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About 20% exchange rate ..
how is this so disconnected from itS canadian counterpart?
VFF -4%
VFFIF + 7%
Heads up gents :)
We're bouncing !!!
It's hard to grow as a trader without making mistakes. They'll learn soon! $VFFIF
Crazy, loadin zone
People selling now going be pissed imho ...
Agreed ... got feeling we could still see another JV with all that room :)
No, for sure, still my favorite play in the space with monster upside. Just would have been REAL nice to be us for that JV.
Yeah but we still got 4.8 feet of green house nothing changed :) !!!!
dang, they're private.. :(
Damn, it looks like it could be Sun Select.
http://sunselect.ca/about/contact-us/
VFFIF—$3+—Welcome!
Feel free to stay and keep moving.
Stay Tuned
Morning! Let's gooooooooooooo! $VFFIF
:() !!! Let's hope but size of greenhouse doesn't match :(
IF the Canopy JV is with Village Farms, the stock they receive from Canopy will likely be worth the current market cap in a year :-o
Village Farms International and Emerald Health Form Joint Venture for Large-Scale Greenhouse Cannabis Production
Canada NewsWire
VANCOUVER, June 6, 2017
– Transformational Opportunity Will See Conversion of Certain Village Farms' BC Greenhouse Assets to An Economically Superior Product with Cannabis Production –
– Joint Venture Expects to be the Low-Cost Producer in the Canadian Cannabis Industry –
VANCOUVER, June 6, 2017 /CNW/ - Village Farms International, Inc. ("Village Farms") (TSX: VFF) (OTC: VFFIF) and Emerald Health Therapeutics Inc., together with its affiliates ("Emerald") (TSXV: EMH), today announced that they have entered into a definitive agreement to form a joint venture for large-scale, high-quality, low-cost cannabis production. Under the terms of the agreement, Village Farms will initially contribute a 1.1 million-square foot (25-acre) greenhouse facility in Delta, British Columbia, located on a 50-acre parcel of land (with ancillary buildings) (the "Initial Greenhouse"), which will be converted to ACMPR (Access to Cannabis for Medical Purposes Regulations)-compliant production and, if permitted by applicable law, production for the non-therapeutic adult-use market.
Emerald will initially contribute an aggregate of $20 million in cash (of which $2 million was advanced at closing and the remaining $18 million will be advanced in tranches upon satisfaction of certain milestones to be determined by the board of directors of the joint venture) to fund conversion of the Initial Greenhouse and each party will have a 50% ownership stake in the joint venture. (All figures are presented in Canadian dollars.)
Highlights of the Joint Venture Agreement
?1.1 million square feet of initial potential greenhouse cannabis production (estimated to yield more than 75,000 kg of product annually) upon completion of full licencing and greenhouse conversion;
?Formation of the joint venture is a transformational opportunity for Village Farms that will see the conversion of one of its existing Delta, BC greenhouse assets to grow a substantially more profitable agricultural product;
?Village Farms is one of the largest, most experienced and technically advanced greenhouse growers in North America, with an ingrained culture of low-cost production;
?Formation of the joint venture strategically positions Emerald for rapid production capacity expansion in partnership with world-class greenhouse operators, preparing it for the future non-therapeutic market and existing undersupplied medical cannabis market;
?Emerald has significant cannabis industry experience, including a portfolio of high-quality genetics and refined standard operating procedures, with a flawless record of operations under Health Canada's stringent ACMPR regime;
?The joint venture has the goal to be the lowest-cost cannabis producer in Canada;
?In the future, the joint venture has the potential to have access to up to 4.8 million square feet of greenhouse cannabis production (estimated to yield more than 300,000 kg of product annually), which would supply a considerable portion of the expected future cannabis demand in Canada or for export abroad;
?The joint venture expects its production will address a diverse array of cannabis products, including dried cannabis and quality inputs for extraction-based products, currently the fastest growing segment in the Canadian medical cannabis market and expected to be a meaningful part of the non-therapeutic adult-use market; and,
?Village Farms remains committed to its existing greenhouse produce business and customers.
"Diversification into cannabis production is a truly transformational opportunity for Village Farms, with a portion of its Canadian assets, to apply our core capabilities and expertise as a technology-driven, low-cost, high-quality greenhouse grower and our significant investment in our existing facilities to a product that is substantially more profitable," said Michael DeGiglio, Chief Executive Officer of Village Farms International. "Based on our conservative market pricing forecasts and yield projections, conversion of our Canadian greenhouse facilities to cannabis production could generate revenue of 10- to 15-times that of our current Canadian vegetable production with EBITDA margins potentially expanding to more than 50% compared with our current Canadian vegetable margins." (See "Non-IFRS Measures" below.)
