Village Farms has acquired 70% of Québec-based ROSE LifeScience. Through this acquisition, ROSE becomes the Québec operational unit of Village Farms' Canadian cannabis business segment, with ROSE's headquarters and the existing team remaining in Québec.
The acquisition expands Village Farms reach into Québec, and brings several other advantages with it. First of all, the company now gains a team of Québec-based workers who know the market. Michael DeGiglio, CEO of Village Farms, said: "ROSE adds Québec-based experts to our Canadian cannabis operations. The team has a proven track record of success and shares our belief in the importance of cultivation excellence, as well as the advantage of innovation and continuous improvement." Furthermore, the acquisition also means that Village Farms gains a 55,000 square foot CEA cultivation and processing facility.
Both companies emphasize their commitment to staying true to the Québec heritage of ROSE. "We look forward to building on ROSE's strong foundation in the Québec market, with a long-term commitment to the Company's Québec heritage," said DeGiglio, and Davide Zaffino, co-founder, President, and Chief Executive Officer of ROSE, too, insists on the importance of its roots: "We cherish our Québec roots, and deeply believe in our province's culture and values. As always, we remain committed to ensuring that Québec benefits from the responsible production, sale, and consumption of cannabis."