1

July 2020

AN UNMATCHED PLATFORM FOR THE INTERNATIONAL 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" contained in the Company's filings with securities regulators, including its Annual Report on Form 10-K, which are available at www.sec.gov/edgar and www.sedar.com and the Company’s web site. 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

NASDAQ:VFF

$7.13

MARKETCAPITALIZATION

C$401 M(basic)

SHARESOUTSTANDING

56.3 M (basic)

59.4 M (diluted)

C$19.29C$3.01

MANAGEMENT& BOARD

OWNERSHIP

~19.7%

LISTINGSYMBOL

(As of July 15, 2020)

US$296 M(basic)

Publicly traded company on TSX since 2006 (NASDAQ since 2019)Very strong alignment of management and shareholders

Market Facts

US$14.60US$2.07

$5.25

52-WEEK HIGH/LOW

44

Global CBD opportunity: $22B by 20222

Global high-THC cannabis opportunity: $47B by 20255

Village Farms’ Vision

To be a highly profitable, plant-based Consumer Packaged Goods company, leveraging our decades of experience as large-scale, low-cost greenhouse grower and vertically integrated supplier to North America’s major grocers and “big box” retailers for emerging, high-value opportunities

U.S. CBD Market Forecast

$12B by 20252

Canadian Legal Cannabis Market Forecast

$3.3B in 20211

$6.0B by 20252

U.S. Legal Cannabis Market Forecast:

$30B by 20253

1. RBC Dominion Securities 2. Raymond James 3. Brightfield Group 4. Arcview/BDS Analytics

5

Growing PartnersVegetables

Unmatched North American Greenhouse Assets

Canada: Delta, BC1 Facility - Vegetables

2.6 M sq. ft. (60 acres)

U.S.: West Texas4 Facilities - Vegetables5.7 M sq. ft. (130 acres)

8.3 M ft2 (190 acres)Owned Assets

5

Pure Sunfarms(58.7 % Owned Cannabis JV)

2.2 M ft2 (50 acres)

Canada: Delta, BC2 Facilities: Delta 3 & 2 -- 2.2 M ft2

Mexico: ~5.0 M ft2 (~115 acres)Ontario: ~5.2 M ft2 (~120 acres)

BC: ~3.0 M ft2 (~70 acres)

~13.2 M ft2(~305 acres)

Head Office: OrlandoDistribution Centers

Vancouver, BC: ~110,000 ft2

Fort Worth, TX: ~65,000 ft2

66

750 yearsof combined master grower experience from around the world

Cannabis and hemp are agricultural products like any other

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

Decades of experience as a

vertically integrated grower/distributor,

meeting the stringent specifications of

North America’s top grocers

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

Majority-Ownership of Canada’s Premier Cannabis Supplier

CANADA

88Supported by Village Farms’ three decades of experience growing many different crops

Differentiated Cannabis Strategy Driving Industry-Leading Performance

Proven operating systems, 20 years of site-specific experience & trained labor force

Decades of climatological data

Experienced growing/operational teams

Conversion of existing large scale, low-cost precision agricultural operations

Extensive in-house facilities development and conversion expertise

President/CEO: Mandesh DosanjhFormer SVP w/ LCBO where he developed & managed supply chain/wholesale strategy for recreational cannabis in Ontario

99

Ramp to full production at Delta 3 facility in <15 months

Pure Sunfarms is Setting the Standard in Canada

Industry leading EBITDA margin: 65% (2019)

Lowest “all in” cultivation cost1 reported by a Canadian LP: C$0.74/gram2

1. Based on dried flower grams only (not including trim or shatter). Includes depreciation. 2. Average of last four quarters. Cultivation cost impacted by seasonal costs, primarily

utilities and co-gen rentals in winter months not in summer months.

Performance achieved while greenhouse operations were in ramp up for much of that period

One of the largest Canadian LPs by net recreational cannabis sales: C$82.8 M (2019)

One of the very few profitable Canadian LPs: Five consecutive quarters of net income

10

Pure Sunfarms: One of Canada’s Top Retail Cannabis Suppliers

Pure Sunfarms Products Now Available in 4 of the 5 Largest Provincial Markets in Canada

Full line of branded dried flower products now available in Ontario and B.C., and in Alberta starting in the coming weeks / Preparing for launch of Cannabis 2.0 products in Q2 2020Full line of branded dried flower products now available in Ontario and B.C., and in Alberta

starting in the coming weeks / Preparing for launch of Cannabis 2.0 products in Q2 2020

~39% of Cdn pop’n

LTM sales: $408 M1

25% of Cdn sales2

$28 sales per capita2

~100 retail outlets

(1 per ~135,000 people)

