Village Farms International Announced Finalization of Settlement Agreement with Emerald Health Therapeutics & Closing of Related Transactions

Village Farms International, Inc. (TSX: VFF; NASDAQ: VFF) announced it has finalized its previously announced settlement agreement with Emerald Health Therapeutics (TSXV: EMH; OTCQX: EMHTF) and closed the related transactions. The settlement agreement settles all outstanding disputes with respect to Pure Sunfarms.

The net impact of the settlement and related transactions on the ownership of Pure Sunfarms, as agreed to by both Village Farms and Emerald, Village Farms owned 53.5% of Pure Sunfarms and Emerald owned 46.5% of Pure Sunfarms, and now Village Farms owns 57.4% of Pure Sunfarms and Emerald owns 42.6% of Pure Sunfarms.

Village Farms 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 its majority ownership of British Columbia-based Pure Sunfarms Corp., one of the single largest cannabis growing operations in the world.  The Company also intends to pursue opportunities to become a vertically integrated leader in the U.S. hemp-derived CBD market, subject to compliance with all applicable U.S. federal and state laws, Village Farms has established two joint ventures, Village Fields Hemp and Arkansas Valley Green and Gold Hemp, for outdoor hemp cultivation and CBD extraction and is pursuing controlled environment hemp production at a portion of its Texas greenhouse operations, which total 5.7 million square feet of production area.