The Vancouver-based greenhouse grower confirmed Monday it has repaid the CA$19.9 million ($15.6 million) promissory note, in addition to an interest of some CA$622,000 ($486,849.78), that was issued to Emerald Health Therapeutics Inc.’s (TSXV:EMH) (OTCQX:EMHTF), which sold the stake.
Village purchased some 36.9 million of Pure Sunfarms Corp.’s common shares, owned by Emerald last year, for $79.9 million ($62.54 million).
Separately, the company also disclosed its plans to increase interest in Asia-Pacific’s cannabinoid platform Altum International to roughly 10% from 6.6%.
CEO Michael DeGiglio said they are “pleased to increase our equity stake in the company on similar terms to that our of the original investment.”
Village Farms’ cannabis/CBD strategy is focused on “emerging markets with significant long-term potential through partnerships with local experts who are early movers in their respective regions,” DeGiglio continued.
“Our investment in Altum represents a capital-efficient means by which to participate in the significant opportunity in the Asia-Pacific region, which represents approximately one-third of the world’s GDP,” DeGiglio said.
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