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Village Farms International, Inc. (VFF-T; VFF-Q) announced that it has exercised its rights to increase its ownership position in Pure Sunfarms and advanced an equity payment to Pure Sunfarms of $5.94-million.

In accordance with agreements, Village Farms says Emerald was obligated to pay that sum to Pure Sunfarms on November 1, "Following Emerald's failure to make this equity payment, Pure Sunfarms issued a default notice to Emerald. Emerald nonetheless remained in default following the expiration of the contractual cure period earlier today," the company stated.

Village Farms said if the equity contribution is accepted by Pure Sunfarms, it will receive an increased equity interest in Pure Sunfarms effective Nov. 19. "The calculation of the precise increased equity interest requires a determination of the fair market value of Pure Sunfarms pursuant to an appraisal process," the company stated, adding that, "In light of Emerald's recent pattern of initiating disputes relating to Pure Sunfarms, no assurance can be given that Emerald will not similarly initiate a dispute in respect of the VF Additional Equity Contribution."