Strategic Update - Altum Partners with Village Farms to Target Asia-Pacific
5 August 2020 - Perth, Australia
Altum International is proud to announce the company and Village Farms International (NASDAQ:VFF, TSX:VFF) have executed a binding agreement for Village Farms to acquire 6.6% of Altum, with an option to increase its ownership on similar terms.
Ean Alexander, Chief Executive Officer, Altum International stated: “We are thrilled to commence our partnership with Village Farms, as we grow the strength and depth of our three commercial channel types across the Asia-Pacific region in the coming year. This is truly a win-win outcome for both parties and our respective shareholders, as together we will be able to scale Altum’s business in what we expect will be one of the world’s largest cannabinoid consumer markets – with significant additional potential in the over-the-counter and prescription cannabis markets.”
Village Farms is one of North America’s largest and longest-operating vertically integrated greenhouse growers. It has multiple joint ventures with cannabis companies in North America and Europe covering a variety of cannabinoid solutions - including Pure Sunfarms in Canada (majority-owned by Village Farms).
“Altum represents another meaningful step to leverage our three decades of experience in vertically integrated, intensive agriculture, as well as our cannabis success in Canada, for international CBD and cannabis opportunities,” said Michael DeGiglio, CEO, Village Farms International. “For a year now, we have watched Altum successfully execute on its business plan and now very much look forward to working collaboratively with Altum’s exceptional leadership team, with its deep experience throughout the Asia-Pacific region, including extensive consumer packaged goods experience, and the vision, plan and capability to be the leader throughout this market.”
In recent years, Village Farms has focused on its strategic development in the cannabis industry, coupled with their decades of experience in greenhouse agriculture, Village Farms is in a unique place to support and expand Altum’s capacity in fulfilling our mission of bringing the life-changing benefits of cannabinoids to consumers across the Asia-Pacific region.
Ean Alexander commented: “As a partner, we expect Village Farms to be invaluable in enabling a sustainable, long-term competitive advantage for Altum via its complementary skill sets based on decades of agricultural experience, including specific modern best practice know-how in cannabis cultivation at scale, and a pipeline of product innovation and category expertise.”
Michael DeGiglio further stated: “Village Farms is at a place where, with well-established North American operations, continuously refined and enhanced for optimized performance and growth, we are able to turn our attention to strategic, early-stage international opportunities where CBD and cannabis are being legalized. Altum is an outstanding organisation at the very forefront of the emerging CBD industry in the Asia-Pacific region and represents a capital efficient means by which to participate in this significant opportunity, as well as the legal medical, and potentially the legal recreational, cannabis markets in Australia and New Zealand.
Read more about this announcement in the Village Farms press release.
Village Farms International Partners with One of Asia-Pacific's Leading Cannabinoid Platforms, Altum International, to Target Asia-Pacific CBD and Cannabis Markets
Pure Sunfarms — Providing BC cannabis to Canada