Village Farms Raises $7M, Inks Agreement With Beacon Securities

Greenhouse operator Village Farms International (NASDAQ: VFF) (TSX:VFF) received an infusion of CA$10 million (US$6.92 million) in capital thanks to a deal with Beacon Securities Ltd.

The deal, announced Thursday, calls for the purchase of 3,125,000 common shares in Village Farms at CA$3,20 ($2,21) per share.

Beacon will be allowed the option of purchasing up to 15% more shares from the initial purchase, for 30 days after the closing of the deal, which is projected for March 24 of this year.

The deal comes about a year after Village Farms first entered the hemp business. 

Last March, the Delta, Canada-based announced an agreement with Nature Crisp to launch a joint venture focusing on outdoor cultivation of hemp and extraction of CBD with a presence in several states.

Photo by Davide Ragusa on Unsplash