September 2017

Investor PresentationJanuary 2018

Forward looking statements

This presentation contains certain "forward looking statements". These statements relate to future events or futureperformance and reflect the Company's expectations regarding its growth, results of operations, performance, businessprospects, opportunities or industry performance and trends. These forward looking statements reflect the Company'scurrent internal projections, expectations or beliefs and are based on information currently available to the Company. Insome 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 othercomparable terminology. A number of factors could cause actual events or results to differ materially from the resultsdiscussed in the forward looking statements. In evaluating these statements, you should specifically consider variousfactors, including, but not limited to, such risks and uncertainties as availability of resource, competitive pressures andchanges in market activity, risks associated with U.S. and Canadian sales and foreign exchange, regulatory requirementsand all of the other "Risk Factors" set out in the Company's current annual information form for the year endedDecember 31, 2016 and the most recent management's discussion and analysis for the quarter ended September 30,2017, which is available electronically at www.sedar.com. Actual results may differ materially from any forward lookingstatement. Although the Company believes that the forward looking statements contained in this presentation arebased upon reasonable assumptions, you cannot be assured that actual results will be consistent with these forwardlooking statements. These forward looking statements are made as of the date of this presentation, and other than asspecifically required by applicable law, the Company assumes no obligation to update or revise them to reflect newevents or circumstances.

2

Market Facts

PRICE

TSX:VFF

OTCBB:VFFIF

C$8.19

MARKETCAPITALIZATION

~ C $344 M(basic)

SHARESOUTSTANDING

42.0 M

(basic)

45.0 M

(diluted)

52-WEEK HIGH/LOW

C $9.80

C $1.40

MANAGEMENT& BOARD

OWNERSHIP

~27%

3

LISTINGSYMBOL

(As of January 19, 2018)

~ C $369 M(diluted)

Listed on the TSX since 2006

Industry Leader in Large-Scale, High Tech, Low-Cost Greenhouse Growing

10.5 M(240 ACRES) OF

GREENHOUSE CAPACITY

TECHNOLOGICALLYADVANCED

GREENHOUSE FACILITIES

IN PRODUCT QUALITY & SAFETY

750 YEARSOF EXPERIENCE

sq. ft.

30 YEARSIN OPERATION

2016 REVENUE1

2016 EBITDA1

C$209 M

C$12.6 M

4

1. Converted to Canadian dollars at $0.75.

MASTER GROWER TEAM WITH

INDUSTRY LEADER

OWN

Vertically-integrated provider of premium produce to grocers across North America

Greenhouse growing produces a more consistent, higher quality product that customers demand and that commands a premium price

Exclusive varieties address consumer demand in the specialty growth segment

Strategically located greenhouses and logistics and distribution chain ensure the freshest, highest quality produce

Marquee customers across the U.S. and Canada

Premium Produce Grown In the Most Sustainable, Resource-Efficient Manner 5

Strategically Located Operations and Distribution Network

3 facilities / 110 acres

(4.8 M sq. ft.)

British Columbia

VF Owned

4 facilities / 130 acres

(5.7 M sq. ft.)

Texas

VF Owned

Ontario

Our logistics and distribution chain ensures the freshest, highest-quality produce reaches consumers across Canada and the U.S.

6

Partner Greenhouses

Ontario:70 acres

British Columbia:25 acres

Mexico:50 acres

Mexico

Financial Profile 7

(All figures in Canadian dollars unless otherwise stated)

At September 30, 2017

Cash: C$5.5 M (US$4.3 M)

Long-Term Debt: C$55.0 M (US$43 M)

FY 2016

Revenue: C$209 M (US$156 M)

EBITDA: C$12.6 M (US$9.4 M) Margin: 6%

EBITDA (C$ MILLIONS)

$13.8

$10.1

$14.1 $12.6

$11.3

$0

$5

$10

$15

2013 2014 2015 2016 LTM Q3/17

REVENUE (C$ MILLIONS)

$147.2$158.9

$196.9 $209.1 $211.8

$0

$50

$100

$150

$200

$250

2013 2014 2015 2016 LTM Q3/17

LTM Net Income of C$6.4 M and LTM EPS of C$0.16

PURE SUNFARMSCANNABIS JOINT VENTURE:

A TRANSFORMATIONAL OPPORTUNITYLow Cost, Industry-Leading Scale with Speed To Market

