Village Farms International, Inc. VFF announced on Wednesday the first shipment and launch of two leading cannabis brands in the United Kingdom.
The company's Pure Sunfarms and Original Fraser Valley Weed Co. brands will be distributed by 4C LABS, a UK medical cannabis company focused on providing patients with world-class medical cannabis products.
The launch includes three of Village Farms' most popular strains in Canada, including Pink Kush, Jet Fuel Gelato and D. Burger.
Michael DeGiglio, CEO of Village Farms, praised the move that allows the company to reach global medical cannabis markets.
"This launch of our leading BC-grown cannabis brands is a game-changer for patients in the UK, the third most populated country in Europe," DeGiglio said. "Through our wholly owned subsidiary, Pure Sunfarms, we are now exporting our preferred Canadian-grown cannabis products to four international medical markets, including Germany, Australia and Israel, which together with the UK, represent a population of more than 185 million."
Greg Dobbin, president and CEO of 4C LABS agreed with DeGiglio.
"Village Farms is known to be best in the world at delivering such quality, with stable supply, and we are confident these brands will resonate with UK consumers immediately upon launch and support 4C LABS in our goal to build a dominant position in the UK medical cannabis market," Dobbin said.
In the meantime, Village Farms has been eyeing opportunities in Europe for years. In September 2021, the company purchased an 80% stake in the Netherlands-based Leli Holland B.V.
The company debuted in Germany earlier this year via a partnership with IUVO Therapeutics GmbH. That was the third international market the company had entered, following Australia and Israel.
Zuanic & Associates has initiated coverage on Village Farms recently, assigning an “Overweight” rating. Senior analyst Pablo Zuanic called Village Farms a standout in the Canadian Licensed Producers (LPs) market, valued notably at 0.6 times sales.
VFF Price Action
Village Farms' shares traded 0.1183% lower at $0.7601 per share after the market close on Tuesday.
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