Village Farms International’s recent acquisition in the Netherlands was slated to begin cannabis deliveries to Dutch coffee shops on Thursday.
The company’s wholly owned subsidiary, Leli Holland, completed its first harvest in December at its indoor cannabis production facility in Drachten, according to a news release.
The facility, completed in October, is expected to be fully operational by July, the company said.
Leli Holland is one of only 10 licensed cannabis producers in the Netherlands, home to 18 million residents.
“Today’s news marks the culmination of nearly five years of work by our team to commercialize Leli’s operations, and we are thrilled to begin deliveries to Dutch coffeeshops and meet our previously-disclosed timeline to launch of sales,” Village Farms CEO Michael DeGiglio said in a statement.
“With a long-established culture of legal cannabis consumption, a zero-tax policy toward regulated products, and a considerably more favorable pricing environment than Canada, the Dutch market represents one of the most attractive cannabis investment opportunities globally.”
In September, Village Farms acquired the remaining equity of Leli Holland B.V. after purchasing an 80% stake in the company in 2021.
Village Farms, which has offices in Vancouver, British Columbia, and Lake Mary, Florida, had an option to acquire the remaining equity for 50,000 euros ($58,400), MJBizDaily reported.
Shares of Village Farms trade as VFF on the Nasdaq.
