According to 604now.com, by Elana Shepert: Village Farms announced that they have plans to convert their greenhouse, located in Ladner on Dewdney Trunk Road, into a cannabis producing facility with Emerald in exchange for 50% of a share stake in the venture and $20 million cash.
The operation is estimated to yield an impressive 75,0000 kg of marijuana annually, and be a considerably more profitable agricultural product for Village Farms.
The future holds big plans for the partnership: they may expand into two additional greenhouses, one 25 acre and one 60 acre. If those plans move forward, then the combined production from all the ventures would be 300,000 kg of cannabis.
Three years ago Delta had prohibited the storage, production, and sale of cannabis anywhere in the municipality, so the venture is a strong step in a new direction. Investors indicate that it won’t take long for the marijuana industry to have a sizeable return after legalization; many expect it will be a multi-billion dollar industry.
The announcement was made on June 6. It stipulated that the the operation could be up and running by as early as 2018. With that in mind, it still has to get approved by Health Canada. While Justin Trudeau’s campaign platform highlighted the legalization of marijuana back in 2015; however, there has been a great of backlash within the municipalities.
The goal is to legalize cannabis by July 1st, 2018 after a committee review. A number of issues need to be addressed such as those concerning personal possession, legal age, personal growing limits and quality control.