded on the Nasdaq Capital Market under the ticker symbol VFF, reflecting its ongoing commitment to the cannabis sector.
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