Village Farms International Strengthens Texas Cannabis Vision

Village Farms International's Commitment to Texas Cannabis

Despite not being awarded a conditional medical license as part of the latest Texas Department of Public Safety licensing phase, Village Farms International, Inc. (NASDAQ: VFF) has underscored its unwavering commitment to the Texas cannabis sector. The company acknowledges that the outcome of this licensing phase does not influence its financial performance, strategic goals, or operational plans.

Understanding the Licensing Landscape

The initial round of conditional licenses was announced recently, and although Village Farms did not receive approval, they remain optimistic regarding their position in the future phases of decision-making. The company plans to dissect the scoring methods used by the Department of Public Safety to understand their application better, with hopes of entering Phase II's conditional license awards slated for the following year.

CEO's Perspective

Michael A. DeGiglio, the President and CEO of Village Farms, expressed confidence in the company’s capabilities in supporting the Texas cannabis industry. He believes the results of the Phase I award will not alter the company's course. Village Farms remains focused on alternative avenues to utilize its Texas assets for cannabinoid production. The operational strengths and existing infrastructure ensure the company can tap into the viable market as it evolves.

Valuable Greenhouse Assets

Village Farms boasts an impressive 2.2 million square feet of greenhouse space located in West Texas. This represents a strategic advantage as the company anticipates similar operational capacity from its greenhouses in Delta, British Columbia, by the close of 2026. Additionally, Village Farms owns 950 acres of prime farmland in Marfa, Texas, chosen for its ideal conditions for controlled environment agriculture—a testament to the company’s long-term vision and planning.

About Village Farms International

With decades of expertise in Controlled Environment Agriculture, Village Farms has positioned itself as a leader in the production of high-value, plant-based Consumer Packaged Goods. The company has built a robust reputation by being a major supplier of fresh produce to grocery chains and large retailers across North America. Now, it strategically pivots towards high-growth cannabinoid ventures while maintaining a foundation in fresh produce operations.

Expanding International Presence

The company's Canadian subsidiary, Pure Sunfarms, ranks among the largest cannabis operations globally, with 2.2 million square feet dedicated to greenhouse production. This operation has established itself as a low-cost producer with a commendable reputation in the marketplace. To support future growth, Village Farms possesses an additional 2.6 million square feet of greenhouse capacity in Canada.

Furthermore, the company owns 80% of Rose LifeScience, which excels in the commercialization of cannabis products. Village Farms is strategically exploring international cannabis markets with immense growth prospects while exporting medical cannabis from its EU GMP-certified facility in Canada to multiple countries, including Germany, the United Kingdom, Israel, Australia, and New Zealand.

Innovative Operations in the U.S.

In the U.S., Village Farms' subsidiary, Balanced Health Botanicals, is a leading CBD brand and e-commerce platform. The company is contemplating entry into the U.S. THC market, leveraging its extensive greenhouse facilities in Texas. With substantial existing capacity and unused land for future expansion, Village Farms is well-prepared to act quickly as regulatory conditions evolve.

Additionally, through Village Farms Clean Energy, the partnership with Terreva Renewables focuses on generating renewable natural gas from landfill waste, enhancing sustainability and creating new revenue streams.

Contact Village Farms

For more inquiries related to Village Farms International, connect with Sam Gibbons, Senior Vice President of Corporate Affairs, by calling (407) 936-1190 ext. 328 or via email at sgibbons@villagefarms.com.

Frequently Asked Questions

What is Village Farms International's focus in Texas?

Village Farms is focused on leveraging its greenhouse assets to support the Texas cannabis industry, despite not receiving a conditional license in the current phase.

What are Village Farms' plans for future cannabis operations?

The company plans to activate its Texas assets for cannabinoid production and reassess its strategy in upcoming licensing phases.

How does Village Farms ensure sustainability in its operations?

Through its Clean Energy division, Village Farms creates renewable natural gas, enhancing sustainability and diversifying its revenue streams.

What international markets is Village Farms targeting?

Village Farms is targeting growth in international cannabis markets, exporting from their Canadian facility to countries such as Germany and Australia.

What is the scale of Village Farms’ greenhouse operations?

The company operates 2.2 million square feet of greenhouse space in Texas and has substantial capacity in Canada, reflecting its commitment to large-scale production.

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