ROSE LifeScience Inc., the Huntingdon-based cannabis producer, announced on November 15 that Village Farms International, Inc. had bought 70 per cent of its ownership, in a transaction valued at up to $46.7 million. ROSE LifeScience Inc, a leading vertically integrated branded cannabis producer and supplier will now become the Quebec operational unit of Village Farm’s Canadian cannabis business segment. ROSE’s headquarters and the existing team with remain in Huntingdon.
ROSE is also considered to be a leading third-party cannabis products commercialization expert, acting as the exclusive, direct-to-retail sales, marketing and distribution business for such well-known cannabis producers such as Entourage Health, Sundial, Tilray and The Flowr Corporation, as well as a number of Quebec-based micro and craft growers. ROSE also distributes Tam Tams, its own brand of cannabis products, within the province.
Tam Tams is grown and processed at ROSE’s 55,000 square-foot facility Controlled Environment Agriculture (CEA) facility in Huntingdon, which is a Health Canada-licensed locale. The local facility is included in the transaction.
Davide Zaffino, the co-founder and chief executive officer (CEO) at ROSE considers this to be positive move by the company. “We have long admired the success of Village Farms and Pure Sunfarms in the Canadian cannabis industry. We are proud to join forces with them to accelerate our successes and seize this opportunity to further evolve the industry in our home province of Quebec.” He says the company continues to believe deeply in Quebec’s culture and values. “We remain committed to ensuring that Quebec benefits from the responsible production, sale and consumption of cannabis,” he explains, noting this deal will allow them to maintain their leading role in the Quebec cannabis landscape.
For Michael DeGiglio, CEO of Village Farms, the acquisition of ROSE “is a prudent and strategic means by which to enter, and rapidly ramp sales, in one of Canada’s largest provincial cannabis markets.” Village Farms considers ROSE to be among the most successful Quebec-based cannabis operations, with a team that values cultivation excellence and the advantage of innovation and continuous improvement. “We look forward to building on ROSE’s strong foundation in the Quebec market, with a long-term commitment to the company’s Quebec heritage.”
Mandesh Dosanjh, the president and CEO of British Columbia-based Pure SunFarms, which is the Canadian subsidiary of Village Farms, says they are looking forward to “pursuing the new opportunities, both near-term and long-term, created by the addition of ROSE as our Quebec-based cannabis operational unit.” (SR)