Over one million square feet of former vegetable greenhouse production has been converted to grow cannabis in Delta, British Columbia by Village Farms International Inc. and will be traded on the NASDAQ Capital Market.
Village Farms CEO Michael DeGiglio has said the listing is a precursor to “aggressively pursue” opportunities with hemp and cannabidiol products in the U.S. The company has a total of 130 acres (5.7 million square feet) of vegetable greenhouses in Texas that can be converted to produce hemp and CBD products, a process that could be completed in eight months or sooner.
DeGiglio has said the company might also produce hemp in open fields, but plans depend on Texas legalizing hemp.
DeGiglio said in a recent Q&A with Real Money/TheStreet that recreational marijuana and CBD production potentially can bring 10 times the margins that tomatoes do.
The company will be listed under “VFF” on NASDAQ, and continues to be listed under the same symbol on the Toronto Stock Exchange, according to a Village Farms news release.
The initial trading date on NASDAQ for Village Farms common shares has not been determined.
The company plans to report fourth-quarter/year-end financials on March 13, according to the release.