Village Farms International, Inc. (NASDAQ: VFF) will be bringing its Pure Sunfarms pot to Germany through a new partnership with IUVO Therapeutics GmbH.
Village Farms announced the new agreement on Thursday and IUVO expects that Pink Kush from Pure Sunfarms will become available to German medical patients in the coming days. IUVO is a German GMP-certified pharmaceutical company that specializes in marketing, importing and distributing medical cannabis.
“We are proud to bring their proven success from Canada to Germany, and to offer patients access to terpene-rich, sun-grown cannabis products at an exceptional price point,” said Jonathan Lubosch-Haenisch, CEO of IUVO.
Village Farms’ CEO Michael DeGiglio says consumer demand for Pink Kush in Australia drove a ten-fold increase in cannabis exports to the country last year.
“Together with Australia and Israel, Germany adds a third international market where we have demonstrated our ability to respond to rigorous testing standards and deliver an exceptional product to medical consumers,” said DeGiglio.
Read more: Young men at highest risk of schizophrenia linked to cannabis use: study
Read more: ROSE LifeScience to distribute HEXO’s Quebec-grown cannabis
The news follows Village Farms starting distribution of Pure Sunfarms cannabis in Israel at the beginning of this year. Village Farms’ subsidiary ROSE LifeScience Inc. also announced Tuesday that it would start commercializing and distributing HEXO Corp’s (TSX: HEXO) portfolio of cannabis grown in Quebec throughout the province.
Village Farms bought a majority stake in ROSE LifeScience for $46.7 million in the fall of 2021.
The cannabis and vegetable producer established a foothold in the European cannabis market last August when it completed the acquisition of the Netherlands’ privately held cannabis supplier Leli Holland, gaining an 85 per cent stake in the company. Leli Holland received its final required cannabis cultivation license from authorities in the Netherlands that month.
In June last year, the independent media and research group Corporate Knights ranked Village Farms at spot #17 out of 50 for the fastest-growing green and sustainable companies in Canada.
Village Farms shares rose by 2.56 per cent Thursday to US$0.75 on the Nasdaq Exchange.
rowan@mugglehead.com
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