1

Investor Presentation January 2019

AN UNMATCHED PLATFORM FOR THE GLOBAL CANNABIS OPPORTUNITY

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Forward Looking Statements

This presentation contains certain "forward looking statements". These statements relate to future events or future performance and reflect the Company's expectations regarding its growth, results of operations, performance, business prospects, opportunities or industry performance and trends. These forward looking statements reflect the Company's current internal projections, expectations or beliefs and are based on information currently available to the Company. In some cases, forward looking statements can be identified by terminology such as "may", "will", "should", "expect", "plan", "anticipate", "believe", "estimate", "predict" , "potential", "continue" or the negative of these terms or other comparable terminology. A number of factors could cause actual events or results to differ materially from the results discussed in the forward looking statements. In evaluating these statements, you should specifically consider various factors, including, but not limited to, such risks and uncertainties as availability of resource, competitive pressures and changes in market activity, risks associated with U.S. and Canadian sales and foreign exchange, regulatory requirements and all of the other "Risk Factors" set out in the Company's current annual information form for the year ended December 31, 2017 and the most recent management's discussion and analysis for the quarter ended September 30, 2018, which is available electronically at www.sedar.com. Actual results may differ materially from any forward looking statement. Although the Company believes that the forward looking statements contained in this presentation are based upon reasonable assumptions, you cannot be assured that actual results will be consistent with these forward looking statements. These forward looking statements are made as of the date of this presentation, and other than as specifically required by applicable law, the Company assumes no obligation to update or revise them to reflect new events or circumstances.

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PRICE

TSX:VFF

OTCQX:VFFIF

C$6.76

MARKETCAPITALIZATION

~ C$322 M(basic)

SHARESOUTSTANDING

47.6 M (basic)

51.2 M (diluted)

52-WEEK HIGH/LOW

C$9.50

C$3.98

MANAGEMENT& BOARD

OWNERSHIP

~22%

3

LISTINGSYMBOL

(As of January 28, 2019)

~ C$346 M(diluted)

Listed on the TSX since 2006Very strong alignment of management and shareholders

Market Facts

Application Submitted to List on

NASDAQ

4

Canadian Legal Cannabis:

$4B+ in 20191

US Legal Cannabis:

$25B by 20252

Global Legal Cannabis:

$146B+ by 20253

1. Deloitte2. New Frontier Data

Global Hemp CBD:

$22B by 20224

3. Grand View Research4. Brightfield Group 4

5

5

Growing PartnersMexico: 1.7+ M sq. ft. (40+ acres)

Ontario: 3.0 M sq. ft. (70 acres)BC: 3.0 M sq. ft. (70 acres)

Unmatched North America Greenhouse Assets

Canada: Delta, BC3 Facilities

4.8 M sq. ft. (110 acres)1 Cannabis (1.1 M sq. ft)

2 Vegetables (3.7 M sq. ft.)

U.S.: West Texas4 Facilities - Vegetables

5.7 M sq. ft. (130 acres)

10.5 M sq. ft. of technologically advanced facilities(240 acres)

Owned Assets

66

750 yearsof combined master grower experience from around the world

Cannabis is an agricultural product like any other

6Leaders in High-Tech, Low-Cost Vertically Integrated Greenhouse Growing

Decades of experience as a

vertically integrated grower/distributor

30-yearhistory developing and operating mega-scale greenhouses

Expertsin agricultural product safety

Leadersin crop management registrations in North America

Proventrack record as a low-cost operator

7

7

Existing operations with experienced management and skilled labor force enable faster ramp to profitability

Existing facilities require lower cap ex and allow faster time to market compared to new builds

Extensive in-house facilities development and conversion expertise

Proven operating systems and decades of site-specific experience allow for more effective climate management, providing higher yields

Fast Mover Advantage: Ability to Rapidly Transition to New Crops with Lower Risk

7

8

Canada

On Track to be One of the Largest Vertically Integrated Producers

Delta, BC

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3.7 M sq. ft.conservative projected yield of