Approved to begin shipping to ManitobaActively pursuing supply agreements with additional provincial boards 10

Selling to ~70% of the Canadian market3

1. Source: Statistics Canada. 2. Based on LTM sales (April 2020-May 2019). 3. By population. Includes Manitoba.

Ontario AlbertaBritish ColumbiaLaunched: Sept 2019 Launched: Oct 2019 Launched: Feb 2020

~14% of Cdn pop’n

LTM sales: $176 M1

11% of Cdn sales2

$34 sales per capita2

~180 retail outlets

(1 per ~28,000 people)

~12% of Cdn pop’n

LTM sales: $348 M1

22% of Cdn sales2

$79 sales per capita2

>430 retail outlets

(1 per ~10,000 people)

SaskatchewanLaunched: June 2020

~3% of Cdn pop’n

LTM sales: $91 M1

6% of Cdn sales2

$77 sales per capita2

~44 retail outlets

(1 per ~27,000 people)

1111

Leading Dried Cannabis Brand and Product Performance

High-quality B.C.-grown products that consumers want at an approachable price-point

• #1 brand: 14.3% market share with OCS1,2,3

• 20% market share with OCS in April 20204

• #1 product5 and 2 of top 4 products4 with OCS2

Retail price as low as $99/package ($3.54/g)6

New Large-Format 28g (1oz)

Value Packages

Launched March 2020

Note: OCS data has been calculated by Pure Sunfarms from sales data provided by OCS.

Launched two new dried flower strains, D. Bubba and high-THC Pink Kush, in June 2020broadly launched pre-rolls in June 2020

Broad range of dried flower products/sizes:

Conceptual packaging shown.

• #1 dried cannabis product with OCS in April3

• Record one-week sales volume with OCS for a dried cannabis product

1. Ontario Cannabis Store. 2. YTD ended April 30, 2020. 3. By both kg sold and dollars sold. 4. By kg sold. 5. By dollars sold. 6. BC Cannabis Stores.

12

Shift to Branded Retail Sales: Multiple Growth Drivers

12

In addition to branded retail sales, long-term goal to supply as much as 1/3 of the Canadian cannabis market on a wholesale basis

New Products• New strains• Dried Flower

SKUs• Large-Format

Packages• Pre-rolls• Bottled Oils• Cannabis 2.0

2019

Expansion into More Provinces

2020+ Predominantly Retail Branded Sales

Growth in Consumption/

Market

Expansion of # of Retail

Stores

Contraction of Supply

(Exit of some suppliers)

2020+

Predominantly Branded Retail Sales93%

SalesWholesale

Pricing Power• Expand share

of legal market• Convert illicit

market

1313

Pure Sunfarms: Continuous New Product Roll Outs

Leveraging its Leading Dried Flower Brand Performance

Dried Flower Bottled Oils Vapes Other 2.0 ProductsLaunched: Sept 2019 Launch: Summer 2020 Launch: Summer 2020

Goal to capture >20% of the retail dried flower market across Canada andselectively enter new retail product categories in which it can be the #1 or #2 brand

Launch: Late 2020

10 strains >30 SKUs

1414

Majority-Owned (58.7%) Joint Venture

Pure Sunfarms: One of Canada’s Largest Vertically Integrated Producers

Delta 3 (D3) 1.1 M ft2

~50,000 kg of production in 2019New state-of-the-art 65,000 sq. ft. processing center

Delta 2 (D2) 1.1 M ft2

50% expected to be licensed in 2020

Delta 1 (D1) 2.6 M ft2

Village Farms has right to grow cannabis independently in D1 after Sept 2021 if PSF does not exercise option on facility

Delta 3: 7 extraction rooms in new processing center can process 35,000 kg of biomass annually – processing center designed for full EU GMP compliance and certification

1515

Pure Sunfarms is Contributing to VFF’s Financial Results

(millions except volume and %) Q1 2020(ended March 31, 2020)

FY 2019(ended December 31, 2019)

$C $US $C $US

Sales Volume 10,365 kg 26,000 kg

Net Sales $18.0 $13.1 $82.8 $62.3

Gross Margin 52% 52% 76% 76%

SG&A as a % of Sales 18% 18% 13% 13%

Net Income $8.6 $6.2 $36.5 $27.4

EBITDA3 $6.7 $4.9 $54.1 $40.7

Pure Sunfarms’ Financial Results(Before Village Farms’ proportionate share1)

1. As of March 31, 2020, Village Farms owned a non-controlling majority interest in Pure Sunfarms of 57.4%. On April 2, 2020, Village Farms interest in Pure Sunfarms increased to 58.7%. 2. Based on dried flower grams only (not including trim or shatter). Includes depreciation. Average of last four quarters. Cultivation cost impacted by seasonal costs, primarily utilities and co-gen rentals in winter months not in summer months. 3. EBITDA is not a recognized earnings measure and does not have a standardized meaning prescribed by IFRS. Therefore, EBITDA may not be comparable to similar measures presented by other issuers. Management believes that EBITDA is a useful supplemental measure in evaluating the performance of the Company.

