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Village Farms International, Inc. (NASDAQ: VFF), announced Tuesday that it has acquired the full ownership of Leli Holland, B.VOne of the 10 licensed cannabis producers under the Netherlands’ new regulated programme.
The company increased its stake from 85% to 100%, securing its position in a market that CEO Michael DeGiglio described as “one of most attractive limited-license opportunities on the cannabis market anywhere in the world.”
Village Farms has also announced the completion of an cultivation facility in Drachten. The facility features five flower rooms, as well as space for drying, packaging, and manufacturing. The company anticipates that, pending final inspections and sales, it will begin cultivation in October.
The Netherlands has announced a new move. Transitions From its longstanding policy tolerating cannabis in “coffeeshops”, to a system more tightly regulated. Village Farms will supply approximately 80 Dutch coffeeshops within participating jurisdictions.
“After decades of tolerating unintended consequences from a backdoor criminalisation policy, the Dutch program represents a historic evolution of regulations,” DeGiglio stated in a Statement.
Orville Bovenschen (President of Leli Netherlands and Village Farms subsidiary Pure Sunfarms) emphasized the company’s Dutch heritage.
“Village Farms has been operating highly-sophisticated, large-scale greenhouses in North America for over 35 years,” he said, “but our first growers were Dutch immigrants who moved to Canada and the U.S. at a time when greenhouse cultivation was a completely new concept.”
Village Farms is now available in other countries. Expanding its international reachThe EU GMP certification obtained by the District Government of Dusseldorf in 2022 is a testament to this. The company began exporting marijuana to Germany Last year, we shipped to four countries.
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