Village Farms International has acquired the remaining equity ownership interest in Leli Holland. This transaction increased Village Farms' equity ownership in Leli to 100 percent from 85 percent.
Michael DeGiglio, President and Chief Executive Officer of Village Farms International said: "After decades of tolerating the unintended consequences of a backdoor decriminalization policy, the new Dutch program represents a historic evolution of regulations that make it the first major European country to permit legal recreational cannabis operations. We have been very impressed by the Dutch government's thoughtful implementation of this program."
The Company also announced that it has completed construction of its cultivation facility in the town of Drachten. The Drachten facility is an indoor facility with five flower rooms and additional space for drying, manufacturing, and packaging of finished goods for distribution to approximately 80 Dutch coffee shops in participating jurisdictions. Leli anticipates commencing cultivation in October, pending final regulatory inspections, with its first sales expected to occur during the first quarter of 2025.
For more information:
Village Farms International Inc.
Tel.: +1 (407) 936-1190
villagefarms.com