Mr. DeGiglio added, “High-value crops around the world are grown in high-tech, controlled environment greenhouses and we believe that a significant proportion of the market for CBD, such as that for thehigh-end health and wellness products and the pharmaceutical industry will demand premium-grade product derived from hemp that is grown sustainably and to the highest standards and exacting specifications, and available continuously year round. As we are proving at our Pure Sunfarms joint venture in Canada, we expect the conversion of the existing Permian Basin operations to benefit from both our track record of developing large-scale agricultural products and our decades of site-specific experience, including climatological data, our expert growing team and an established skilled labour force. Importantly, as a result of its location in West Texas, the Permian Basin facility will not require supplemental lighting for year-round growing, contributing to our overarching objective oflow-cost production. It’s a significant advantage over operations in higher latitudes.”
Completed in 2011 and located in Monahans, Texas, Village Farms’ Permian Basin facility is one of the most technologically advanced greenhouses in the world. It is based on the Company’s proprietary GATES® technology, which uses sophisticated computer systems and software to control irrigation, fertilizers, carbon dioxide, light, temperature, ventilation, humidity and other climatic factors, with thousands of different variations. In addition to its 1.3 million square foot Permian Basin facility, Village Farms owns and operates threestate-of-the-art greenhouse facilities totalling an additional 4.4 million square feet in West Texas, one of the best growing environments for hemp in the United States.
About Village Farms International, Inc.
Village Farms 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. 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 more than nine million square feet of Controlled Environment Agriculture (CEA) greenhouses in British Columbia and Texas, as well as from its partner greenhouses in British Columbia, Ontario and Mexico. The Company is now leveraging its 30 years of experience as a vertically integrated grower for the rapidly emerging global cannabis opportunity through its 50% ownership of British Columbia-based Pure Sunfarms Corp., one of the single largest cannabis growing operations in the world. The Company also intends to pursue opportunities to become a vertically integrated leader in the U.S. hemp-derived CBD market, subject to compliance with all applicable U.S. federal and state laws, Village Farms has established two joint ventures, Village Fields Hemp and Arkansas Valley Green and Gold Hemp, for outdoor hemp cultivation and CBD extraction and is pursuing controlled environment hemp production at a portion of its Texas greenhouse operations, which total 5.7 million square feet of production area.
Cautionary Language
Certain statements contained in this press release constitute forward-looking information within the meaning of applicable securities laws (“forward-looking statements”). Forward-looking statements may relate to the Company’s future outlook or financial position and anticipated events or results and may include statements regarding the financial position, business strategy, budgets, litigation, projected production, projected costs, capital expenditures, financial results, taxes, plans and objectives of or involving the Company. Particularly, statements regarding future results, performance, achievements, prospects or opportunities for the Company, Pure Sunfarms, the greenhouse vegetable industry or the cannabis and hemp industries are forward-looking statements. In some cases, forward-looking information can be identified by such terms as “outlook”, “may”, “might”, “will”, “could”, “should”, “would”, “occur”, “expect”, “plan”, “anticipate”, “believe”, “intend”, “estimate”, “predict”, “potential”, “continue”, “likely”, “schedule”, “objectives”, or the negative or grammatical variation thereof or other similar expressions concerning matters that are not historical facts.
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