Village Farms will leverage the combined 750 years of experience of its master grower team, and its history and expertise as an established low-cost, high-quality greenhouse agricultural producer, within a vertically integrated business model. The goal of the joint venture is to be the lowest-cost, highest-quality cannabis producer in Canada, with a targeted production cost of less than $1.00 per gram.
Mr. DeGiglio continued, "Emerald is an excellent, and very complementary, partner for Village Farms in this endeavour, bringing with it a seasoned management team with specific cannabis industry experience, having obtained the eighth federal licence granted under the MMPR (now ACMPR) to cultivate medicinal cannabis. Emerald has tremendous downstream product development expertise and extensive experience in pharmaceutical and nutraceuticals product development for medical purposes. It is uniquely positioned in the Canadian cannabis industry, pursuing the development of cannabinoid medicines that are less toxic, more efficacious and safer therapeutic alternatives to conventional pharmaceutical medicines."
"Partnering with Village Farms, one of North America's largest and most technologically driven greenhouse growers, on this tremendous opportunity, is a very exciting development for Emerald," said Avtar Dhillon, MD, Executive Chairman, Emerald Health Therapeutics. "Village Farms is a global leader in greenhouse growing and, importantly, an expert in the complex matter of safety for agricultural consumables, which is a critical competency in the production of cannabis. Together we have the experience, expertise, and capital to become not only Canada's, but one of the world's premier greenhouse cannabis growers."
The transaction closed concurrently with the signing of a definitive agreement, at which time the joint venture leased (with the option to buy) Village Farms' Delta 3 greenhouse assets. The joint venture also entered into an agreement with Village Farms for options to lease or purchase from Village Farms a second 1.1 million square foot greenhouse (25 acre) and a 2.6 million square foot (60 acre) greenhouse, both located adjacent to the Initial Greenhouse. Combined, these three greenhouse assets could provide the joint venture with a total potential aggregate production capacity of approximately 4.8 million square feet (110 acres).
Village Farms and Emerald believe currently announced planned production by licensed cannabis producers in Canada falls well short of the projected demand over the next four years following the anticipated legalization of non-therapeutic adult-use cannabis in Canada. The potential conversion of all of Village Farms' Delta, BC greenhouse operations, if the applicable options were exercised, would conservatively be expected to yield approximately 300,000 kg of cannabis annually. Village Farms and Emerald believe this has the potential to fill a substantial portion of the potential Canadian production gap for both medical and non-therapeutic adult-use cannabis.
The joint venture will immediately initiate the process to obtain a Health Canada license to grow cannabis under ACMPR regulations and concurrently commence the process of converting the Initial Greenhouse for cannabis cultivation. Any additional capital requirements of the joint venture are to be contributed on a pro-rata basis by Village Farms and Emerald, or by outside third-party funding. (Please see "Forward Looking Statements" below.)
Advantages of Greenhouse Growing
Greenhouse growing has significant proven advantages over conventional indoor growing. Growing with natural sunlight produces a sustainable, high-quality product. Greenhouse growing requires substantially less energy inputs, which are costly to install and operate as well as not being environmentally sustainable. A large greenhouse footprint enables more efficient operating logistics and economies of scale all of which result in a significantly lower cost of production versus conventional (non-greenhouse) indoor growing. Greenhouse facilities also require substantially lower capital investment than conventional indoor growing facilities.
Village Farms is one of the most experienced, oldest and technologically-advanced greenhouse growers in the industry and one of the lowest-cost, highest-quality growers of hydroponic produce in the U.S. and Canada. It is also a leader in agricultural research and foremost in North America for developing record breaking greenhouse vegetable production technology in inhospitable climates. Its Applied Research Division continues to make meaningful advancements in the areas of Climate Engineering, Plant Biology & Pathology, Entomology, and Ecology.
Continued Commitment to Produce Business and Customers
Village Farms does not expect its growth of cannabis or other alternative crops to have a material impact on its existing produce production and distribution business.