Five consecutive quarters of positive net income & six consecutive quarters of positive EBITDA

all-in cultivation cost2:

C$0.74/gram(average of last four quarters)

16

Uniquely Positioned for the

Emerging High-Growth Opportunities in CBD and Federally

Legalized High-THC Cannabis

UNITED STATES & INTERNATIONAL

1717

Collaborating with geneticists, academics and researchers to drive genetic advances and cultural practices to optimize plant traits and yields

Hemp/CBD: A Significant Opportunity

Vertically Integrated Strategy to Capture Value Throughout Supply Chain

Outdoor Hemp Cultivation

Will initially sell hemp biomass ahead of product development to drive near-term cash flow

GreenhouseHempCultivation

On-SiteExtraction

CentralizedExtraction

Product Development & Manufacturing

• White-Labeled CBD Products• Branded CBD Products

Targeting “Big Box” & Other Major Retailers and CPG Companies

Projected U.S. CBD Market

US$12B by 20251

1. Raymond James

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Outdoor Cultivation

Large-Scale Hemp Production Potential

18

Greenhouse Conversion Opportunity

Permian Basin, Texas facility: Licensed by State of Texas for hemp production – conversion for hemp production can be completed quickly

Village Fields Hemp Joint Venture: Successful first growing season with average yield of 1,600 lbs/acre

Permian Basin, Texas

Ready to move forward with hemp production upon FDA regulatory clarity around CBDPursuing additional opportunities to move forward in the current regulatory environment

19

Momentum Towards Federally Legalized Cannabis in the U.S.

Unmatched U.S. Greenhouse Assets in the Best Growing Climate for Cannabis in the U.S.

91% of Americans favour legal marijuana for medical or recreational use2

High THC-cannabis now legal in some form in >2/3 of states• Majority of US population now has access to legal

cannabis under state laws• U.S. legal cannabis sales in 2019: $12B3

Bi-partisan support: 55% of Republicans and 78% of Democrats support federal legalization of cannabis (2019)2

1. NORC at the University of Chicago, Gallup and Pew Research. 2. Pew Research. 3. Arcview/BDS Analytics 4. New Frontier Data.

Support for Cannabis Legalization in the U.S. at an All-Time High1

Cannabis uses the same growing systems as hempGreenhouse operations could be rapidly converted to cannabis production

Permian Basin (Monahans)

>1.3 M ft2 (30 acres)

Marfa (2 facilities)

>2.5 M ft2 (60 acres)

Fort Davis>1.7 M ft2(40 acres)

4 facilities in Texas 5.7 M ft2 130 acres

2020

Village Farms already has long-established relationships with the leading “big box” retailers, and a reputation for quality, reliability and safety

Village Farms’ Hemp/CBD Advantage

Millions of dollars and countless

person hours invested in

infrastructure and IT systems to

consistently meet customers’

exacting standards

Decades of experience as a

vertically integrated supplier to North America’s top grocery and “big box” retailers

Existing in-house

regulatory team with deep expertise and extensive experience with USDA and FDA

2121

International Opportunities

Pursuing First Legal Recreational Cannabis Market in Europe: Investment in DutchCanGrow

Applying to become one of up to 10 licensed growers in Netherlands to supply the first legal recreational cannabis market in Europe (Dutch government’s Experiment to Investigate Closed Cannabis Supply Chains)

Estimated annual supply requirement for the 10 cities in the program of ~65,000 kilograms of dried cannabis

Licenses expected to be awarded late 2020

Initial program is for 10 cities in Netherlands (~78 coffee shops) with potential for national expansion (~580 coffee shops)

First step in leveraging significant cannabis success in Canada for international cannabis markets

DutchCanGrow: Netherlands-based enterprise composed of seven partners with expertise across a range of disciplines critical to its success

2222

Strong alignment of management and shareholders

Joint Ventures for Outdoor Cultivation and Extraction

Poised to Deliver Meaningful Shareholder Value

Pure Sunfarms is a proven success with significant growth potential:• Lowest-cost, high-quality cannabis supplier in Canada, with a leading brand• Consistently profitable• Multiple growth drivers in the short and long term

