Following the decision to shift focus from its produce business to cannabis production in June, Village Farms International Inc (NASDAQ: VFF) (FRA: 02V) has announced a major boost to its BC cultivation capacity.
The formerly fruit and veggie-focused operator will be converting the remaining 550,000 square feet of its Delta greenhouse facility into an additional marijuana production asset. The renovations will start in November and cost about C$10 million.
“We’re pleased to utilize the strength of our balance sheet and reward our operating team with increased production capacity to drive continued growth,” CEO Michael A DeGiglio boasted on social media.
Village Farms estimates that the increased cultivation footprint will enable its Pure Sunfarms subsidiary to produce an additional 40 tonnes of product per annum.
The newly announced boost to production infrastructure is one a few interesting company developments in recent weeks.
DeGiglio and John Harloe, two Village Farms leaders, visited the White House in early July to advocate for federal cannabis reform in the United States.
“Village Farms was proud to support rescheduling efforts at the White House last week,” the company stated, “to join leading voices pushing for federal reform and help correct the past mistakes of cannabis prohibition.”
Pure Sunfarms also had an influential visitor from the Government of British Columbia last month. Lana Popham, the province’s Minister of Agriculture and Food, took a tour through the Delta greenhouse complex.
“She took a genuine interest in the complexities we navigate and brought valuable insight into what it takes to succeed in a highly regulated and rapidly evolving environment,” Pure Sunfarms highlighted on LinkedIn.
“We’re excited to work closely with Minister Popham and her team to unlock the full potential of cannabis as a contributor to BC’s economy.”
And just two weeks ago, the cannabis cultivator became the first licensed Canadian producer to put little windows on its bags of buds.
Photo credit: Pure Sunfarms
Read more: Canadian cannabis sales hit record high in May, latest data shows
Read more: Alberta now permits cannabis sales at events where minors are present
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