"Although diversification into cannabis is a tremendous opportunity, we remain steadfastly committed to our existing produce business. We will continue to provide our customers with the premium-quality products they have come to know and expect throughout our 30-year history," said Mr. DeGiglio. "In fact, the favourable economics of cannabis production are expected to provide Village Farms with the financial strength and resources necessary to further expand and solidify our industry-leading position. We fully expect to continue to expand capacity in our produce business to meet customer demand by exploring consolidation opportunities, as we have successfully done in the past, and through organic initiatives at our U.S. operations.
Financial and Legal Advisors
National Bank Financial acted as financial advisor and Torys LLP acted as legal advisor to Village Farms and McCullogh O'Connor Irwin LLP acted as legal advisor to Emerald with respect to the joint venture transaction.
Conference Call
Village Farms' and Emerald's management teams will host a joint conference call tomorrow, Wednesday, June 7, 2017, at 10:00 a.m. ET to discuss today's announcement. Participants can access the conference call by dialing (647) 427-7450 or (888) 231-8191, or via the Internet at http://bit.ly/2qXtHYQ.
For those unable to participate in the conference call at the scheduled time, it will be archived for replay both by telephone and via the Internet beginning approximately one hour following completion of the call. To access the archived conference call by telephone, dial (416) 849-0833 or (866) 859-2056 and enter the passcode 35029750 followed by the pound key. The telephone replay will be available until Wednesday, June 14, 2017 at midnight. The conference call will also be archived on Village Farm's web site at: http://villagefarms.com/investor-relations/investor-calls.
Material Change Report
Each of Village Farms and Emerald will file a material change report with the applicable Canadian securities regulators within 10 days of the date of this news release, both of which will be available under the respective issuer's SEDAR profiles at www.sedar.com.
About Emerald Health Therapeutics Inc.
Emerald Health Therapeutics wholly owns Emerald Health Botanicals, which holds a license under the ACMPR to cultivate and sell medical cannabis flower and oils out of its facility located in Victoria, British Columbia. Emerald's focus is on extraction and downstream product development, with a strategy including the purchase of cannabis from high quality low cost producers, such as the joint venture. Emerald is also developing 32 acres in the Lower Mainland (BC) to grow its unique strains of cannabis with the intention of treating medical conditions and developing consumer products.
About Village Farms International, Inc.
Village Farms International, Inc. is one of the largest and longest-operating vertically integrated greenhouse growers in North America and the only publicly traded greenhouse produce company in Canada. With more than 750 years of accumulated master grower experience coupled with advanced proprietary technology and environmentally sustainable growing practices, Village Farms is highly resource efficient. Village Farms produces and distributes fresh, premium-quality produce with consistency 365-days a year to national grocers in the U.S. and Canada from its large-scale Controlled Environment Agriculture (CEA) greenhouses in British Columbia and Texas, as well as from its partner greenhouses in BC, Ontario, and Mexico.
Cautionary Language
This press release contains certain "forward looking statements". These statements relate to future events or future performance and reflect the various party's expectations, results of operations, performance, business prospects, opportunities, industry performance and trends. These forward looking statements reflect the party's current internal projections, expectations or beliefs and are based on information currently available. In some cases, forward looking statements can be identified by terminology such as "may", "will", "should", "expect", "plan", "anticipate", "believe", "estimate", "predict" , "potential", "continue" or the negative of these terms or other comparable terminology. A number of factors could cause actual events or results to differ materially from the results discussed in the forward looking statements. In evaluating these statements, you should specifically consider various factors, including, but not limited to, such risks and uncertainties as the joint venture not obtaining the necessary Health Canada licenses, in which case the joint venture will not be permitted to grow cannabis under the ACMPR regulations, and the parties may elect to terminate the joint venture in accordance with its terms, availability of resources, other regulatory requirements and all of the other "Risk Factors" set out in the Village Farms' and Emerald's respective annual information forms and management's discussion and analyses for the year ended December 31, 2016, and for the three-month period ended March 31, 2017, which are available electronically at www.sedar.com. Actual results may differ materially from any forward looking statement. Although Village Farms and Emerald believe that their respective forward looking statements contained in this press release are based upon reasonable assumptions, you cannot be assured that actual results will be consistent with these forward looking statements. These forward looking statements are made as of the date of this press release, and other than as specifically required by applicable law, neither Village Farms nor Emerald assume any obligation to update or revise them to reflect new information, events or circumstances.
