Village Farms International, Inc. (NASDAQ: VFF) (TSX: VFF) announced Tuesday that it is purchasing an 80% stake in the Netherlands-based Leli Holland B.V.
The Deal Details
Under the option agreement, the Vancouver-based cannabis company received the irrevocable right to acquire an ownership interest in Leli upon payment of €50,000 ($58,526).
Village Farms agreed to pay a total of €3.95 million for the stake in Leli, including €950,000, which is due and payable to Leli's shareholders upon the exercise of the option. The remainder is due and payable in three installments subject to the achievement of certain project development milestones.
Leli is one of the ten applicants selected by lottery to receive a license to legally cultivate and distribute cannabis to retailers – also known as "coffee shops" – when the Dutch government implements its …