Produce business provides an unmatched, well-established platform for emerging high-value vertically integrated agricultural opportunities in the U.S. and internationally

Pursuing the significant opportunity in CBD in the U.S. with both near-term and long-term strategies

Very well positioned for the potential federal legalization of high-THC cannabis in the U.S., as well as opportunities internationally

23

Appendix

24

DEEPLY EXPERIENCED MANAGEMENT TEAM

Michael A. DeGiglioPresident & Chief Executive OfficerFormer U.S. Navy pilot/Captain and pioneer of thegreenhouse industry, he founded Village Farms andhas been CEO since inception (1987), building it to oneof NA’s largest greenhouse produce growers.Previously founded greenhouse tech company, AgroDynamics, acquired by Nasdaq-listed EcoScience,where he became CEO.

Stephen C. RuffiniExecutive VP & Chief Financial Officer CFO since 2009, was previously COO/CFO of Nasdaq-listed consumer product company Performing Brands,CFO of Hit Entertainment (FTSE-250) (Barney theDinosaur, Bob the Builder, Thomas the Tank Engine)and CFO/Treasurer of private companies LyrickCorporation and RCL Enterprises, Inc.

Mike Bledsoe, PhDVP Food Safety & Regulatory Affairs40 years of agricultural and regulatory experience.Developed and managed Village Farms’ Food SafetyProgram, Employees Safety Programs. Serves on theboards and or steering committees for IR-4/EPA, USDAand Southern IPM.

Andrew GiganteVP Financial Planning & AnalysisOver 20 years of experience in the agricultureindustry. Managed accounting for greenhouses,customer needs, analysis and forecast of the businesslines, products, supply chain, cost and special projects.

Jonathan BosVP of Asset DevelopmentOver 30 years in the high-tech horticulture trade.R&D team member for Village Farms’ cannabisgrowing concept and facilities design andconstruction, greenhouse asset renovations, new siteand technology developments. Leads Clean EnergyDivision. With Village Farms for 24 years.

Arie Van Der GiessenVP & Regional Facility Manager – TexasA veteran greenhouse grower with over 40 years’ experience; both in Europe and North America. Arie brings tremendous horticultural, large scale cultivation skills along with his extensive industry experience to Village Farms.

Dirk de JongVP & Regional Facilities Manager - CanadaPassionate and successful grower with over 30 yearsof experience managing entire high-tech horticulturefacilities in Holland, US and Canada. A key seniormanagement member of Village Farms, dedicated tohis team’s high performance, low cost and qualityproduction since 1999.

Paul SelinaVP of Applied ResearchApplying a lifetime greenhouse experience and widetechnical knowledge to cannabis growing. Working ondesign, construction, and operational plans at PureSunFarms and Village Farms’ hemp crops in the US.

25

DEEPLY EXPERIENCED MANAGEMENT TEAM

Patti SmithCorporate ControllerA CPA, with over 20 years of experience in seniormanagement roles for various U.S. public companies.Ms. Smith is a seasoned professional with expertise inSEC rules and regulations, US GAAP, IFRS and SOX.

Mike MinervaSenior VP Grower Relations & Supply DevelopmentIn his 24 years at Village Farms, Michael has worked inseveral different capacities and currently serves asSenior VP of our Grower Relations & SupplyDevelopment Division.

Brett WileySenior VP Sales & Sales Operations40 years experience merchandising and selling avariety of fruits and vegetables. Joined Village Farms22 years ago in 1998 after working in the Floridatomato industry for 6 years.00

Lyra VanceDirector Strategic Business & Sales Development30 years in the global produce industry leading teams.Implement sales, marketing and promotional strategiesfor multi-million dollar accounts nationwide.

Steve PoklembaNational Sales Manager – Delta BCWith over 30 years of experience in agriculture, he hasdeveloped skills and experience in production, labormanagement, labor cost analysis, and salesmanagement. He joined Village Farms 22 years ago andcurrently manages the daily sales production fromDelta BC

26

DEEPLY EXPERIENCED MANAGEMENT TEAM

Mandesh DosanjhPresident & CEOA seasoned senior level executive, having led businessoperations for well-known retailers. Recently ledLCBO’s supply chain and wholesale strategy as itprepared for the legalization of adult-use cannabis.

Michael LattimerVP, OperationsHas held significant roles in manufacturing, supplychain, and IT spanning the globe across a wide rangeof industries including consumer packaged goods,alcohol, tobacco and automotive.

Elaine McAnallyVP, People & Experience15 years across a variety of industries, transformingfast-paced business environments from infancy andstart-up, to growth and acceleration, to re-inventionand transformation.

