Delta BC’s
Village Farms International Inc. (
TSX.VFF) – parent company of BC cannabis producer Pure Sunfarms – has bought 70% ownership from privately-held ROSE LifeScience for up to CDN$46.7 million, consisting of CDN$19.9 million in cash and CDN$26.8 million in shares.
ROSE becomes the Québec operational unit of Village Farms' Canadian cannabis business segment, with ROSE's headquarters and the existing team remaining in Québec. Rose distributes its own brand of cannabis products in La Belle Province.
Michael DeGiglio, CEO of Village Farms commented:
"The acquisition of ROSE – by far the most successful Québec-based cannabis operator in our view – is a prudent and strategic means by which to enter, and rapidly ramp sales, in one of Canada's largest provincial cannabis markets. ROSE adds an exceptional group of 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. 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.”
Full story
here.
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