Village Farms International, Inc. (“Village Farms” or the “Company”) (NASDAQ:VFF) (TSX:VFF) today announced further expansion of its Cannabis 2.0 offerings, including its first cannabis-infused gummy products based on the propriety technology of White Rabbit OG (“White Rabbit”).
Exclusive Partnership with White Rabbit OG for Edibles Formulation and Manufacture
Pure Sunfarms has entered into an exclusive partnership agreement with White Rabbit, a BC-based craft cannabis food formulation and development company, for the formulation and manufacture of edible cannabis-infused gummies using White Rabbit’s proprietary EAT ME Technology. EAT ME Technology is a proprietary, all-natural emulsion blend that ensures cannabis extract is dispersed equally in each gummy and increases the bioavailability of the THC and CBD molecules, allowing for consistent results and near-perfect dosing. Edibles from both companies will be distributed and sold by Pure Sunfarms under their respective brands.
Pure Sunfarms and White Rabbit cannabis-infused gummies are expected to be the only gummies in Canada that are made using real pure fruit. In addition, they are plant-based, allergen-free, non-GMO, vegan and preservative-free.
“We are thrilled to exclusively partner with White Rabbit OG to develop a unique product made with real fruit. Pure Sunfarms and White Rabbit both share the fundamental belief in providing consumers with a pure cannabis experience, which we know consumers appreciate,” said Mandesh Dosanjh, President and Chief Executive Officer, Pure Sunfarms. “White Rabbit is a true Canadian leader in the formulation of edibles. Combined with the absorption benefits of White Rabbit’s EAT ME Technology, we see lots of potential in this rapidly growing segment of the cannabis market.”
“As an innovative craft BC brand, aligning ourselves with a partner who shares our vision and values, sees the opportunities for growth and is intuitive about what cannabis consumers are looking for is important to us,” said Kyrsten Dewinetz, Co-Founder and Chief Executive Officer, White Rabbit. “We are excited to have partnered with Pure Sunfarms, a well-respected, fast-growing licensed producer, whose approach and commitment to quality is complementary to our own. Together, we look forward to setting the new standard of cannabis edibles, and delivering products that not only taste great, but provide consumers with a high-quality experience.”
“This partnership is yet another example of our’ prudent, capital-efficient approach to pursuing growth opportunities in cannabis,” said Michael DeGiglio, CEO, Village Farms International. “We expect edibles to be an increasingly meaningful part of the Canadian cannabis market and exclusively partnering with a formulation and technology leader allows for the expedited launch of unique products with minimal capital investment.”
Pure Sunfarms plans to launch its Pure Sunfarms-branded cannabis-infused gummies in early 2021, while White Rabbit plans to launch its brand to the recreational cannabis retail markets in British Columbia, Alberta, Saskatchewan, and Ontario, as well as nationally through Medical Cannabis by Shoppers in the coming weeks. White Rabbit’s first products will consist of Craft Blueberry and Craft Sour Peach flavours, each offered in packs of four 2.5-mg THC per gummy (total of 10-mg THC per pack), with new flavours and potencies to be added in 2021.
The Pure Sunfarms/White Rabbit partnership agreement is initially for a period of two years, with the option to renew the agreement annually thereafter.
Pure Sunfarms Expands Cannabis 2.0 Offering with Launch of High-THC Vapes and Adds New Strains to its Full Spectrum Vape Collection
Building on the success of its full spectrum vape products, which were launched in Ontario, British Columbia and Alberta, Pure Sunfarms will expand its vape product offering with the introduction of new high-THC vape products in the coming weeks. Each 510 cartridge will feature 840-mg to 900-mg of concentrated THC, intended for consumers seeking a high-THC experience.
“Our high-THC vape products have just one ingredient: pure cannabis extract,” said Mr. Dosanjh. “They contain no additives, no alternative botanical ingredients, no flavouring agents, no thinning agents, no additional cannabinoids. And like all Pure Sunfarms’ products, they offer consumers quality at an attractive price.”
Pure Sunfarms will also add two new strains, Critical Kali Mist and Headband, to their full spectrum vape portfolio in the weeks ahead.