Projected near-term shortfall of supply based on current capacity

and market demand

Apply low-cost, high tech greenhouse growing expertise

4.8 M sq. ft. of existing

greenhouse capacity

(potential yield of 300,000 kg)

1. “Legalized Cannabis: Fiscal Considerations” – Office of the Parliamentary Budget Officer, Government of Canada (2016)

Market NeedTransformational

Opportunity

Canadian Cannabis demand estimated to grow to

~734,000 kg by 20211

Potential to address substantial portion of the market

9Ability to Capitalize on Market Opportunity

Complementary Partners

Initial Contribution:

1.1 M sq. ft. (25 acre)greenhouse (leased to

Pure Sunfarms)

50% Ownership

Initial Contribution:

$20 M cash

High-tech, low-cost greenhouse growing &

agricultural product safety expertise

Cannabis industry compliance and licensing expertise

Joint Venture: Pure Sunfarms

Large-scale,high-quality,

low-cost cannabis production

50% Ownership

Options for an additional 3.7 M sq. ft. (85 acres) of growing capacity

10

Cannabis IP, including portfolio of high-quality genetics

Pure Sunfarms will sell dried cannabis

and develop and sell its own extraction-

based products

Leaders in High-Tech, Low-Cost Greenhouse Growing

750 years of combined master

grower experience from around the world

Cannabis is an agricultural product like any other

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30-year proven track record of

operating mega-scale greenhouses

Decades as an industry leading,

fully integrated produce distributor

Extensive experience developing, launching and

ramping up new crop operations (with record yields)

The Pure Sunfarms Advantage

Long-established, experienced workforce of ~600 at BC facilities

Proven operating systems and decades of experience managing the local climate

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Use of existing, state-of-the-art greenhouses

lowers costs and provides speed to market

Agricultural product safety expertise/North

America leader in pesticide registrations

Access to low-cost electricity and no requirement to build

co-generation

Pure Sunfarms greenhouses will be operated by veteran Village Farms personnel

Significantly de-risked operations

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

Greenhouse growing provides significant capital and operating cost efficiencies

• Lower energy needs

• Greater economies of scale

• Allows for greater scale

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

Conversion of existing state-of-the-art greenhouses with significant scale minimize capital costs

conservative target of

<$1.00/gram1

vs. industry avg. of

$2.20/gram1

Village Farms is one of the lowest-cost greenhouse growers of tomatoes & cucumbers in Canada/U.S.

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1. Four largest LPs – ACB, APH, LEAF, WEED. Source: Public company filings and independent analyst.

Substantial Production with Significant Expansion Opportunity

Pure Sunfarms has options for Delta 1 and Delta 2

14

Estimated Demand

by 2021:Estimated

Existing Industry Capacity:

~120,000 kg

Estimated Demand by 2021:

~734,000 kg1

1. “Legalized Cannabis: Fiscal Considerations” – Office of the Parliamentary Budget Officer, Government of Canada (2016).

D3: 1.1 M ft2 (24 MW secured) D2: 1.1 M ft2 (24 MW secured) D1: 2.4 M ft2

Pure Sunfarms has options for Delta 1 and Delta 2 to potentially address substantial portion of overall market

Phase 1: Delta 3 Greenhouse

>50%

1.1 M sq. ft. of greenhouse capacity

75,000 kg annually

projected EBITDA margins of

vs. mid-single digits for produce in Canada

potential to generate revenue of

10-15x that of produce

Significantly more profitable use of existing greenhouse assets

15

(25 acres)

conservative projected yield of

Critical Path and Key Milestones

June 2017

File Cultivation

License Application

September 2017

Target: February 2018

Initiate Cultivation

License Process

Expect to begin commercial production

prior to July 1, 2018

Target: 75,000 kg of production in 2020

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Commence Conversion

of Delta 3 to Cannabis Licensing Standards

October2017

✓✓ ✓

Obtain Cultivation

License

Complete Conversion

of Full 250,000 ft2

of Quadrant 1 of Delta 3

Target: March 2018

Obtain SellingLicense

Generate First

Cannabis Revenue

Delta 3 Greenhouse: Phased Conversion Expedites Cash Flow Generation 17

Estimated Demand

by 2021:Sept.

