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Why the Magic Continues for Village Farms International Inc (OTCMKTS:VFFIF)

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The big breakout on the OTC to close out last week was clearly that of shares of Village Farms International Inc (OTCMKTS:VFFIF). The big news was the stock’s approval for listing on the Nasdaq, as announced. But it shouldn’t be overlooked that the company also just announced that its 50%-owned joint venture for large-scale, low-cost, high-quality cannabis production, Pure Sunfarms Corp. has entered into a credit agreement with Bank of Montreal, as agent and lead lender and Farm Credit Canada as lender in respect of a CAD$20 million secured non-revolving term loan.

According to the release, “Pure Sunfarms intends to use the funds available under the Credit Facility to finance the final costs of converting its 1.1 million square foot greenhouse for cannabis production, the vast majority of which was completed in January of this year. The funds available under the Credit Facility may also be used for general corporate purposes.”

Village Farms International Inc (OTCMKTS:VFFIF) promulgates itself as a company that, together with its subsidiaries, produces, markets, and distributes greenhouse-grown tomatoes, bell peppers, and cucumbers in North America.

The company operates in two segments, Produce Business and Energy Business. It also owns and operates a 7.0 megawatt power plant from landfill gas that generates and sells electricity to British Columbia Hydro and Power Authority.

Village Farms International, Inc. markets and distributes its products under the Village Farms brand name to retail supermarkets and fresh food distribution companies, as well as produced under exclusive arrangements with other greenhouse producers.

The company was formerly known as Village Farms Canada Inc. and changed its name to Village Farms International, Inc. in December 2009. Village Farms International, Inc. was founded in 1989 and is headquartered in Delta, Canada.

According to company materials, “Village Farms International, Inc. is one of the largest and longest-operating vertically integrated greenhouse growers in North America and the only publicly traded greenhouse produce company in Canada. Village Farms produces and distributes fresh, premium-quality produce with consistency 365-days a year to national grocers in the U.S. and Canada from more than nine million square feet of Controlled Environment Agriculture (CEA) greenhouses in British Columbia and Texas, as well as from its partner greenhouses in British Columbia, Ontario, and Mexico.  The Company is now leveraging its 30 years of experience as a vertically integrated grower for the rapidly emerging global cannabis opportunity through a 50% ownership of British Columbia-based Pure Sunfarms, Corp., one of the single largest cannabis growing operations in the world.”

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As noted above, VFFIF just announced that its 50%-owned joint venture for large-scale, low-cost, high-quality cannabis production, Pure Sunfarms Corp. has entered into a credit agreement with Bank of Montreal, as agent and lead lender and Farm Credit Canada as lender in respect of a CAD$20 million secured non-revolving term loan.

We’ve witnessed just shy of 130% piled on for shareholders of the name during the trailing month. What’s more, the company has witnessed a pop in interest, as transaction volume levels have recently pushed approaching 130% above the average volume levels in play in this stock over the longer term.

“The ability to establish this Credit Facility with Bank of Montreal, a Canadian Schedule I bank, and Farm Credit Canada, the country’s leading agriculture lender, is a testament to the strength and potential of Pure Sunfarms,” said Michael DeGiglio, Chief Executive Officer, Village Farms International.  “Village Farms has long-standing relationships with both BMO and FCC, each of which, based on our extensive histories, recognizes and values our three decades of large-scale greenhouse production experience and deep expertise throughout the supply chain.  We are pleased to now extend these relationships to Pure Sunfarms as it rapidly approaches full production at one of the single largest cannabis facilities in the world and begins to generate positive cash flow from operations as expected in the first quarter of 2019.”

Now commanding a market cap of $398.01M, VFFIF has a significant war chest ($7.6M) of cash on the books, which must be weighed relative to about $34.9M in total current liabilities. VFFIF is pulling in trailing 12-month revenues of $190.3M. However, the company is seeing declines on the top-line on a quarterly y/y basis, with revenues falling at -7.5%. You can bet we will update this one again as new information comes into view. Sign-up for continuing coverage on shares of $VFFIF stock, as well as other hot stock picks, get our free newsletter today and get our next breakout pick!

Disclosure: we hold no position in $VFFIF, either long or short, and we have not been compensated for this article.

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