Non-IFRS Measures
References in this press release to "EBITDA" are to earnings before interest, taxes, depreciation, amortization, foreign currency exchange gains and losses on translation of long-term debt, unrealized change in biological asset, stock compensation, and gains and losses on asset sales. EBITDA is a cash flow measure that is not recognized under IFRS and does not have a standardized meaning prescribed by IFRS. Therefore, EBITDA may not be comparable to similar measures presented by other issuers. Investors are cautioned that EBITDA should not be construed as an alternative to net income or loss determined in accordance with IFRS as an indicator of Village Farm's performance or to cash flows from operating, investing and financing activities as measures of liquidity and cash flows. Management of Village Farms believes that EBITDA is an important measure in evaluating the historical performance of the Company.
SOURCE Village Farms International, Inc.
Copyright © 2017 PR Newswire. All Rights Reserved
The above news release has been provided by the above company via the OTC Disclosure and News Service. Issuers of news releases and not OTC Markets Group Inc. are solely responsible for the accuracy of such news releases.
Village Farms International Reports Second Quarter 2017 Financial Results
Aug 14, 2017
OTC Disclosure & News Service
-
Village Farms International Reports Second Quarter 2017 Financial Results
Canada NewsWire
VANCOUVER, Aug. 14, 2017
/NOT FOR DISTRIBUTION OVER UNITED STATES WIRE SERVICES/
– Second Quarter Highlighted by Transformational Venture that will see Diversification into Cannabis Production in Canada –
VANCOUVER, Aug. 14, 2017 /CNW/ - Village Farms International, Inc. ("Village Farms" or the "Company") (TSX: VFF) (OTCQX:VFFIF) today announced its financial results for the second quarter of 2017 and six months ended June 30, 2017.
Village Farms International, Inc. (CNW Group/Village Farms International, Inc.)
Highlights for the Second Quarter of 2017:
(Note amounts in U.S. Dollars unless otherwise indicated)
?Sales increased to $45.5 million from $44.4 million for the second quarter of 2016;
?Net income improved to $4.3 million, or $0.11 per share, from a net loss of ($0.8 million), or ($0.02) per share, for the second quarter of 2016;
?EBITDA decreased to $1.3 million from $1.6 million for the second quarter of 2016;
?The Company executed on its stated strategy to diversify into higher margin alternative crops through the formation of a joint venture (the "JV") with Emerald Health Therapeutics, Inc. ("Emerald") (TSXV: EMH) for large-scale, high-quality, low-cost cannabis production.
Cannabis JV Summary and Update
?Under the terms of the JV agreement, Village Farms initially contributed a 1.1 million-square foot (25-acre) greenhouse facility in Delta, BC, (the "Delta 3 greenhouse") which will be converted to ACMPR (Access to Cannabis for Medical Purposes Regulations)-compliant production and, if permitted by applicable law, production for the non-therapeutic adult-use market. Emerald is contributing an aggregate of CA$20 million in cash to fund the conversion of the greenhouse;
?The cannabis JV entity was formed and named Pure Sunfarms Corp., with three directors appointed to the board from each of Village Farms and Emerald;
?Pure Sunfarms continued to advance its initial priorities, including:
?Planning for the conversion process for the Delta 3 greenhouse, which it expects to commence immediately upon acceptance of the application to Health Canada for a cultivation license under ACMPR; and,
?Completion of the cultivation license application for the Delta 3 greenhouse, which Emerald plans to submit to Health Canada as a "second stream" application in September 2017.
"A core element of Village Farms' strategy has been to diversify into higher margin alternative crops and the second quarter saw us execute in a meaningful way with the formation of our JV with Emerald for the large-scale production of cannabis in Canada using existing Village Farms state-of-the-art greenhouse facilities in Delta, B.C.," said Michael DeGiglio, Chief Executive Officer, Village Farms International, Inc. "The JV, now named Pure Sunfarms Corp., is a transformational opportunity for Village Farms. Based on conservative market pricing and yield forecasts, we expect conversion of our Canadian greenhouse facilities to cannabis production could generate revenue of 10- to 15-times that of our current tomato production with EBITDA margins in excess of 50%."
"Growing in large-scale, high-tech greenhouses with experienced large-scale master growers and large labour-force managers provides us with confidence that Pure Sunfarms can be the low-cost cannabis producer in Canada, without sacrificing quality, at a target cost of production of less than $1.00 per gram – which we believe will be of critical importance when the market eventually commoditizes. Moreover, the use of existing facilities will minimize capital costs and provide speed to market to capitalize on the significant projected near-term shortfall in industry supply."
