Village Farms International Inc (NASDAQ: VFF), a vegetable producer and parent company of Pure Sunfarms cannabis, has acquired the remaining 15 per cent stake in a leading Netherlands cannabis company.
The multi-faceted agriculture operator announced Tuesday that it has taken full ownership of Leli Holland B.V. This Netherlands marijuana cultivator is one of only 10 licensed producers in the nation’s new regulated program initiated in December.
Although cannabis has long been decriminalized in the country known for its coffeeshops, a proper adult-use market is still being developed.
“We believe the Dutch market represents one of the most attractive limited-license cannabis market opportunities across the entire globe,” Village Farms chief executive, Michael DeGiglio, said in a statement.
Additionally, Village Farms just completed the construction of a cannabis cultivation facility in the country that will supply 80 Dutch coffee shops. Its now wholly-owned subsidiary, Leli Holland, plans to commence cultivation there next month once final inspections have been completed.
The Dutch government has tolerated cannabis consumption in coffeeshops since the 1970s. Mellow Yellow, Siberia and Rusland were some of the first locations to sell pot over the counter in the early years of that decade.
German analytics company Statista has predicted that the nation’s cannabis industry will slowly but steadily grow with a compound annual growth rate of 1.48 per cent in the next five years. It will reach a valuation of US$290.3 million by that year, Statista has estimated.
NETHERLANDS: With wholesale prices in the Dutch grey market at €5/gram on avg (C$7.50), we think the economics should be attractive for @villagefarms once its subsidiary Leli Holland starts selling to the licensed coffee shops in the Pilot Program sometime in 1Q25. Call playback… pic.twitter.com/q9XN1RkC6T
— Pablo Zuanic (@420Odysseus) September 18, 2024
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Nicki Minaj arrest highlights confusion
The female rapper was apprehended in May when Netherlands authorities discovered that she was attempting to leave the country with cannabis in her possession. This occurrence highlighted the legal grey area that marijuana sits in within the Netherlands.
“After consultation with the Public Prosecution Service, the suspect was fined and can continue her journey,” Dutch police told ABC News afterwards. They found dozens of joints in her luggage and fined her €350.
Minaj missed her upcoming concert in the United Kingdom because of the episode. About 20,000 attendees were left disappointed when she cancelled at the last minute.
“They’re being paid big money to try to sabotage my tour b/c soooooo many ppl are mad that it’s this successful & they can’t eat off me,” the Trinidadian artist posted on X May 25.
Nicki Minaj was detained by police in Amsterdam during her Instagram Live.
— Pop Base (@PopBase) May 25, 2024
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