1

December 2019

AN UNMATCHED PLATFORM FOR THE GLOBAL CANNABIS OPPORTUNITY

22

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 and Management’s Discussion and Analysis for the year ended December 31, 2018, which are 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.

33

PRICE

TSX:VFF

NASDAQ:VFF

$8.73

MARKETCAPITALIZATION

C$457 M(basic)

SHARESOUTSTANDING

52.4 M (basic)

56.1 M (diluted)

C$24.25C$3.98

MANAGEMENT& BOARD

OWNERSHIP

~20.2%

LISTINGSYMBOL

(As of December 6, 2019)

US$343 M(basic)

Publicly traded company on TSX since 2006Very strong alignment of management and shareholders

Market Facts

US$18.10US$6.091

$6.55

52-WEEK HIGH/LOW

1. Commenced trading on Nasdaq on February 21, 2019.

4

Canadian Legal Cannabis:

$3.3B1 – 5.2B2 in 2020$12B by 20252

1. CIBC 2. Cowen 3. Brightfield Group 4. New Frontier Data 4

Canadian cannabis JV already one of the largest producers in Canada and profitable

Aggressively pursuing CPG strategy to capitalize on U.S. hemp/CBD opportunity (outdoor and greenhouse cultivation)

Proven ability to quickly transition existing large-scale operations to new agricultural opportunities

Focused on cash flow generation and profitability

Leveraging decades of experience as a large-scale, low-cost, vertically integrated grower for nascent large market opportunities

Global Hemp-Derived CBD:

$22B by 20223

US Legal Cannabis:

$30B by 20254

5

Growing Partners

Vegetables

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 sq. ft. (190 acres)Owned Assets

5

Cannabis JV(Majority Owned)

2.2 M sq. ft. (50 acres)

Canada: Delta, BC2 Facilities: Delta 2 & Delta 3

(formerly owned by Village Farms)

Mexico: ~5.0 M sq. ft. (~115 acres)Ontario: ~5.2 M sq. ft. (~120 acres)

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

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

CanadaPure Sunfarms: One of the Largest

Vertically Integrated Cannabis Producers

Delta, BC

88

+2.6 M sq. ft.conservative projected annual yield of

+180,000 kg

2.2 M sq. ft.conservative projected annual yield of

150,000 kg

Majority-Owned Joint Venture

Pure Sunfarms has the potential to address a substantial portion of forecasted Canadian demand

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

PSF has an option on Delta 1 (owned by Village Farms) – expires Sept 2021

99Supported by Village Farms’ three decades of experience growing many different crops

Differentiated Cannabis Strategy Driving Industry-Leading Performance

Established, trained labour force

Proven operating systems and 20 years of site-specific experience

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

1010

Ramp to full production of 75,000 kg annually at Delta 3 facility in <15 months

Pure Sunfarms is Setting the Standard in Canada

Industry leading EBITDA margin: 69% (Q3/19)

Ability to be low-cost producer in Canada –lowest “all in” cost of production reported by a Canadian LP to date: $0.63/gm1

1. COGS per gram for Q3/19. COGS per gram (all in) is impacted by seasonal costs, primarily utilities and co-gen rentals that occur in winter months but not in summer months.

Four consecutive quarters of positive EBITDA

One of the largest Canadian LPs by recreational cannabis sales

1111

June 2017

File Cultivation

License Application

Oct 2017

March 2018

Initiate Cultivation

License Process

Commence Conversion of 1.1 M ft2

Sept 2017

✓

Obtain Cultivation

License

Complete Conversion of

Quadrant 1 (275,000 ft2)

April 2018

Commence Commercial-

Scale Production

Commence Sales to

Other LPs

May 2018

July 2018

Delta 3: Rapid Transition to Production and Sales

Shipping of branded product to provincial wholesalers commenced mid-September

Obtain SellingLicense

Sept 2018

Expand Licensed Area to 825,000 ft2

Jan 2019Complete

Conversion All Growing Area

Expand Licensed

Growing Area to 550,000 ft2

Sept 2018

Obtain Processing Licenses

Jan 2019

Commence Sales to

Provincial Wholesalers

Sept 2019

Complete Licensing for all Growing Area:

>1 M ft2

Mar 2019

✓ ✓ ✓ ✓

✓ ✓ ✓ ✓ ✓

✓

May 2019

Apr 2019

All Growing Area in

Production

✓

✓

✓

Obtain Sales “Packaging”

License

Sept 2019

✓

✓

1212

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

strategy for adult-use cannabis ▪ Supply agreements for Ontario, B.C. and Alberta (comprise

~64% of Canadian population) – in discussions with other provincial/territorial wholesalers

▪ Strategic supply arrangement with one of Canada’s largest online medical cannabis platform

▪ Wholesale distribution agreements with a Canadian LP▪ 2019: 40% of production @ fixed price▪ 2020-22: 25% of production @ prevailing market

price▪ Continuing demand from other Licensed Producers

Capitalizing on the current wholesale opportunity to other Licensed Producers

Building a premier vertically integrated supplier with a leading brand and reputation

Transitioning to a Vertically Integrated Branded Supplier

Full Line of Branded Dried Flower Products Now Available in Ontario and B.C., with Availability in Alberta Starting in the Coming Weeks

Preparing for launch of Cannabis 2.0 products in Q2 2020

1313

High-quality BC cannabis, grown with care and integrity in the heart of the Fraser Valley

#1 Dried Flower Brand With 16% Market Share with Ontario Cannabis Store in Oct 2019

Differentiated Brand and Product Strategy

Decades of greenhouse agricultural growing reflected in an uncompromising approach to quality and consistency

Collection of dried flower offering a range of aromas, flavors and potencies available in an assortment of sizes

“Affordable Luxury”

1414

Afghan Kush #1 Dried Flower Product / 3 of top 7 Dried Flower Products with Ontario Cannabis Store in Oct 2019

First 8 Dried Cannabis Products Launched for the Recreational Market

High quality, safe products that consumers want at an approachable price-point

Conceptual packaging only.

15

2019

46,000 – 52,000 kg

2020

95,000 kg

Targeted Annual Production

Delta 2: Replicating the Success of Delta 3 to Double Production

15

2021

150,000 kg

Delta 3: 1.1 M sq. ft

Operating at full run-rate annual prod’nof 75,000 kg

Delta 2: 1.1 M sq. ft.

First harvest: Mid-2020Full run-rate annual prod’n of 75,000 kg: Q4 2020

Extraction equipment installed in new 65,000 sq. ft. processing center at Delta 3:Expected to be licensed and operational by end of Q2 2020

1616

Pure Sunfarms is Already Contributing to VFF’s Financial Results

(millions except per gram amounts) Q3 2019 YTD 2019

$C $US $C $US

Cannabis Sales 12.0 9.0 35.3 26.6

Cost of Goods Sold per Gram (all in)2 0.63 0.48 0.73 0.55

SG&A as a % of Revenue 15% 15% 11% 11%

Gross Margin % 69% 69% 75% 75%

Net Income (loss) (1.2) (0.9) 23.0 17.3

EBITDA3 6.6 5.0 23.5 17.7

EBITDA3 Margin % 56% 56% 67% 67%

VFF’s Proportionate Share of Pure Sunfarms’ Financial Results(50% as of September 30, 2019)1

1. As of November 19, 2019, Village Farms owns a majority of Pure Sunfarms, with Village Farms’ specific majority ownership percentage to be determined. 2. Cost of goods sold per gram (all in) is impacted by seasonal costs-primarily utilities and co-gen rentals that occur in winter months but 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.