Quadrant 4

OctJuly 1March 1

Quadrant 3

Quadrant 2

Quadrant 1

2017 2018 2019 2020

~250,000 sq. ft. 18,750 kg/yr

Conversion Commercial Production

7- 8,000 kg (6 mos. post July 1) 35 – 40,000 kgTarget Sales

~250,000 sq. ft. 18,750 kg/yr

~250,000 sq. ft. 18,750 kg/yr

~250,000 sq. ft. 18,750 kg/yr

75,000 kg

March Oct.

Installation of lighting

300,000

388,000

227,000194,000

123,00089,000 76,000 62,000 58,000 57,000 54,000

PureSunfarms

Positioned to be a Leading Producer in Canada

Pure Sunfarms will be a large-scale producer of cannabis

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

At Jan. 19/18. Market cap fully diluted. Source: Research analyst estimates/company filings based on last reported capacity and disclosed growth strategy.

Market Cap (C$M) n/a $7,608 $6,942 $3,772 $746 $2,439 $881 $2,028 $327 $673 $1,053Capacity Growth 12x 28x 22x 34x 7x 15x 12x 45x 21x 2x

Existing Capacity (kg) Future Capacity (kg)

Existing LPs will attempt to meet demand through greenfield development requiring

hundreds of millions of dollars

Pure Sunfarms can quickly become one of the largest

producers of cannabis in Canada

18

(VFF JV)

Compelling Value Proposition

PLUS produce business

Comparative Value: 2020 Planned Production Capacity

37,500 kg50% of Delta 3

production

~$369 M

~$9.80~$37.30average

~$2,650 Maverage

~71,000 kgaverage

1. Fully diluted. At Jan 19, 2018. 2. WEED, ACB, APH, THCX, LEAF, FIRE, MJN, WMD, OGI, TRST.

Planned Production

Market Cap1

Market Cap/Gram of

Planned Production

Top 10 LPs by planned

2020 produciton2

19

150,000 kg50% of production at all

three facilities

~$369 M

~$2.50

Illustrative Financial Impact

Significantly more profitable use of existing greenhouse assets

20

Targeted Output in 2020: 75,000 kg (Delta 3 Only)Price $8.00/gram $6.00/gram $4.00/gram $2.00/gram

Pure Sunfarms Revenue $600.0 M $450.0 M $300.0 M $150.0 M

Pure Sunfarms EBITDA (Target production cost: $1.00/gram)

$525.0 M $375.0 M $225.0 M $75.0 M

Village Farms’ Share of EBITDA (50%) $262.5 M $187.5 M $112.5 M $37.5 M

Multiple of Village Farms’ 2016 EBITDA 21x 15x 9x 3x

Price $8.00/gram $6.00/gram $4.00/gram $2.00/gram

Pure Sunfarms Revenue $2,400.0 M $1,800.0 M $1,200.0 M $600.0 M

Pure Sunfarms EBITDA (Target production cost: $1.00/gram)

$2,100.0 M $1,500.0 M $900.0 M $300.0 M

Village Farms’ Share of EBITDA (50%) $1,050.0 M $750.0 M $450.0 M $150.0 M

Multiple of Village Farms’ 2016 EBITDA 84x 60x 36x 12x

Total Potential Output: 300,000 kg (All Three Facilities)

JV Provides Strengthened Ability to Execute on Produce Growth Strategy

Organic initiatives to expand capacity at U.S. operations

Well positioned to lead consolidation of a fragmented industry

• Only greenhouse grower in North America to have completed a major acquisition

Village Farms will continue to be one of the largest, highest-quality, lowest-cost greenhouse growers of produce serving national grocers in the U.S. and Canada

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Investment Proposition: A Significantly De-Risked Cannabis Opportunity

Positioned to be one of the largest producers in Canada with the goal and capability to be the low-cost producer

22

Use of existing greenhouse facilities for cannabis production provides advantage of speed to market to address near-term supply shortfall

Growth opportunities in both existing produce and cannabis JV

Solid underlying produce business

Key JV Metrics

Annual Output:Delta 3 Facility: 75,000 kgAll Facilities: 300,000 kg

Production Cost:<$1.00/gram

EBITDA Margin:>50%

50% Ownership of Pure Sunfarms

30 –year track record of success as a large-scale, low-cost grower of high-value agricultural products

September 2017

Investor PresentationJanuary 2018