VFF stock is unphased today as Village Farms International (TSX:VFF) (NASDAQ:VFF) says its cannabis joint venture, Pure Sunfarms, has begun shipping to British Columbia.
Pure Sunfarms Products to Hit BC Shelves
Village Farms International, one of the longest operating cannabis companies in North America, has today announced that its joint venture, Pure Sunfarms, has begun shipping branded, packaged dried cannabis products to the British Columbia Liquor Distribution Branch (BCLDB). The BCLDB acts as a provincial wholesaler of non-medicinal cannabis, supplying licensed private retailers and government-run stores with Pure Sunfarms products expected to hit shelves in BC very soon. VFF stock is mostly unmoved as a result, trading slightly in the green at the time of writing.
"It's a testament to Pure Sunfarms' product quality, reputation and team, that in less than four weeks following the long-awaited receipt of its license amendment to sell directly to provincial wholesalers on September 6, it is now shipping its proudly BC-grown product [to BC]," said Michael DeGiglio, CEO of Village Farms. British Columbia is the second Canadian province that the company has begun shipping its products to, after entering the Ontario market in September. Despite this, VFF stock is down over 20% in the last month.
VFF Stock a Strong Performer Since Legalization
Pure Sunfarms is a joint venture between Village Farms International and Emerald Health Therapeutics (TSXV:EMH) (OTCQX:EMHTF), which was announced in 2017 and is based in Delta, BC. VFF stock had been trading around the $1.o0 mark prior to going into business with Emerald Health; however, that venture helped the company capitalize on the legal market and provided significant growth for investors, with shares now valued at $12.41.
VFF stock has been an interesting performer in 2019, as it is one of the few companies to actually make sizeable gains since legalization. While most pot stocks have been correcting from an overvaluation, and many are feeling the pinch of an industry that has been on the ropes in recent months, VFF shares have gained nearly 75% in the year since legalization came into effect. The company turned profitable in Q2 this year and posted earnings of $0.20 per share, making it one of the market's biggest penny stock success stories.
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