Village Farms' Pure Sunfarms to being roll out of vape products this summer » 16:5905/2505/25/20
Village Farms announced…
Village Farms announced that its majority-owned joint venture for large-scale, low-cost cannabis production, Pure Sunfarms, has received from Health Canada its cannabis cultivation sales license based on an initial production area within its second 1.1M square foot greenhouse facility in Delta, British Columbia, allowing it to expand capacity as needed through successive license amendments. The Delta 2 facility is located adjacent to the 1.1M square foot Delta 3 greenhouse facility and when in production, is expected to contribute to further lowering Pure Sunfarms' cost of cultivation. Pure Sunfarms is now preparing to begin the roll out of its first bottled cannabis oils, as well as its first Cannabis 2.0 offerings this summer. Pure Sunfarms' Cannabis 2.0 roll out will begin with the launch of a selection of pre-filled 510 vape cartridges, available in the extract forms of its dried cannabis strains, as well as a selection of disposable vape pens - all under the Pure Sunfarms brand.
|Over a week ago|
Village Farms price target lowered to C$15 from C$20 at Stifel » 10:5905/1905/19/20
Stifel analyst Andrew…
Stifel analyst Andrew Partheniou lowered the firm's price target on Village Farms to C$15 from C$20 and keeps a Buy rating on the shares.
|Over a month ago|
Village Farms files $200M mixed securities shelf 16:4604/2204/22/20
Emerald Health Therapeutics' Pure Sunfarms JV expands credit facility » 07:2204/0304/03/20
Emerald Health Therapeutics (EMHTF) announced that its Pure Sunfarms joint venture has finalized the expansion of its credit facility with its existing lender to $59M, including accordion provisions of $22.5M. The expanded credit facility consists of a $7.5M revolving operating loan and a $10M term loan, in addition to its existing $19M term loan. The New Term Loan is specifically designated for the 1.1 million square foot Delta 2 greenhouse while the Existing Term Loan is specifically designated for the 1.1 million square foot Delta 3 greenhouse facility. The $7.5M Revolver and the $10M New Term Loan include an accordion provision that allows Pure Sunfarms to request additional lender commitments of up to an additional $7.5M and $15M, respectively, subject to an additional lender entering the syndicate on or before May 30, 2020. Each of the components of the Credit Facility, including the Existing Term Loan, mature on February 7, 2022. As part of this transaction, Village Farms International (VFF) has completed an additional investment in PSF of $8M, which reduces Emerald's equity position in Pure Sunfarms by 1.3% to 41.3%. Emerald continues to hold three of six seats on Pure Sunfarms' Board of Directors.
Village Farms price target lowered to $10 from $15 at Craig-Hallum » 08:5804/0204/02/20
Craig-Hallum analyst Eric…
Craig-Hallum analyst Eric Des Lauriers lowered the firm's price target on Village Farms to $10 from $15 and keeps a Buy rating on the shares. The analyst notes that hemp opportunities are on hold but PSF continues profitably taking share as Canada shores up its Cannabis Market.
Village Farms price target lowered to $10 from $16 at Roth Capital » 07:4904/0204/02/20
Roth Capital analyst…
Roth Capital analyst Scott Fortune lowered the firm's price target on Village Farms to $10 from $16 and keeps a Buy rating on the shares. Despite the strong performance and the increased ownership on the PSF side, the analyst believes the uncertainty with COVID-19 may lead to weak first half of 2020 cannabis sales as consumers spend less in several Canadian regions and economies are limited.
Village Farms International options imply 37.9% move in share price post-earnings » 15:1903/3003/30/20
Pre-earnings options volume in Village Farms International is normal with calls leading puts 12:1. Implied volatility suggests the market is anticipating a move near 37.9%, or $1.22, after results are released. Median move over the past eight quarters is 4.7%.
Village Farms says production facilities in Texas, Vancouver remain open » 17:3103/2403/24/20
Village Farms said it has…
Village Farms said it has been closely monitoring the path of the Coronavirus Disease 2019 outbreak since it developed into a situation with global ramifications, and continues to monitor developments closely in real time. At this time, Village Farms' production facilities in Texas, Vancouver, Canada as well as its partner facilities in Ontario, Canada and Mexico, and Pure Sunfarms' facilities in Canada remain open. Village Farms and Pure Sunfarms already adhere to the highest health and safety standards in their operations and each has put in place heightened hygiene practices and safety protocols, including more stringent cleaning and sanitization, and are taking appropriate precautions throughout all operations as per the recommendations of health authorities. The company will continue to enhance and evolve such practices and protocols as the situation warrants, it said. "As we all know, these are unprecedented times, and our thoughts and prayers are with all those affected," said Michael DeGiglio, CEO Village Farms. "As it should be, our top priority at all times, and especially now, is to protect the safety and health of anybody that comes in contact with our products from planting through to the growing process and through to the ultimate consumption. We also have a commitment to our consumers to provide high quality produce as long as we meet our top priority, which, at this time, we continue to do. Some may question our decision to continue operations. As the founder and CEO of Village Farms, which has been a world-class fresh vegetable producer for more than 30 years, I am extremely proud of our unblemished food safety record. We have always not only met, but exceeded, our regulatory requirements. My personal goal has always been, and continues to be, that Village Farms lead the world in this regard. Our majority-owned cannabis producer, Pure Sunfarms' new facility was built with that as a critical underlying criterium. The technology being used is the best available today. Our customers, our consumers and our investors can be assured that, as good as we believe we are, our protocols are monitored and updated constantly so we have the ability to deal with any potential issue instantly. And I want to be clear that we will curtail or cease operations immediately at any of our individual operations should it become warranted. Our diversified footprint spanning three countries mitigates the potential impact of any such actions."
Village Farms' JV receives Health Canada approval for processing center » 07:0803/2303/23/20
Village Farms announced…
Village Farms announced its majority-owned joint venture for large-scale, low-cost, high-quality cannabis production, Pure Sunfarms, has received approval from Health Canada to operate the final components of its 65,000 square foot, state-of-the-art processing center located within the 1.1M square foot Delta 3 greenhouse facility. The significantly expanded processing area will enable Pure Sunfarms to generate additional production cost efficiencies, further elevate the quality of its products, expand its product offerings and increase its processing throughput. The expanded processing center has been designed to satisfy full European Union GMP compliance and certification requirements, which Pure Sunfarms is currently pursuing. The 65,000 square foot processing centre has capacity to serve both the Delta 3 and Delta 2 greenhouse facilities, with a combined production area of 2.2M square feet, at full production.
Emerald Health, Pure Sunfarms, Village Farms complete settlement of disputes » 07:1603/0903/09/20
Emerald Health Therapeutics (EMHTF) announced that all transactions contemplated by the settlement agreement among Emerald, Village Farms International, Inc. (VFF) and Pure Sunfarms Corp. regarding disputes between the Parties have been completed. As such, the arbitration process involving the Parties has been discontinued. Pursuant to the Settlement Agreement, the supply agreements entered into between Emerald and PSF dated December 21, 2018, and March 29, 2019, respectively, have been terminated effective as of December 31, 2019, and Emerald and PSF have released each other from all previous, current, and future obligations, liabilities and payments thereunder. Emerald also has no further obligations under the previously disclosed Delta 2 Option Agreement in regard to the construction of PSF's Delta 2 facility. Emerald now holds a 42.6% equity interest in PSF and retains three of six seats on the PSF board of directors.