A Village Farms International (TSX:VFF,NASDAQ:VFF) joint venture is continuing to establish itself in the Canadian cannabis industry.

On Tuesday (September 10), Pure Sunfarms, the 50 percent owned joint venture of the British Columbia-based (BC) produce company, announced it secured an amendment for a Health Canada license, which will immediately allow it to sell branded dried cannabis directly to provincial distributors and private retailers.

Pure Sunfarms holds supply agreements with the regulatory bodies for cannabis sales. In Ontario, this is the Ontario Cannabis Store, and in BC, the British Columbia Liquor Distribution Branch.


Cannabis - Will The Fortune 500 Join The Party?

Our Exclusive FREE Report Contains Information You NEED To Know About Cannabis Stock Investing!

Since cannabis was legalized for recreational consumption in October last year in Canada, Ontario had C$121 million in marijuana sales while BC had C$19.5 million as of June of this year, according to data from Statistics Canada.

Village Farms touts Pure Sunfarms as a low-cost producer offering quality cannabis products.

The company’s 2019 Q2 results reported earnings of US$9.9 million, including net income from Pure Sunfarms at US$14 million for Village Farms’ share.

Sales of cannabis sold mainly to other licensed producers increased 125 percent in Q2, the company said, bringing in C$32.4 million. It was the third consecutive quarter of profitability for the cannabis producer.

Pure Sunfarms received a license from Health Canada in May to allow one of its facilities in Delta, BC, to extract and process cannabis, enabling it to manufacture products including cannabis oil, concentrates and edibles.

Edible and infused cannabis products are set to become legal for sale later this year. Health Canada has indicated sales of these anticipated items will not start until mid-December.

Pure Sunfarms CEO Mandesh Dosanjh said in a statement the company would begin rolling out its products to regulatory bodies in the coming weeks.

Shares for Village Farms have largely managed to maintain their value in a summer that’s seen other players in the marijuana space slump significantly.

Despite a slow summer for the cannabis stock market, fueled by the industry scandal of CannTrust Holdings (NYSE:CTST,TSX:TRST) illegally growing cannabis in unlicensed rooms and the firing of former Canopy Growth (NYSE:CGC,TSX:WEED) CEO Bruce Linton, Village Farms has seen a strong performance this year.

So far in 2019, shares of the firm in Toronto have jumped over 220 percent in value.

Village Farm shares in Toronto opened at C$15.48 and rose, as of 3:10 pm EDT, to C$15.87, representing a surge in value of 2.52 percent for the day.

Michael DeGiglio, CEO of Village Farms International, said the license amendment follows Pure Sunfarms greenhouse reaching a full production rate of 75,000 kilograms in July.

DeGiglio added that Pure Sunfarms is expected to reach a minimum production capacity of 150,000 kilograms of cannabis per year in 2020.

Pure Sunfarms will continue to engage other provincial cannabis distributors in Canada to sign more supply agreements, according to the company.

Don’t forget to follow us @INN_Cannabis for real-time news updates!

Securities Disclosure: I, Danielle Edwards, hold no direct investment interest in any company mentioned in this article.


Cannabis - Will The Fortune 500 Join The Party?

Our Exclusive FREE Report Contains Information You NEED To Know About Cannabis Stock Investing!

Company is strategically building a diverse edibles portfolio with taste-forward and effects-driven products to cater to market and consumer needs

Cresco Labs (CSE:CL) (OTCQX:CRLBF) (“Cresco Labs” or “the Company”), a vertically integrated multistate operator and the number one U.S. wholesaler of branded cannabis products, today announced the launch of Wonder Wellness (“Wonder”) Gummies and availability in Illinois. The new low-dose edibles are enhanced with botanicals to complement the overall cannabis experience, and their simple packaging communicates desired effects so wellness-minded category newcomers can consume with confidence to add cannabis as a part of their daily lifestyles.

Keep reading... Show less

INDVR Brands Inc. (CSE: IDVR) (the “Company” or “INDVR Brands” or “INDVR”), a premier cannabis brand, consolidator and edibles retailer, proudly announces it has signed a Letter of Intent (“LOI”) with BevCanna Enterprises Inc. (“BevCanna”) to produce and distribute certain HONU THC infused and award-winning edible products to retail locations across Canada. The new partnership marks INDVR’s first introduction to the Canadian cannabis market and its first international expansion.

With the THC infused product segment making up a growing percentage of the cannabis consumed in Canada, now is the ideal time to introduce our HONU brand into an edibles market estimated at approximately $1.6 billion annually,” said Joshua Mann, INDVR’s CEO. “Our dedication to product quality and consistency is our defining factor in producing some of the most trusted products in Washington and Oregon states, and we are excited to start building the same brand-loyal following across Canada.”

Keep reading... Show less

Reports Eighth Consecutive Quarter of Positive Adjusted EBITDA and Positive Adjusted EBITDA from Cannabis Business

 Aphria Inc. (” Aphria ,” ” we ,” or the ” Company “) (TSX: APHA) (NASDAQ: APHA), a leading global cannabis-lifestyle consumer packaged goods company inspiring and empowering the worldwide community to live their very best life, today reported its financial results for the third quarter and nine months ended February 28, 2021 . All amounts are expressed in Canadian dollars, unless otherwise noted and except for per gram, kilogram, kilogram equivalents, and per share amounts.

Keep reading... Show less

Thoughtful Brands, Inc. (CSE:TBI)(FWB:1WZ1)(OTCQB:PEMTF) (the “Company” or “Thoughtful Brands“), an eCommerce technology company that researches, develops, markets, and distributes natural health products through various brands in North America and Europe, announces that it intends to consolidate its issued and outstanding common shares (“Shares”) at a ratio of ten (10) pre-consolidated Shares to one (1) post-consolidation Share (the “Consolidation

The Company currently has 389,274,701 Shares issued and outstanding. Following the Consolidation there will be approximately 38,927,470 Shares issued and outstanding. No fractional Shares will be issued and any fractions of a Share will be rounded down to the nearest whole number of Shares. The exercise or conversion price and the number of Shares issuable under any of the Company’s outstanding convertible securities will be proportionately adjusted upon Consolidation.

Keep reading... Show less

In the evolving rush of mergers and acquisitions (M&A) in the Canadian cannabis market, Canopy Growth (NASDAQ:CGC,TSX:WEED) announced it will acquire The Supreme Cannabis Company (TSX:FIRE,OTCQX:SPRWF) in a deal worth approximately C$435 million.

Meanwhile, a cannabis operator in the US confirmed this week that it will receive a financial boost from a partner to solidify its position in the burgeoning Pennsylvania state market.

Keep reading... Show less