"Immediately upon establishing the JV on June 6, the Village Farms and Emerald development teams began work toward conversion of the Delta 3 greenhouse and, completion of the application to Health Canada for a cultivation license for that site, leveraging Emerald's existing cultivation license through a "second stream" application, which Emerald expects to submit next month."
Mr. DeGiglio added, "In our core produce operations, we continue to focus on maximizing margins through exclusive higher-margin varieties and lowering our cost of production at our facilities, while continuing to grow the highest quality, safest, best tasting produce. Sales for the second quarter were up 2% year-over year, befitting from a 7% increase in supply partner revenue due to an increase in our partners' growing area. This was partially offset by a 2% decrease in the Company's tomato pounds resulting from atypical low light levels in British Columbia this spring. We continue to have success in managing production costs at our own facilities, which were held flat compared to the second quarter of last year and are down a meaningful 5% for the first half of 2017."
Financial Summary
(in thousands of U.S. Dollars unless otherwise indicated)
For the three months
ended June 30,
For the six months
ended June 30,
2017
2016
2017
2016
Sales
$45,530
$44,441
$76,807
$76,149
Cost of sales
(42,805)
(41,908)
(70,125)
(68,558)
Selling, general and administrative expenses
3,853
3,050
7,077
6,477
(Loss) from operations
(1,829)
(451)
(1,741)
(650)
Interest expense, net
695
641
1.327
1,198
Gain (loss) on sale of assets
8,572
-
8,564
(12)
Provision for (Recovery of) income taxes
1,751
(335)
1,401
(870)
Net income (loss)
4,325
(770)
4,135
(1,011)
EBITDA
1,264
1,627
4,015
5,337
Income (Loss) per share
$0.11
($0.02)
$0.11
($0.03)
Second Quarter 2017 Operational Discussion:
(in thousands of U.S. Dollars unless otherwise indicated)
Sales
Sales for the three months ended June 30, 2017 increased by $1,089, or 2%, to $45,530 from $44,441 for the three months ended June 30, 2016. The increase in sales is primarily due to an increase in supply partner revenue of 7%. The revenues from the Company's facilities were lower as tomatoes pounds were lower by (2%) and cucumber pieces were lower by (2%). The increase in supply partner volume is due to an increase in the growing area of the Company's supply partners. The Company's tomato pounds decreased during the three months ended June 30, 2017 versus the same period in 2016 due to lower light levels in British Columbia that caused a decrease of (11%) in our Canadian production, which was partially covered by an increase from the Company's Texas facilities.
The average selling price for tomatoes increased by 3% for the three months ended June 30, 2017 versus the three months ended June 30, 2016. The 2017 second quarter price increase was primarily due to an increase in the mix of the higher selling priced specialty tomato varieties. Cucumber pricing decreased by (9%) and pepper pricing increased by 1% in the second quarter of 2017 versus the comparable quarter in 2016.
Cost of Sales
Cost of sales for the three months ended June 30, 2017 increased by $897, or 2%, to $42,805 from $41,908 for the three months ended June 30, 2016. The increase is due to a 4% increase in supply partner product volume versus the same period in 2016. Cost of sales for the Company's facilities during the quarter was flat versus the same quarter in 2016.
Selling, General and Administrative Expenses
Selling, general and administrative expenses for the three months ended June 30, 2017 increased $803, or 26%, to $3,853 from $3,050 for the three months ended June 30, 2016. The increase is primarily the result of non-cash stock compensation granted in the second quarter of 2017 of $398 due to the successful launch of the cannabis initiative, as well as the reversal of a year-to-date bonus accrual of $300 in the second quarter of 2016 that did not occur in 2017. Excluding non-cash expenses, operating expenses increased by $105, or 3%, which was partially related to development costs related to the new venture.
Change in Biological Asset
The net change in fair value of the biological asset for the three months ended June 30, 2017 decreased by ($767) to a loss of ($701) from $66 for the three months ended June 30, 2016. The decrease in the change in value is primarily due to a lower average selling price of the biological asset in early July 2017 versus the same period in 2016. The fair value of the biological asset as at June 30, 2017 was $6,756 as compared to $6,147 as at June 30, 2016 due to higher production in July 2017 versus July 2016.
