Village Farms Buys Out Pure Sunfarms for $100M CAD

TL;DR

VFF is buying out Pure Sunfarms for $100M CAD, taking full control.

AI Summary

Village Farms International, Inc. announced on April 17, 2024, that it has entered into a definitive agreement to acquire the remaining 50% interest in its joint venture, Pure Sunfarms Corp., for approximately $100 million CAD. This acquisition will make Pure Sunfarms a wholly-owned subsidiary of Village Farms.

Why It Matters

This move consolidates Village Farms' control over its significant cannabis operations, potentially streamlining decision-making and financial reporting.

Risk Assessment

Risk Level: medium — The acquisition involves a significant financial commitment and integration risks, but also offers potential for increased operational efficiency and profitability.

Key Numbers

• $100 million CAD — Acquisition Price (Village Farms is acquiring the remaining 50% of Pure Sunfarms for this amount.)
• 50% — Ownership Stake (Village Farms is acquiring the remaining stake in Pure Sunfarms.)

Key Players & Entities

• Village Farms International, Inc. (company) — Registrant
• Pure Sunfarms Corp. (company) — Joint Venture to be acquired
• April 17, 2024 (date) — Date of agreement
• $100 million CAD (dollar_amount) — Acquisition price

FAQ

Filing Documents

• vff-20240417.htm (8-K) — 40KB
• vff-ex99_1.htm (EX-99.1) — 20KB
• img264507375_0.jpg (GRAPHIC) — 9KB
• 0000950170-24-045309.txt ( ) — 192KB
• vff-20240417.xsd (EX-101.SCH) — 25KB
• vff-20240417_htm.xml (XML) — 5KB

01 Regulation FD Disclosure

Item 7.01 Regulation FD Disclosure. On April 17, 2024, the Company issued a press release announcing that a change to the current Cannabis Excise Tax Duty was not included in today's Canadian federal budget. A copy of the press release is included as Exhibit 99.1 to this current report on Form 8-K and incorporated herein by reference. The information contained in Item 7.01 of this Current Report on Form 8-K, including the attached Exhibit 99.1, is being furnished hereto and shall not be deemed to be "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the " Exchange Act "), or otherwise subject to the liabilities of that section. The information contained in Item 7.01 of this Current Report on Form 8-K shall not be incorporated by reference into any filing under the Securities Act of 1933, as amended, or the Exchange Act, whether made before or after the date hereof, except as shall be expressly set forth by specific reference in such a filing.

01 Financial Statements and Exhibits

Item 9.01 Financial Statements and Exhibits. Exhibit Number Description 99.1 Press Release dated April 17, 2024 . 104 Cover Page Interactive Data File (embedded within the Inline XBRL document)

SIGNATURES

SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. Village Farms International, Inc. Date: April 18, 2024 By: /s/ Stephen C. Ruffini Stephen C. Ruffini Executive Vice President and Chief Financial Officer

View Full Filing

View this 8-K filing on SEC EDGAR