Village Farms International, Inc. (TSX:VFF), one of the Canadian marijuana stocks, is expected to be listed on the NASDAQ on February 21, 2019
SmallCapPower | February 21, 2019: Village Farms International, Inc. (TSX:VFF), one of the Canadian cannabis stocks, Friday announced that has received approval to list on the NASDAQ Capital Market under the symbol “VFF.” The initial listing date for Village Farms common shares is expected to be Thursday, February 21, 2019. Concurrent with the commencement of trading of its common shares on NASDAQ, Village Farms International will delist its common shares from the OTCQX. Shareholders who have previously traded Village Farms common shares through the OTCQX will now be able to trade those shares through NASDAQ. In conjunction with this NASDAQ listing, Village Farms’ common shares will become Direct Registration System (DRS) eligible for U.S. shareholders.
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In January, Village Farms International reported that its 50%-owned joint venture for cannabis production, Pure Sunfarms, received from Health Canada the sixth amendment to the cultivation license for its 1.1 million square foot greenhouse in Delta, BC (the Delta 3 facility). This amendment permits Pure Sunfarms to expand its cannabis production area by approximately 138,000 square feet to a total of about 825,000 square feet.
Village Farms International is a vertically-integrated greenhouse grower in North America that produces and distributes fresh, premium-quality produce consistently to national grocers across the U.S. and Canada from more than nine million sq. ft. of Controlled Environment Agriculture (CEA) greenhouses in British Columbia and Texas, as well as from its partner greenhouses in British Columbia, Ontario and Mexico.
For more than three decades, Village Farms International has been a leader in large-scale and low-cost greenhouse growing of agricultural produce such as tomatoes, cucumbers and peppers. The formation of a cannabis joint venture, ‘Pure Sunfarms’ in June 2017 became a transformational opportunity for VFF. The JV is expected to be one of the largest cannabis greenhouses in Canada by 2020, as it should position Village Farms International to capture a decent share of the recreational cannabis opportunity in Canada.
Village Farms International stock currently trades at a market capitalization of C$529.8 million with a price-to-book multiple of 5.9x.
Disclosure: Neither the author nor his family own shares in the company mentioned above.
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