Village Farms Repays Pure Sunfarms Promissory Note, Increases Stake In Altum

Village Farms International Inc. VFF VFF has settled its obligations concerning the prior acquisition of a stake in the joint venture Pure Sunfarms. 

The Vancouver-based greenhouse grower confirmed Monday it has repaid the CA$19.9 million ($15.6 million) promissory note, in addition to an interest of some CA$622,000 ($486,849.78), that was issued to Emerald Health Therapeutics Inc.'s EMH EMHTF, which sold the stake.

Village purchased some 36.9 million of Pure Sunfarms Corp.'s common shares, owned by Emerald last year, for $79.9 million ($62.54 million).

Separately, the company also disclosed its plans to increase interest in Asia-Pacific's cannabinoid platform Altum International to roughly 10% from 6.6%.

CEO Michael DeGiglio said they are "pleased to increase our equity stake in the company on similar terms to that our of the original investment."

Village Farms' cannabis/CBD strategy is focused on "emerging markets with significant long-term potential through partnerships with local experts who are early movers in their respective regions," DeGiglio continued.

"Our investment in Altum represents a capital-efficient means by which to participate in the significant opportunity in the Asia-Pacific region, which represents approximately one-third of the world's GDP," DeGiglio said.