Greenhouse operator Village Farms International VFF VFF received an infusion of CA$10 million (US$6.92 million) in capital thanks to a deal with Beacon Securities Ltd.
The deal, announced Thursday, calls for the purchase of 3,125,000 common shares in Village Farms at CA$3,20 ($2,21) per share.
Beacon will be allowed the option of purchasing up to 15% more shares from the initial purchase, for 30 days after the closing of the deal, which is projected for March 24 of this year.
The deal comes about a year after Village Farms first entered the hemp business.
Last March, the Delta, Canada-based announced an agreement with Nature Crisp to launch a joint venture focusing on outdoor cultivation of hemp and extraction of CBD with a presence in several states.
Photo by Davide Ragusa on Unsplash
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