Produce and marijuana company Village Farms International has been warned by the Nasdaq stock exchange about its low share price.
The company’s Nasdaq-listed shares (VFF) have closed below $1 since March 7.
Village Farms has until Oct. 17 to become compliant with Nasdaq’s $1 minimum bid price requirement, the Delta, British Columbia-based company said in a Monday news release.
If not, “the company may be eligible for an additional period of 180 calendar days to regain compliance or may be subject to delisting of the common shares from the Nasdaq Capital Market, at which time the company may appeal the delisting determination to a Nasdaq hearings panel.”
Village Farms joins several other cannabis and ancillary companies on the Nasdaq’s list of noncompliant companies, including Aurora Cannabis, Organigram Holdings and Springbig Holdings.
Other cannabis companies whose share price has fallen below Nasdaq’s minimum bid requirement in the past, such as Akanda Corp., have been able to regain compliance with the exchange’s rules.
Village Farms is the parent company of Canadian cannabis producer Pure Sunfarms and American CBD company Balanced Health Botanicals. (Full Story)