About White Rabbit OG
White Rabbit OG is a woman-led, craft cannabis brand based in Surrey, BC. We have taken a step through the looking glass and are reinventing cannabis experiences using culinary techniques that combine our love for real food, science and understanding of consumer trends. Our team has over 40 years experience in food manufacturing, formulation, production, development, and sales, with a specialization in developing food products in multiple categories from benchtop samples to full-scale commercialization. The White Rabbit team has developed a cutting-edge water-soluble emulsion blend named EAT ME Technology, that provides an all-natural, high-quality solution for accurate dosing of cannabinoids with consistent results in food products. We are a team of creators and inventors bringing our imaginations to life for the edible cannabis market.
About Village Farms International, Inc.
Village Farms is one of the largest and longest-operating greenhouse growers in North America, and is leveraging its decades of experience in large-scale, low-cost intensive agriculture and as a vertically integrated produce supplier to pursue high-value, high-growth plant-based Consumer Packaged Goods opportunities in cannabis and CBD in North America and selected markets internationally.
In Canada, British-Columbia-based Pure Sunfarms is one of the single largest cannabis operations in the world, the lowest-cost greenhouse producer, one of the best-selling brands, and has generated profitability for seven consecutive quarters.
In the U.S., subject to compliance with all applicable U.S. federal and state laws, Village Farms is pursuing a strategy to become a leading developer and supplier of branded and white-labeled CBD products targeting “big box” and other major retailers and consumer packaged goods companies, and with one the largest greenhouse operations in country, is well positioned for the potential federal legalization of high-THC cannabis.
Internationally, Village Farms is strategically targeting selected, nascent, legal cannabis and CBD opportunities with significant long-term potential, with an initial focus on the Asia-Pacific region through its investment in Australia-based Altum International.
Cautionary Statement 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 law. We refer to such forward-looking statements and forward-looking information collectively as “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, expansion plans, 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, the greenhouse vegetable industry or the cannabis industry 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”, “try”, “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. The forward-looking statements in this press release are subject to risks that may include, but are not limited to: our limited operating history, including that of Pure Sunfarms and our start-up operations of growing hemp in the United States; the legal status of Pure Sunfarms cannabis business; risks relating to obtaining additional financing, including our dependence upon credit facilities; potential difficulties in achieving and/or maintaining profitability; variability of product pricing; risks inherent in the cannabis, hemp and agricultural businesses; the ability of Pure Sunfarms to cultivate and distribute cannabis in Canada; existing and new governmental regulations, including risks related to regulatory compliance and licenses (e.g., Pure Sunfarms’ ability to obtain licenses for its Delta 2 greenhouse facility as well as additional licenses under the Canadian act respecting cannabis to amend to the Controlled Drugs and Substances Act, the Criminal Code and other Acts, S.C. 2018, c. 16 (Canada) for its Delta 3 greenhouse facility), and changes in our regulatory requirements; risks relating to conversion of our greenhouses to cannabis production for Pure Sunfarms; risks related to rules and regulations at the U.S. federal (Food and Drug Administration and United States Department of Agriculture), state and municipal levels with respect to produce and hemp; retail consolidation, technological advances and other forms of competition; transportation 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, foreign exchange exposure, risks associated with cross-border trade; difficulties in managing our growth; restrictive covenants under our credit facilities; natural catastrophes; 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 may affect its financial condition, results of operations, business strategy and financial needs. Although the forward-looking statements contained in this press release are based upon assumptions that management believes are reasonable based on information currently available to management, 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 Company’s control, that may cause the Company’s or the industry’s actual results, performance, achievements, prospects and opportunities in future periods to differ materially from those expressed or implied by such forward-looking statements. These risks and uncertainties include, among other things, the factors contained in the Company’s filings with securities regulators, including this press release. In particular, we caution you that our forward-looking statements are subject to the ongoing and developing circumstances related 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 to make decisions, the Company cautions readers not to place undue reliance on these statements, as forward-looking statements involve significant risks and uncertainties and should not be read as guarantees of future results, performance, achievements, prospects and opportunities. The 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 undertakes no obligation to update or revise publicly any 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 unanticipated events.
SOURCE Village Farms International, Inc.