Mr. Michael DeGiglio of Village Farms reports
VILLAGE FARMS INTERNATIONAL ANNOUNCES COMPLETION OF THE ACCORDION PROVISION OF THE PURE SUNFARMS' CREDIT FACILITY
Pure Sunfarms, Village Farms International Inc.'s majority-owned joint venture for large-scale, low-cost, high-quality cannabis production with Emerald Health Therapeutics Inc., has further expanded its credit facility with a lending syndicate led by Bank of Montreal and including Farm Credit Canada (FCC) and the addition of CIBC to its full $59-million capacity with the completion of the credit facility's accordion feature. The credit facility now consists of a $15.0-million revolving operating loan and a $25.0-million term loan, in addition to its existing $19.0-million 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. Each of the components of the credit facility, including the existing term loan, matures on Feb. 7, 2022.
"The expansion of this credit facility to its full $59-million capacity further strengthens Pure Sunfarms' financial resources and flexibility as it continues to build on its success to date as a leading Canadian cannabis producer and brand, including the launch of its first cannabis 2.0 products this summer," said Michael DeGiglio, chief executive officer, Village Farms. "The addition of another leading Canadian financial institution to the syndicate is further recognition in the strength and potential of the Pure Sunfarms business. We appreciate the support of CIBC, BMO and FCC."
About Village Farms International Inc.
Village Farms produces and distributes to national grocers in the United States and Canada fresh, premium-quality produce year-round from more than nine million square feet of controlled environment agriculture (CEA) greenhouses in Canada and the U.S., as well as from its partner greenhouses in Canada and Mexico. The company is leveraging its 30 years of experience as a large-scale, low-cost vertically integrated grower for the rapidly emerging global cannabis and cannabidiol opportunities. In Canada, British Columbia-based Pure Sunfarms (majority owned by Village Farms) is one of the single largest cannabis operations in the world and one of the bestselling brands in the country. In the U.S., subject to compliance with all applicable U.S. federal and state laws, the company is pursuing a strategy to become a leading developer and supplier of branded and white-labelled CBD products targeting big box and other major retailers and consumer packaged goods companies, and with one the largest greenhouse operations in country, is well positioned for the potential federal legalization of high-THC (high-tetrahydrocannabinol) cannabis.
We seek Safe Harbor.
© 2021 Canjex Publishing Ltd. All rights reserved.