September 2017

Investor PresentationMay 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, 2017 and the most recent management's discussion and analysis for the quarter ended March 31, 2018,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

OTCQX:VFFIF

C$5.96

MARKETCAPITALIZATION

~ C $265 M(basic)

SHARESOUTSTANDING

44.5 M

(basic)

46.5 M

(diluted)

52-WEEK HIGH/LOW

C $9.80

C $1.74

MANAGEMENT& BOARD

OWNERSHIP

~25%

3

LISTINGSYMBOL

(As of May 25, 2018)

~ C $277 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

2017 REVENUE1

2017 EBITDA1

C$206 M

C$9.6 M

4

1. Converted to Canadian dollars at $0.77.

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:35 acres

Mexico:70 acres

Mexico

Financial Profile 7

(All figures in Canadian dollars unless otherwise stated)

At March 31, 2018

Cash: C$5.0 M (US$3.9 M)

Long-Term Debt: C$49.7 M (US$35.9 M)

FY 2017

Revenue: C$206 M (US$158 M)

EBITDA: C$9.6 M (US$7.4 M) Margin: 5%

EBITDA (C$ MILLIONS)

$13.8

$10.1

$14.1 $12.6

$9.6

$0

$5

$10

$15

2013 2014 2015 2016 2017

REVENUE (C$ MILLIONS)

$147.2$158.9

$196.9 $209.1 $205.7

$0

$50

$100

$150

$200

$250

2013 2014 2015 2016 2017

2017 Net Income of C$5.0 M and EPS of C$0.13

VILLAGE FARMS’ CANNABIS JOINT VENTURE:A TRANSFORMATIONAL OPPORTUNITY

Low Cost, Industry-Leading Scale with Speed To Market

Projected 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:

C$20 M cash

High-tech, low-cost greenhouse growing &

agricultural product safety expertise

Cannabis industry compliance and licensing expertise

A vertically integrated large-scale, low-cost

supplier of high-quality cannabis

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

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

11

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

12

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 production ramp up and ongoing 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

$2.00/gram1

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

13

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

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

14

(25 acres)

conservative projected yield of

Critical Path and Key Milestones 15

2018: Additional focus on product development and development of marketing strategy

June 2017

File Cultivation

License Application

September 2017

March2018

Initiate Cultivation

License Process

Commence Conversion

of Delta 3 to Cannabis Licensing Standards

October2017

✓✓ ✓

Obtain Cultivation

License

Complete Conversion

of Full 250,000 ft2

(Quadrant 1) of Delta 3

April 2018

Commence Commercial-

Scale Production

✓ ✓

Obtain SellingLicense

✓

May2018

Summer2018

Delta 3 Greenhouse: Quadrant 1 Conversion

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 with individual control of 17 grow rooms

Phased Conversion Expedites Cash Flow Generation: Accelerated Plan 17

Conversion Commercial Production

Sept OctJuly 1May

2017 2018 2019 2020Target Prod’n

Feb Oct.

Estimated Demand

by 2021:

Quadrant 4

Quadrant 3

Quadrant 2

Quadrant 1

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

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

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

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

Installation of lighting

Target 7,000 - 8,000 kg (6 mos. post July 1) 75,000 kg46,000 – 52,000 kg

Sept

Expect entire 1.1 M sq. ft. of Delta 3 facility to be in production in Q4 2018

Significant Expansion Opportunity

Pure Sunfarms has options for Delta 1 and Delta 2

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Estimated Demand

by 2021:Estimated

Existing Industry Capacity:

~310,000 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 ~1/2 of overall market

300,000354,000

174,000 174,000 157,000 142,000 115,000 102,000 86,000 79,00048,000

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 May 25/18. 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 $8,645 $2,630 $1,179 $2,969 $4,828 $952 $968 $683 $1,683 $651Capacity Growth 3x 5x 48x 10x 6x 192x 4x 4x 15x 10x

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

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(VFF JV)

Compelling Value Proposition

PLUS produce business

Comparative Value: 2020 Planned Production Capacity

37,500 kg50% of Delta 3

production

~$277 M

~$7.40~$16.70average

~$2,520 Maverage

~151,000 kgaverage

1. Fully diluted. At May 25, 2018. 2. WEED, APH, THCX, LEAF, ACB, CBW, TRST, OGI, CRON, FIRE.

Planned Production

Market Cap1

Market Cap/Gram of

Planned Production

Top 10 LPs (planned

2020 produciton2)

20

150,000 kg50% of production at all

three facilities

~$277 M

~$1.85

Illustrative Financial Impact

Significantly more profitable use of existing greenhouse assets

21

Targeted Output in 2020: 75,000 kgPrice $6.00/gram $4.00/gram $2.00/gram

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

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

$375.0 M $225.0 M $75.0 M

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

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

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

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

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

$1,500.0 M $900.0 M $300.0 M

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

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

Total Potential Output: 300,000 kg

Positioned to Lead a Federally Legalized US Cannabis Industry 22

Potential US Cannabis Opportunity is a Free Option

Will only pursue if and when cannabis is federally legalized in US

4 facilities - 5.5M sq. ft. – Existing, state-of-the-art, mega-scale produce operations in best growing climate in US (5,000 ft. elev., most sunlight in US)

NOT PART of Canadian JV

20+ years of operating history (600 employees)

Can be rapidly converted to be largest US cannabis producer

Will benefit from cannabis experience in Canada

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

23

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

24

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 PresentationMay 2018