Village Farms International Inc. (NASDAQ:VFF) has announced that it has fully repaid the $15.6 million promissory plus accrued interest of $486,849.78 that it initially issued to Emerald health therapeutics Inc. The repayment is a partial consideration of the acquisition of around 36.96 million Pure Sunfarms Corp shares from Emerald that Village Farms didn’t own. Following the repayment, Village Farms currently doesn’t owe any amounts to Emerald Health regarding the Pure Sunfarms transaction.
Village Farms exercise the option to increase ownership in Altum
Also, the company has announced the exercising of the portion of its option for additional equity investment in Altum International. The company will increase its equity investment in the Asia-Pacific cannabinoid platform from 6.6% to around 10%. Michael DeGiglio, Village Farms’ CEO, said that the Altum team has made strong and steady progress in its business plan execution. As a result, they increase their equity stake in Altum on similar terms as the original investment. DeGiglio said that Village Farm’s international CBD/cannabis strategy targets emerging markets with massive long-term potential via partnerships.
The company’s Altum investment represents a capital-efficient way of participating in opportunities in the Asia Pacific region. Most importantly, Village Farms continues to retain part of the option it didn’t exercise, giving it the ability to increase Altum ownership in the future.
Pure Sunfarms unveils its first cannabis-infused gummies in British Columbia
Recently the company announced that its Pure Sunfarms subsidiary launched its first cannabis-infused products, Pure Sunfarms Real Fruit Gummies. The company launched the Pure Sunfarms real Fruit Gummies in British Columbia. A range of potencies and flavors are expected in the province and other regions in the coming months. Following the gummies launch, the subsidiary now offers branded products in all the five cannabis categories in Canada, including pre-rolls, dried flower, edibles, vapes, and oil. The gummies are pectin-based, vegan, and clean labels containing only natural flavors and colors. Pure Sunfarms CEO Mandesh Dosanjh said that the gummies are an extension of the company’s brand and are inspired by BC fruits.