Miguel MartinezVP, Finance - CPA, CA Over a decade of financial experience which hasallowed him to build a high-performance, cross-collaborative team overseeing financial planning,debt financing, and budget management systems.

Phillip Jennings, IIIChief Business OfficerA life-long farmer and entrepreneur, he hasgrown numerous fledgling agricultural venturesacross a wide variety of food and other crops intosuccessful large-scale commercial operations.

Maria GuestVP, Brand & CommercialOver 20 years leading growth brands, includingstrategy, planning, and brand positioning. RecentlyCMO for Emblem, overseeing adult-use strategy acrossvarious consumer segments.

Phil Jennings, IVChief Executive OfficerAn 11th generation farmer, he has an immensepassion for growing. He has successfullymanaged a diverse portfolio of ag operations inthe food and fiber markets, specializing in startups with unique barriers to entry.

Rob BaldwinVP, Cultivation & Greenhouse Operations18 years in the agricultural industry, and over adecade managing the current greenhouse wherePure Sunfarms operates. Extensive knowledge ofgrowing in BC’s Fraser Valley combined with scienceof greenhouse growing.

27

SEASONED BOARD OF DIRECTORS

John R. McLernonChairmanMr. McLernon is an Honourary Chairman and Co-Founder of the Colliers MacaulayNicolls Group Inc. Colliers Macaulay Nicolls is the largest partner of ColliersInternational Commercial Real Estate Services (“Colliers”) a global organization withover 240 offices in 50 countries. He served as Chairman and Chief Executive Officer ofColliers from 1977 to 2002, and as Chairman until December 2004. Mr. McLernon alsoserves as a director of numerous corporations, income trusts, and theatre and artsorganizations, and is Chairman of A&W Revenue Royalties Income Fund.

John P. HenryMr. Henry has served as a director and member of the audit committee of Village Farmssince 2001. From 1981 to 2000, he was employed by Ocean Spray Cranberries, Inc. astheir Senior Vice President of Grower Relations and Chief Financial Officer, retiring in2000. Ocean Spray grew from $400 million to $1.3 billion in revenues during his tenure.He also served as a Director of Nantucket Nectors, a majority owned subsidiary ofOcean Spray. From 1980 to 1981 he was Chief Financial Officer of Castle Toy Co, Inc.

Michael A. DeGiglioCEO, Village FarmsA pioneer in the greenhouse industry, Mr. DeGiglio founded and has served as CEO ofVillage Farms, one of the first and today the longest operating hydroponic vegetablegreenhouse business in North America, since its inception in 1987. Prior to VillageFarms, he founded and served as CEO of Agro Dynamics, Inc., the first to introduce anumber of new greenhouse technologies to the North American market. Upon theacquisition of Agro Dynamics by EcoScience, a NASDAQ agricultural biotech company,he became CEO, until the company was acquired privately by Village Farms in 2001. Mr.DeGiglio is a former U.S. Navy officer and tactical carrier jet aviator.

David HolewinskiMr. Holewinski served as a director of Agro Power Development Inc. (“APDI”) from 2004until October 2006. Between 1995 and 2000, Mr. Holewinski also served as Senior VicePresident of Business Development for APDI. Mr. Holewinski has co-founded twobiotechnology companies and also co-founded a company with novel precast concretetechnology for the construction industry. Between 1983 and 1988, Mr. Holewinski was aManager of Business Development for ConAgra, International.

Stephen RuffiniCFO, Village FarmsMr. Ruffini began with Village Farms on January 5, 2009. Previously, Mr. Ruffini served as theChief Operating and Chief Financial Officer of Performing Brands, a small cap US publiclytraded company. From 2001 until October 2005, Mr. Ruffini served as the Chief FinancialOfficer of Hit Entertainment, plc a publicly traded (FTSE-250) UK-company. HitEntertainment is the preeminent young children’s entertainment company owning suchbrands as Barney the Dinosaur, Bob the Builder and Thomas the Tank Engine. From 1993-2001, Mr. Ruffini served as the Chief Financial Officer and Treasurer of Lyrick Corporationand RCL Enterprises, Inc. privately-held companies.

Christopher C. WoodwardMr. Woodward is a member of the Audit Committee and Compensation Committee. Mr.Woodward serves as a director for a number of private and public companies as well ascharitable institutions. These include the P.A. Woodward Medical Foundation, BrentwoodCollege and the Sea to Sky Gondola Corp. He serves as the current Chair for the VancouverCoastal Health Authority, and the Chair of the Keg Royalty Trust.

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July 2020

AN UNMATCHED PLATFORM FOR THE INTERNATIONAL CANNABIS OPPORTUNITY