300,000 kg

9

1.1 M sq. ft.conservative projected yield of

75,000 kg

PSF: Village Farms’ 50%-Owned JV

Pure Sunfarms has the potential to address nearly half of forecasted Canadian demand

Canada: On Track to be One of the Largest Vertically Integrated Producers

PSF has options on D1 & D2 (Owned by Village Farms)

1010

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▪ Appointed President and CEO: Mandesh Dosanjh▪ Joined from LCBO: SVP, Supply Chain & Wholesale▪ Developed/managed LCBO’s supply chain/ wholesale strategy for

legalization of adult-use cannabis

▪ In advanced discussions for supply agreements with provincial government distributors

▪ Developing product and brand strategy▪ Experienced management team contributed by Village Farms ▪ Extraction capabilities in place by mid-2019

▪ Wholesale distribution agreement with a Canadian LP for 40% of remainder of 2019 production

▪ Supply shortage: Realizing very favorable spot market pricing

▪ Strong demand from other Licensed Producers

Well positioned for the evolution of the Canadian cannabis market

Immediate Term: Capitalize on wholesale opportunity

Next Step: Vertically integrated supplier with a leading brand and reputation

Committed to building a reputation for quality, consistency, safety and reliability

Creating One of Canada’s Largest Vertically Integrated Cannabis Companies

1111

Configured for continuous weekly harvesting year round

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Meticulous attention to the growing environment and systems, processing areas and production ramp up

Growing system with automation proven in different crops to provide optimal efficiencies

Industry-leading HVAC systems based on extensive climate management experience, with technically advanced data systems

High-tech light deprivation/supplementation systems

Fully automated, high-capacity nursery and16 state-of-the-art flower rooms in two different sizes for greater versatility

Capital Efficient, Rapid Conversion of Existing Produce Operation

1212

Ingrained culture of high-quality, low-cost production built over decades

Continuous year-round harvesting and processing allows for a consistent, experienced, skilled agricultural labor force

conservative target of

<$1.00/gram

Ability to be sustainably profitable in a commoditized market

12GOAL: Be the Low-Cost, High-Quality Cannabis Producer in Canada

Greenhouse growing provides significant capital and operating cost efficiencies

▪ Lower energy needs

▪ Greater economies of scale

▪ Allows for greater scale

1313

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June 2017

File Cultivation License

Application

Oct 2017

March 2018

Initiate Cultivation

License Process

Commence Conversion of 1.1 M sq. ft.

Sept 2017

✓

Obtain Cultivation

License

Complete Conversion of Quadrant 1

(275,000 sq. ft.)April 2018

Commence Commercial-

Scale Production

Commence Sales

(Other LPs)

May 2018

July 2018

Rapid Transition to Production and Sale

Pure Sunfarms has consistently achieved key milestones on or ahead of schedule

Obtain SellingLicense

Sept 2018

Expand Licensed Prod’n Area to 825,000 sq. ft.

Obtain Packaging

License

Obtain Processing

License

Jan 2019Complete

Conversion All Growing Area

Expand Licensed Prod’n Area to 550,000 sq. ft.

Q1 2019

Sept 2018 Q1 2019Jan 2019

Commence Sales to Provincial

Boards/Retailers

Q1 2019

Expand Licensed Prod’n Area to

>1 M sq. ft. Q1 2019

✓ ✓ ✓ ✓

✓ ✓ ✓ ✓ ✓

✓

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825,000 sq. ft.

550,000 sq. ft.

275,000 sq. ft.

