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VFF

Village Farms

$6.28

-0.205 (-3.16%)

07:04
11/26/19
11/26
07:04
11/26/19
07:04

Village Farms responds to public disclosures by Emerald Health Therapeutics

Village Farms International responds to inaccurate and misleading public disclosure by Emerald Health Therapeutics and provides an update in respect of its majority ownership interest in Pure Sunfarms, as described in more detail in Village Farms' press release dated November 19. As a result of Emerald's failure to pay $5.94M to Pure Sunfarms on November 1, Village Farms made an additional equity contribution and increased its ownership in Pure Sunfarms on November 19 thereby becoming the majority owner of Pure Sunfarms. Pure Sunfarms' management has now confirmed that the VF Additional Equity Contribution has been properly credited to Village Farms' share capital pursuant to the terms of the Pure Sunfarms shareholders agreement. Pure Sunfarms management has further indicated to Village Farms that its understanding of the relevant legal agreements and events that have occurred to date is consistent in all material respects with the Prior VF Press Release. With respect to the 5,940,000 common shares of Pure Sunfarms that were placed in escrow pending payment by Emerald of an equity contribution to Pure Sunfarms, Village Farms continues to seek the cancellation of such shares as a result of the Emerald Payment Default. Such share cancellation is expressly provided for in the applicable legal agreements. Following Emerald's delivery of a dispute notice relating to the cancellation of the escrowed shares on November 19 Village Farms notified Emerald that it required the matter to be submitted to arbitration in accordance with the Shareholders Agreement. Assuming the arbitrator confirms that the cancellation of these shares should occur, such share cancellations will reduce Emerald's equity ownership in Pure Sunfarms effective as of November 19.

VFF Village Farms
$6.28

-0.205 (-3.16%)

06/13/19
ROTH
06/13/19
INITIATION
Target $25
ROTH
Buy
Village Farms initiated with a Buy at Roth Capital
Roth Capital analyst Scott Fortune started coverage of Village Farms with a Buy rating and $25 price target. The analyst notes that the company is converting its 10.6M sq. ft. tomato greenhouse infrastructure in North America, to new profitable cannabis/hemp cultivation. Established distribution and relationships with the biggest U.S. retailers allow potential new CBD product sales, he contends, adding that Village Farms can easily convert into cannabis cultivation once federally legal in the U.S. and Mexico.
07/22/19
CHLM
07/22/19
INITIATION
Target $30
CHLM
Buy
Village Farms initiated with a Buy at Craig-Hallum
Craig-Hallum analyst Eric Des Lauriers initiated Village Farms with a Buy rating and a price target of $30, saying the company is becoming a "dominant" cannabis cultivator and has a large opportunity in U.S. hemp space. The analyst notes that Village Farms is exceeding cannabis yield and quality expectations and believes the company has a low-cost path to becoming a dominant cultivator, with potential to "far exceed" consensus estimates beginning in 2020.
10/09/19
CHLM
10/09/19
NO CHANGE
CHLM
Vaping crisis underscores need to lift cannabis prohibition, says Craig-Hallum
Craig-Hallum analyst Eric Des Lauriers notes that the vaping crisis has taken a turn for the worse as severe respiratory illnesses have injured over 1,000 and claimed the lives of 18. Most patients reported using illicit vapes containing THC, the primary psychoactive compound in cannabis, while others reported using nicotine-only vapes, perplexing health officials, he notes. The analyst believes vape additives - not cannabis or nicotine - are causing the outbreak and researching the many additives found in vapes will take time, creating near-term headwinds. Ultimately, he sees certain additives being banned, not vaporizers as a whole. Longer-term, the vape crisis will be an industry tailwind, underscoring the need to regulate cannabis, he argues. The analyst sees less than 1% of Green Thumb Industries' (GTBIF) sales currently at risk, but in a worst-case scenario, the company could see about 25% of sales at risk. Even without vapes, he believes Green Thumb Industries can generate $1B-plus revenues with its existing licenses. Additionally, the analyst sees virtually no impact to Village Farms' (VFF) current revenue outlook.
11/18/19
CHLM
11/18/19
NO CHANGE
Target $20
CHLM
Buy
Village Farms price target lowered to $20 from $30 at Craig-Hallum
Craig-Hallum analyst Eric Des Lauriers lowered his price target for Village Farms to $20 from $30 following Q3 results that showed quicker-than-expected price compression related to a lack of physical retail stores. In a research note to investors, Des Lauriers says that while he thinks the Canadian cannabis space will see continued volatility, he believes Village Farms remains best positioned to weather the storm with industry leading cost metrics and #1 retail brand market share. The analyst reiterates a Buy rating.

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