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Published: May 31, 2024
Village Farms International, Inc. announces it has increased its ownership of Quebec-based Rose LifeScience Inc. (“Rose”) by 10% to hold an 80% interest.
“Village Farms’ initial 70% acquisition of Rose stands out as one of the most complementary business combinations to date in the Canadian cannabis industry. Since late 2021, the combination of the experienced teams at Rose and Pure Sunfarms have driven Village Farms into the number two share rank nationally as Rose sales grew more than 300% to reach the number two share rank in Quebec, with each closing the gap to number one,” said Michael DeGiglio, President and Chief Executive Officer, Village Farms.
“We have the opportunity to further grow our business as part of Village Farms, while continuing to focus on and support our home market in Quebec,” added Davide Zaffino, co-founder, President and Chief Executive Officer, Rose. The additional 10% of Rose was purchased from Mr. Zaffino and Rose co-founder and Chief Operating Officer, Brian Stevenson. Each will continue in their current roles and, together, continue to own 20% of Rose.
About Rose LifeScience
ROSE LifeScience is committed to ensuring that consumers benefit from the responsible production, sale, and consumption of cannabis in Québec and across Canada. From cannabis cultivation to marketing, commercialization, and logistics, the Huntingdon, QC company plays a key role in the Québec market. In addition to its own products and expertise, ROSE provides specialized industry services to selected producers to encourage a diversified offering in the Québec and Canadian markets. Rose LifeScience is majority owned by Village Farms International (Nasdaq: VFF) with the balance owned and operated by its Québec-based founders. For more information, visit roselifescience.ca.
About Village Farms International
In Canada, the Company’s wholly-owned Canadian subsidiary, Pure Sunfarms, is one of the single largest cannabis operations in the world, the lowest-cost greenhouse producer and one of Canada’s best-selling brands. The Company also owns 80% of Québec-based, Rose LifeScience, a leading third-party cannabis products commercialization expert in the Province of Québec.
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