Village Farms International’s recent acquisition in the Netherlands is slated to begin cannabis deliveries to Dutch coffee shops on Thursday.
It’s wholly-owned subsidiary, Leli Holland, in December completed the first harvest at its indoor marijuana production facility in Drachten, the parent company announced Wednesday in a news release.
The facility, completed in October, is expected to be fully operational by July, according to the company.
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 released 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.”
MJBizDaily in September reported Village Farms acquired the remaining equity of Leli Holland B.V. after purchasing an 80% stake in 2021.
The Vancouver, British Columbia-headquartered company 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.
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