August 2018 Q1 2019

2019

46,000 – 52,000 kg

2020

75,000 kg

Targeted Annual Production

1.1 M sq. ft.

1. Production in Quadrant 1 temporarily suspended from October to February for installation of supplemental lighting.

Targeted Production Area Ramp Up

January 2019:

825,000 sq. ft.1

in production

✓

✓

Rapid Ramp to Large-Scale Commercial Production

Expect to reach run-rate annual production of

75,000 kgMid-2019

✓

1515

On track to achieve or exceed all production expectations/forecasts

15

Facility operating as intended – benefitting from 20 years of site-specific experience, existing operational/growing team and existing labor force

Production to date validating low-cost assumptions

Nursery capable of supplying production double the size of the Delta 3 requirement

Quality and consistency firmly in line with expectations

Yield consistent with production targets

Production Ramping Very Well at Scale

1616

300,000

575,000

339,250

160,000 160,000 148,000108,000 92,500 88,000 87,000 68,000

PureSunfarms

Pure Sunfarms expects to reach run-rate annual production of 75,000 kg mid-2019

Existing and Announced Future Capacity of Top 10 Public LPs by Funded Future Capacity

At Jan 28/19

Existing Capacity (kg) Future Capacity (kg)

On track to be a top-ten producer at full production

Currently one of the largest production capacities

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Potential to be a top-three producer

Positioned to be a Leading Large-Scale Supplier in Canada

17

U.S. & Beyond

Uniquely Positioned for Both Near-Term & Longer-Term Opportunities

Fort Davis, Texas

1818

18

Significant U.S. opportunities are a free option

One of the largest existing greenhouse footprints in U.S.: 5.7M sq. ft. of existing, state-of-the-art, produce operations in best growing climate in U.S. (5,000 ft. elevation, most sunlight in US)

Formidable Platform to Capitalize on U.S. Opportunities

U.S. assets are INDEPENDENT of Canadian cannabis joint venture (100% owned by Village Farms)

20+ years of operating history and >600 employees

Can be rapidly converted to hemp or cannabis (upon federal legalization)

Will benefit from cannabis experience in Canada

Extensive experience developing large-scale agricultural projects in U.S. and globally

1919

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Aggressively pursuing opportunities to become a vertically integrated leader in hemp-derived CBD with field and greenhouse cultivation on a national scale

2018 Hemp Farming Bill PASSED: Hemp Removed from Federal Controlled Substances Act and Cultivation of Hemp Federally Legalized

Industrial Hemp: Cannabis plant with <0.3% THC (non-psychoactive)

Hemp-derived CBD increasingly popular to improve general health and wellness

Key input in vast array of consumer products

Significant Near-Term U.S. Hemp Opportunity

U.S. market for hemp-derived CBD is forecast to grow to

US$22Bby 20221

1. Brightfield Group.

2020

Top 10 LPs (planned 2020 production2)

PLUS underlying produce business PLUS U.S./Mexico opportunities

Comparative Value: 2020 Planned Production Capacity

37,500 kg50% of Pure Sunfarms production

(1.1 M square feet)

~C$346 M

~C$9.23~C$24.93 average

~C$6,328 Maverage

~253,840 kgaverage

1. Fully diluted. At Jan. 28, 2019. 2. ACB, ZENA, WEED, APHA, TGOD, TLRY, XLY, PURE, FLWR, OGI.

Planned Production

Market Cap1

Market Cap/Gram of Planned Production

20

150,000 kg50% of Pure Sunfarms production

(4.8 million square feet)

~C$346 M

~C$2.31

Compelling Valuation on De-Risked Scale Up – Canada Only

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▪ Canada: Pure Sunfarms is firmly on track to be one of the largest cannabis producers with capability to be the low-cost, high-quality producer

▪ Unmatched platform with proven ability to move quickly into new high-value crops

▪ USA: Aggressively pursuing opportunities in hemp/CBD with field and greenhouse cultivation: Own one of the largest greenhouse footprints (independent of Canadian JV)

▪ Well aligned management team – 19.9% owned by founder and CEO

▪ Compelling valuation on Canadian cannabis business alone – PLUS underlying produce business PLUS US/international hemp and cannabis opportunities

▪ Mexico: Strong existing partnerships/operations with large-scale growers to pursue cannabis opportunities

Uniquely Positioned for Multiple Large-Scale Opportunities

Investment Summary

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Investor Presentation January 2019

AN UNMATCHED PLATFORM FOR THE GLOBAL CANNABIS OPPORTUNITY