Why Village Farms International Stock Rallied Today
Shares of greenhouse produce company Village Farms (NASDAQ: VFF), which has been refocusing on the marijuana space, rose as much as 11.5% in morning trading on Monday. As of 2:21 p.m. EST, it was up by about 10%. Two pieces of financial news from the company largely drove those gains.
In November, Village Farms took full control of cannabis grower Pure Sunfarms, which it had established as a joint venture with Emerald Health Therapeutics. For the roughly 41% of the JV that it did not already own, Village Farms paid $45 million in cash and a roughly $15 million IOU to be repaid within six months.
On Monday, Village Farms announced that it had fully repaid that debt, with accrued interest, putting the transaction to rest well ahead of schedule.
Source Fool.com
