Village Farms, the produce grower that also grows cannabis under the Pure Sunfarms banner, has raised $25 million.
The capital was raised through the sale of shares and warrants with a combined price of $1.35 per share. The proceeds from this offering are intended to be used for working purposes, according to the company press release.
While the cannabis side of Village Farms has been performing well with sales either increasing or staying steadily unchanged, the same can't be said for the produce side.
In their last report, Village Farms CEO Michael DeGigilo said: "Our Fresh Produce business continues to be impacted by a number of significant pressures including input cost inflation, adequate supply of product, which has challenged our ability to pass on higher costs to customers, and the ongoing challenges of the Brown Rugose tomato virus that is impacting growers globally. We are encouraged by the progress of the operational review we initiated late summer of this year with the goal of optimizing the profitability of this business."
For more information:
Village Farms International Inc.