(Loss) from Operations
Loss from operations for the three months ended June 30, 2017 is ($1,829), which was an increase of ($1,378) from a loss of ($451) for the three months ended June 30, 2016. The decrease in operating results is due to the decrease in the change in fair value of the biological asset, higher cost of sales and higher non-cash operating costs in the second quarter of 2017 versus the second quarter of 2016, partially offset by increased sales.
Gain on Sale of Assets
The Company recognized a gain of $8,572 on the contribution of one of its Delta greenhouse facilities in exchange for a 50% equity position in Pure Sunfarms Corp., as the contribution was valued at higher than the book value of the assets contributed.
Income Taxes (recovery)
The income tax provision for the three months ended June 30, 2017 was $1,751 compared to income tax (recovery) of ($335) for the three months ended June 30, 2016. The income tax provision increase is due to the gain on sale of assets in 2017 as compared to the same period in 2016.
Net Income (loss)
Net Income for the three months ended June 30, 2017 improved by $5,095 to $4,325 from a loss of ($770) for the three months ended June 30, 2016 as a result of a gain on assets partially offset by the decrease in income from operations and an increase in provision for income taxes.
EBITDA
EBITDA for the three months ended June 30, 2017 decreased by ($363) to $1,264 from $1,627 for the three months ended June 30, 2016, principally as a result of lower production yields at the British Columbian facilities and an increase of ($105) in cash operating expenses. See the EBITDA calculation in "Non-IFRS Measures - Reconciliation of Net Income to EBITDA."
Non-IFRS Measures
References in this press release to "EBITDA" are to earnings before interest, taxes, depreciation, amortization, foreign currency exchange gains and losses on translation of long-term debt, unrealized change in biological asset, stock compensation, and gains and losses on asset sales. EBITDA is a cash flow measure that is not recognized under IFRS and does not have a standardized meaning prescribed by IFRS. Therefore, EBITDA may not be comparable to similar measures presented by other issuers. Investors are cautioned that EBITDA should not be construed as an alternative to net income or loss determined in accordance with IFRS as an indicator of the Company's performance or to cash flows from operating, investing and financing activities as measures of liquidity and cash flows. Management believes that EBITDA is an important measure in evaluating the historical performance of the Company.
Reconciliation of Net Income to EBITDA
The following table reflects a reconciliation of net income to EBITDA, as presented by the Company:
(in thousands of U.S. dollars)
For the three months
ended June 30,
For the six months
ended June 30,
2017
2016
2017
2016
Net income (loss)
$4,325
($770)
$4,135
($1,011)
Add:
Amortization
1,949
2,084
3,900
4,147
Foreign currency exchange loss (gain)
(13)
22
1
3
Interest expense
695
641
1,327
1,198
Income taxes (recovery)
1,751
(335)
1,401
(870)
Stock based compensation
428
51
469
94
Change in biological asset
701
(66)
1,346
1,764
(Gain) loss on disposal of assets
(8,572)
-
(8,564)
12
EBITDA
$1,264
$1,627
$4,015
$5,337
Conference Call
Village Farms' management team will host a conference call tomorrow, Tuesday, August 15, 2017, at 11:00 a.m. ET to discuss its second quarter 2017 financial results. Participants can access the conference call by telephone by dialing (647) 427-7450 or (888) 231-8191, or via the Internet at http://bit.ly/2ho7DSP.
For those unable to participate in the conference call at the scheduled time, it will be archived for replay both by telephone and via the Internet beginning approximately one hour following completion of the call. To access the archived conference call by telephone, dial (416) 849-0833 or (855) 859-2056 and enter the passcode 65789586 followed by the pound key. The telephone replay will be available until Tuesday, August 22, 2017 at midnight (ET). The conference call will also be archived on Village Farm's web site at http://villagefarms.com/investor-relations/investor-calls.
About Village Farms International, Inc.
Village Farms International, Inc. is one of the largest and longest-operating vertically integrated greenhouse growers in North America and the only publicly traded greenhouse produce company in Canada. With more than 750 years of accumulated master grower experience coupled with advanced proprietary technology and environmentally sustainable growing practices, Village Farms is highly resource efficient. Village Farms produces and distributes fresh, premium-quality produce with consistency 365-days a year to national grocers in the U.S. and Canada from its large-scale Controlled Environment Agriculture (CEA) greenhouses in British Columbia and Texas, as well as from its partner greenhouses in BC, Ontario, and Mexico.
