VANCOUVER, BC, Sept. 26, 2022 Village Farms International, Inc. today announced its wholly owned subsidiary, Pure Sunfarms, ranked as the 17th fastest growing company by the Globe and Mail’s Report on Business, which named Canada’s Top Growing Companies across all industry sectors. Pure Sunfarms three-year revenue growth rate of 2,320 per cent also ranked it as the fastest growing Canadian cannabis company.
“Each recognition of the performance of our Canadian Cannabis business further highlights the strength and success of the Village Farms model and strategy in the cannabis industry,” said Michael DeGiglio, Chief Executive Officer, Village Farms. “We not only led the Canadian cannabis industry in revenue growth over the past three years but have also been consistently EBITDA positive throughout that period – now 15 consecutive quarters. We look forward to continued growth and success in the Canadian cannabis market and executing on our plans to bring to bear the invaluable experience we have gained in Canada to additional opportunities at home and around the world.”
“Having been founded by Village Farms and using their established growing operations, we have been able to leverage decades of experience in controlled environment agriculture with a go-slow-and-grow business strategy,” said Mandesh Dosanjh, President and CEO, Pure Sunfarms. “It is this unrivaled cultivation and operational know-how, combined with the expertise and execution of our teams, that has set us apart as the fastest growing Canadian cannabis company in what is often characterized as a volatile and disruptive industry.”
Canada’s Top Growing Companies is an editorial ranking that was launched in 2019. It aims to celebrate the boldest entrepreneurial achievement by identifying and bringing the accomplishments of innovative businesses in Canada to the forefront. The complete 2022 rankings along with editorial coverage is published in the October issue of Report on Business magazine and available online here: Canada’s Top Growing Companies: Meet 430 businesses that will give you expansion envy – The Globe and Mail.
Village Farms was named Best Canadian Cannabis Company at the first Benzinga Cannabis Awards, which were presented at the 15th Benzinga Cannabis Capital Conference on September 13 and 14, 2022 in Chicago. Winners of the Benzinga Cannabis Awards, which celebrate new, creative, innovative and outstanding people, solutions and companies in the cannabis industry, were selected by a panel of 26 cannabis industry experts.
“I am so proud and honoured to accept this award on behalf of the entire Village Farms Canadian cannabis team,” said Mr. DeGiglio. “Their unrivalled industry expertise and tireless dedication to quality, efficiency and innovation – supported by the 30-plus years of experience within the broader Village Farms team – has made our Canadian Cannabis operations, products and brands standouts in a very competitive landscape.”
About Village Farms International, Inc.
Village Farms leverages decades of experience as a large-scale, Controlled Environment Agriculture-based, vertically integrated supplier for high-value, high-growth plant-based Consumer Packaged Goods opportunities, with a strong foundation as a leading fresh produce supplier to grocery and large-format retailers throughout the US 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 single largest cannabis operations in the world, the lowest-cost greenhouse producer and one of the best-selling brands.
In the US, wholly owned Balanced Health Botanicals is one of the leading CBD brands and e-commerce platforms in the country. Subject to compliance with all applicable US federal and state laws and stock exchange rules, Village Farms plans to enter the US high-THC cannabis market via multiple strategies, leveraging one of the largest greenhouse operations in the country (more than 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 is targeting selected, nascent, legal cannabis and CBD opportunities with significant medium- and long-term potential, with an initial focus on the Asia-Pacific region and the Netherlands in Europe.
(This information is primarily sourced from Village Farms International, Inc. Highly Capitalized has neither approved nor disapproved the contents of this news release. Read our Disclaimer here).