Village Farms International, Inc.'s VFF VFF Canadian subsidiary Pure Sunfarms said Wednesday that it has completed its first export shipment of cannabis to Australia for its medical cannabis market.
The move follows the company's announcement that it is purchasing an 80% stake in the Netherlands-based Leli Holland B.V. for a total of €3.95 million ($4.61 million).
Based in Vancouver, the company said that Pure Sunfarms is supplying a variety of high-quality, high-THC dried flower products to Village Farms' minority interest investee, Australia-based Altum International Pty Ltd.
This is the first international export shipment for Pure Sunfarms and the first shipment to Australia under a three-year supply agreement with Altum, in which Village Farms has a stake.
The products will be sold under Altum's recently launched brand, Kind Medical, the company disclosed.
Michael DeGiglio, Village Farms' CEO, called the move "another important milestone" for the company, as it "represents a significant long-term opportunity to leverage their scale and position as the top-selling dried flower brand in three of Canada's largest provincial markets3 for opportunities beyond the Canadian market."
Ean Alexander, CEO of Altum International, said that partnership with Pure Sunfarms is "bringing some of the highest quality cannabis in the world to the Australian market."
He added that "Altum exists to bring the life-changing benefits of cannabinoids back to the Asia-Pacific region."
Pure Sunfarms Commences Cultivation In Delta 2 Facility, Poised To Commence Shipping Product To The EU
Separately, Village Farms revealed that Pure Sunfarms has kicked off cannabis cultivation in the completed half of its second 1.1 million square foot greenhouse facility called Delta 2.
In addition, harvesting in Delta 2 is expected to begin in November of this year.
Village Farms also announced that EUDRA, the certifying body of European Union Good Manufacturing Practices, has completed its inspection of Pure Sunfarms' Delta 3 cannabis production and processing facility in Delta, British Columbia.
Pure Sunfarms will begin shipping products to the EU in the first quarter of 2022 if it receives its EU-GMP certification prior to the end of this year.
Village Farms' shares traded 0.12% lower at $8.34 per share at the time of writing Wednesday late morning.
© 2023 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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