Cautionary Language
This press release contains certain "forward looking statements". These statements relate to future events or future performance and reflect the various party's expectations, results of operations, performance, business prospects, opportunities, industry performance and trends. These forward looking statements reflect the party's current internal projections, expectations or beliefs and are based on information currently available. In some cases, forward looking statements can be identified by terminology such as "may", "will", "should", "expect", "plan", "anticipate", "believe", "estimate", "predict" , "potential", "continue" or the negative of these terms or other comparable terminology. A number of factors could cause actual events or results to differ materially from the results discussed in the forward looking statements. In evaluating these statements, you should specifically consider various factors, including, but not limited to, such risks and uncertainties as Pure Sunfarms Corp. not obtaining the necessary Health Canada licenses, in which case Pure Sunfarms Corp. will not be permitted to grow cannabis under the ACMPR regulations, and the parties may elect to terminate Pure Sunfarms Corp. in accordance with its terms, availability of resources, other regulatory requirements and all of the other "Risk Factors" set out in the Village Farms' and Emerald's respective annual information forms and management's discussion and analyses for the year ended December 31, 2016, and for the three and six-month period ended June 30, 2017, which are available electronically at www.sedar.com. Actual results may differ materially from any forward looking statement. Although Village Farms and Emerald believe that their respective forward looking statements contained in this press release are based upon reasonable assumptions, you cannot be assured that actual results will be consistent with these forward looking statements. These forward looking statements are made as of the date of this press release, and other than as specifically required by applicable law, neither Village Farms nor Emerald assume any obligation to update or revise them to reflect new information, events or circumstances.
Non-IFRS Measures
References in this press release to "EBITDA" are to earnings before interest, taxes, depreciation, amortization, foreign currency exchange gains and losses on translation of long-term debt, unrealized change in biological asset, stock compensation, and gains and losses on asset sales. EBITDA is a cash flow measure that is not recognized under IFRS and does not have a standardized meaning prescribed by IFRS. Therefore, EBITDA may not be comparable to similar measures presented by other issuers. Investors are cautioned that EBITDA should not be construed as an alternative to net income or loss determined in accordance with IFRS as an indicator of Village Farm's performance or to cash flows from operating, investing and financing activities as measures of liquidity and cash flows. Management of Village Farms believes that EBITDA is an important measure in evaluating the historical performance of the Company.
SOURCE Village Farms International, Inc.
Copyright © 2017 PR Newswire. All Rights Reserved
The above news release has been provided by the above company via the OTC Disclosure and News Service. Issuers of news releases and not OTC Markets Group Inc. are solely responsible for the accuracy of such news releases.
<<Morning let's get some news today >>
Gapper in mornin? Lol
Set it and forget it for me.
GLTA
GW
#4 on BB board
No one here tonight ??
Oh damn right !!
Up .3898
Almost .40 gain. bwaaahaahaa $VFFIF
Let's go close her strong !!!!
it said this trade "would be routed for review"
and I just didnt put the order in.. g damn it!
it was about 45% less than now when i did that.
I understand now sorry ... ya your right :)
oh I know, thankfully for our govt approval its on now and not stalled out.
my point being- what other strong candidates are out there as a traded company that fit this type of profile,
because anyone would switch from tomatoes to kush for profits!
Dude this way over that already :)
Yes it is. That was my baby until I had to let her go. They could of been the real deal, but we're way too short sighted. Oh well. VFFIF!
Really? One of my accounts is at TD and didn't have issue in the past, but maybe there was a time that there was an issue.
Yeah I hear ya damn guess let's wait and see !!!! Fingers crossed
so what other large greenhouses are out there that already are operating and could fit this profile. its time to get on it..
this trend is going where TRTC has failed in the US..
I don't think square footage specs match.
grr i so knew this would happen.. and TD wasnt allowing the buys the other week.. pissed!
Only thing it might be is because it says 3rd party approval
I think this is a different outfit. Still great news for vffif. More pressure for licenses to serious farmers
Dude if this is true emhtf and vffif will both see 10+
If this true village will become HUGE !!!
If so this stocks going to see huge gains !!!!
I feel like I've seen Village say the 200 years of cultivation knowledge comment before. All the other things listed are exactly Village Farms. Is there some other large North American indoor produce grower in BC with 30 years of operational history and food safety? Has to be Village.
$5 coming soon.
No I mean size are different just don't want to get ahead of ourselves !!! If true would be great !!!
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