Village Farms International will voluntarily withdraw from the Toronto Stock Exchange; Shares remain listed on the Nasdaq
VANCOUVER, BC, December 14, 2021 / PRNewswire / – Village Farms International, Inc. (“Village Farms” or the “Company”) (NASDAQ: VFF) (TSX: VFF) today announced that it has requested and received approval for a voluntary delisting of its common shares listed on the Toronto Stock Exchange (“TSX”).
The common shares of Village Farms have been listed on the Nasdaq Capital Market (“Nasdaq”) since February 2019, the Company believes that the trading volume of its common shares on the TSX no longer justifies the expenses and administrative requirements associated with maintaining a listing on the TSX. The Company also believes that the Nasdaq provides its shareholders with sufficient liquidity and that the cost savings resulting from the elimination of TSX listing fees and associated professional fees, as well as the savings in time and effort of management necessary to maintain dual registration, may be redirected towards initiatives designed to generate shareholder value. Workforce at market close on December 31, 2021, the common shares of Village Farms will no longer be listed or traded on the TSX.
After delisting from the TSX, shareholders of Village Farms may trade their common shares through their brokers on the Nasdaq. Like most brokers Canada, including many discount and online brokers, have the ability to buy and sell Nasdaq-listed securities, the Nasdaq listing of Village Farms will continue to provide shareholders with the same accessibility to trade the Company’s common stock. . Shareholders holding Village Farms shares in Canadian brokerage accounts should contact their brokers to confirm how to trade the Company’s common shares on the Nasdaq.
In accordance with TSX rules, voluntary delisting from TSX does not require shareholder approval, as an acceptable alternative market for Village Farms common stock exists on Nasdaq.
About Village Farms International, Inc.
Village Farms draws on decades of experience as a large-scale, environmentally controlled, vertically integrated, agriculture-based supplier of high value-added, plant-based consumer packaged product opportunities and fast growing, with a solid base as a leading supplier of fresh produce to grocery and large format retailers across the United States and Canada, and new high-growth opportunities in the cannabis and CBD categories in North America and selected markets internationally.
In Canada, the company’s wholly-owned Canadian subsidiary, Pure Sunfarms, is one of the world’s largest cannabis operations, the cheapest greenhouse producer and one of the world’s from Canada top selling brands. The Company also owns 70% of the Quebec company ROSE LifeScience, one of the main third-party experts in the marketing of cannabis-based products in the province of Quebec,
In the United States, 100% -owned Balanced Health Botanicals is one of the country’s leading CBD brands and e-commerce platforms. Subject to compliance with all applicable US federal and state laws and stock market rules, Village Farms plans to enter the US high THC cannabis market through several strategies, leveraging one of the largest farms greenhouse (over 5.5 million square feet in West Texas), as well as the operational and product expertise gained through Pure Sunfarms’ cannabis success in Canada.
Internationally, Village Farms targets selected, emerging and legal cannabis and CBD opportunities with significant medium to long term potential, initially focusing on the Asia Pacific region and Europe.
Caution regarding forward-looking information
This press release contains forward-looking statements within the meaning of the United States Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended, (the “Securities Act”) and Section 21E of the Securities Exchange Act. of 1934, as amended (the “Exchange Act”), and is subject to the safe harbor created by those sections. This press release also contains “forward-looking information” within the meaning of applicable Canadian securities laws. We refer to these forward-looking statements and forward-looking information collectively as “forward-looking statements”. Forward-looking statements include statements regarding the delisting of the Company from the TSX and the expected benefits thereof, and may also relate to the future prospects or financial condition of the Company and to anticipated events or results and may include statements regarding the financial condition, business strategy, budgets, expansion plans, litigation, projected production, projected costs, capital expenditures, financial results, taxes, plans and objectives of or involving the Company. In particular, statements regarding the anticipated benefits of delisting from the TSX as well as the future results, performance, achievements, prospects or opportunities for the Company, the greenhouse vegetable industry or the cannabis industry are forward-looking statements. In some cases, forward-looking information may be identified by terms such as “may”, “outlook”, “could”, “could”, “will”, “could”, “should”, “would”, “would occur. “,” expect “,” plan “,” anticipate “,” believe “,” intend “,” try “,” estimate “,” predict “,” potential “,” continue “,” probable ” , “plan”, “objectives”, or the negative or grammatical variation thereof or other similar expressions concerning matters which are not historical facts. Forward-looking statements contained in this press release are subject to risks which may include, but are not limited to: our operating history, including that of ROSE Lifescience (“ROSE”), Balanced Health Botanicals (“Balanced Health” ), Pure Sunfarms and our hemp start-up operations in United States; the legal status of the Pure Sunfarms, ROSE and Balanced Health cannabis businesses; the risks associated with the integration of ROSE into our business; risks associated with obtaining additional financing, including our reliance on credit facilities; potential difficulties in achieving and / or maintaining profitability; variability in product prices; the risks inherent in cannabis, hemp, CBD, cannabinoids and farming businesses; market position, ability to leverage current business relationships for future activities involving hemp and cannabinoids, the ability of Pure Sunfarms and ROSE to grow and distribute cannabis in Canada; existing and new government regulations, including risks associated with regulatory compliance and obtaining and maintaining licenses required under the Cannabis Act (Canada), the Criminal Code and other statutes, SC 2018, c. 16 (Canada) for its Canadian operational facilities) and changes in our regulatory requirements; legal and operational risks associated with the expected conversion of our greenhouses to cannabis production in Canada and in United States; risks related to rules and regulations at the United States Federal (Food and Drug Administration and United States Department of Agriculture), state and municipal levels with respect to the marketing of products and hemp, cannabidiol products; retail consolidation, technological advances and other forms of competition; transport disruptions; product liability and other potential litigation; retention of key executives; labor issues; uninsured and underinsured losses; vulnerability to rising energy costs; environmental, health and safety risks, currency exposure, risks associated with cross-border trade; difficulties in managing our growth; covenants under our credit facilities; natural disasters; the ongoing and developing COVID-19 pandemic; and tax risks.
The Company has based these forward-looking statements on factors and assumptions about future events and financial trends that it believes could affect its financial condition, results of operations, business strategy and financial needs. Although the forward-looking statements contained in this press release are based on what management believes to be reasonable assumptions based on information currently available to it, there can be no assurance that actual results will be consistent with these forward-looking statements. Forward-looking statements necessarily involve known and unknown risks and uncertainties, many of which are beyond the control of the Company, which may cause the actual results, performance, achievements, prospects and opportunities of the Company or the industry. for future periods differ materially from those expressed or implied by such forward-looking statements. These risks and uncertainties include, among others, factors contained in documents filed by the Company with securities regulatory authorities, including this press release. In particular, we caution you that our forward-looking statements are subject to the current and developing circumstances relating to the COVID-19 pandemic, which may have a material adverse effect on our business, operations and future financial results.
When relying on forward-looking statements in making decisions, the Company cautions readers not to place undue reliance on such statements, as forward-looking statements involve significant risks and uncertainties and should not be construed as guarantees of results, performances, achievements, future prospects. and opportunities. Forward-looking statements made in this press release relate only to events or information as of the date on which the statements are made in this press release. Except as required by law, the Company assumes no obligation to publicly update or revise forward-looking statements, whether as a result of new information, future events or otherwise, after the date on which the statements are made or to reflect the occurrence of unforeseen events.
SOURCE Village Farms International, Inc.