The parent company of Pure Sunfarms, Village Farms International, Inc., says the pending transaction to privatize the majority of its fresh produce business closed on May 30, 2025. 

The transaction removes most of the non-cannabis aspects of the international business from Village Farms’ global cannabis expansion platform. This gives the company more opportunity to focus on its ownership of 160 acres of advanced greenhouse facilities, increasing exposure to international markets through the combination of its export sales and Netherlands operating assets, as well as the incremental upside opportunity through its ownership interest in Vanguard Food LP.

The Company expects to file unaudited pro forma condensed consolidated financial information to illustrate the effect of the transaction on the three-month period ended March 31, 2025, as well as for the years ended December 31, 2024 and 2023, within the next four business days.

“Today marks the beginning of an exciting new chapter for Village Farms,” says Michael A. DeGiglio, Chief Executive Officer of Village Farms. “For the past eight years, we have carefully built our cannabis business based upon our learnings from over 35 years in controlled environment agriculture, and now we are ready to move forward independently from produce. We have established an immensely talented team of cannabis leaders across the organization, and I look forward to watching more of our accomplishments unfold together as we invest more time and resources to become one of the world’s largest and most respected cannabis operators.”

Village Farms International reported US$39.2 million in cannabis sales for the three months ended March 31, 2025 (Q1 2025). The bulk of those sales, $34.8 million, came from the Canadian cannabis market (including exports), resulting in a net profit of $3 million after costs of sales and other expenses. 

The bulk of those cannabis sales were from branded revenues, $22.8 million (reported net of excise tax on products), while $6.3 million came from non-branded sales. In addition to sales through Pure Sunfarms, Village Farms has an 80% ownership interest in Rose LifeScience Inc., with a presence in Quebec as a cannabis supplier, producer, and commercialization expert.

Another $5.4 million came from international sales, while sales in the US under the company’s wholly owned subsidiary, Balanced Health Botanicals, were $3.9 million. Balanced Health develops and sells cannabidiol (CBD) based products in the US market, including ingestibles, edibles, and topicals. Net income from US cannabis sales, after costs, was $58,000.

Village Farms also owns Leli Holland BV, a vertically integrated licensed producer and supplier of cannabis products sold to coffee shops in the Netherlands. The company reported $486,000 in sales through Leli. The first harvest from the Leli facility was expected to hit markets earlier this year. After expenses, Village Farms reported a net loss of $242,000 from its Netherlands facility. 

Internationally, Village Farms is targeting selected, nascent, legal cannabis opportunities with significant growth potential. The company exports medical cannabis from its EU GMP-certified facility in Canada to international markets including Germany, the United Kingdom, Israel, Australia, and New Zealand. The company is expanding its export business to new countries and customers, and making select investments in international production assets. In Europe, wholly-owned Leli Holland has one of 10 licenses to grow and distribute recreational cannabis within the Dutch Coffee Shop Experiment.

In the US, Village Farms’ wholly owned subsidiary Balanced Health Botanicals is one of the leading CBD and hemp-derived brands and e-commerce platforms in the country. Subject to compliance with all applicable US federal and state laws and stock exchange rules, Village Farms plans to enter the US THC market via multiple strategies, leveraging its Texas-based greenhouse assets (2.2 million square feet of existing greenhouse capacity and 950 acres of owned, unoccupied land for future expansion).