Four consecutive quarters of positive EBITDA

17

U.S. & Beyond

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

Fort Davis, Texas

1818

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

Hemp/CBD: A Significant Near-Term Opportunity

Vertically Integrated Strategy to Capture Value Throughout Supply Chain

Outdoor Cultivation

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

GreenhouseCultivation

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

$16B by 20251

1. Cowen: Cowen’s Collective View of CBD, February 2019

19

Large-Scale Hemp Production Potential

Texas: 5.7 M ft2 (130 acres)Permian Basin (Monahans): >1.3 M ft2 (30 acres)Marfa (2): >2.5 M ft2 (60 acres)Fort Davis: >1.7 M ft2(40 acres)

19

Outdoor Operations

Greenhouse Conversion Opportunity

Village Fields Hemp Virginia South Carolina North Carolina

Outdoor: Successful first growing season with average yield of 1,600 lbs/acreGreenhouse: Converting a portion of Permian Basin greenhouse for hemp production

Village Fields Hemp Headquarters

Arkansas Valley Green and Gold HempColorado

Arkansas ValleyGreen and Gold Hemp

Permian Basin Greenhouse

625 Acres Harvested in 2019

2020

Dec 2018

Formation of Village Fields Hemp

Apr 2019

Passage of 2018 Farm Bill

Contract Initial Growers

Feb 2019

✓

Commence Germination

Commence Field Planting

May 2019

Commence Harvesting

Commence Sales of CBD Oil

August 2019

Q4 2019/Q1 2020

Outdoor Hemp: Rapid Path to Cash Flow Generation

Commence Sales of Hemp

Biomass

Summer 2020

2020

✓

✓ ✓Apr 2019

Establish Extraction

Capabilities

Commence CBD Product

Manufacturing2020

2020: Commence sales of white labeled and branded CBD products to “big box” retailers

Formation of Arkansas Valley Green and Gold

Hemp

May 2019

✓

✓

✓

2121

Cannabis cultivation uses the same growing system as hemp cultivation – Could rapidly transition to cannabis from hemp should cannabis be legalized at federal and state levels

5.7M sq. ft. of existing, state-of-the-art greenhouse operations in West Texas – the best growing climate in U.S. (all 100%-owned by Village Farms)

Greenhouse Hemp Opportunity: One of the Largest Footprints in U.S.

Conversion and production ramp will benefit from cannabis experience in Canada

Permian Basin, Texas

Commenced conversion of a portion of 1.3 M sq. ft., ultra-high-tech Permian Basin facility (Monahans, TX) for hemp cultivation and on-site extraction

Will begin growing and processing hemp as soon as possible upon Texas regulatory and licensing framework being put in place

2222

Village Farms already has 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

23

▪ Canada: Pure Sunfarms is one of the largest vertically integrated cannabis producers with the ability 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 outdoor and greenhouse cultivation: JV for field hemp cultivation/extraction and own one of the largest greenhouse footprints (independent of Canadian JV)

▪ Well aligned management team – 18.1% owned by founder and CEO

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

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

Uniquely Positioned for Multiple Large-Scale Opportunities

Investment Summary

23

24

Appendix

25

DEEPLY EXPERIENCED MANAGEMENT TEAM

Michael A. DeGiglioPresident & Chief Executive OfficerFormer U.S. Navy pilot and pioneer of the greenhouseindustry, he founded Village Farms and has been CEOsince inception (1987), building it to one of NA’slargest greenhouse produce growers. Previouslyfounded greenhouse tech company, Agro Dynamics,acquired by Nasdaq-listed EcoScience, where hebecame 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.

Tim RobinsonVP Applied Research & Asset DevelopmentA seasoned executive and Master Grower. Spent alifetime growing tomatoes, peppers and cucumbers infour of the largest and most progressive greenhousecompanies in Europe and North America, joiningVillage Farms in 2006.

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.

Jan KortelandVP & Regional Facility Manager – TexasOver 40 years of experience managing high-techgreenhouse facilities in Holland and USA. A key seniorManagement member of Village Farms since 1993,currently managing 130 acres high tech greenhouses inTexas, and holding the VP, Regional facility Managerposition for Texas operations.

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.

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.

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.

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.

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.

Richard LenzVP, Quality Assurance20 years in regulated natural health productsmanufacturing industry. Managed quality control,quality assurance, analytical methods development,validation and scientific affairs functions.

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.

Mark MorleyPartnerFounder of one of Colorado's largest licensedoutdoor cannabis growing operations and long-time real estate developer in the Colorado Springsarea, with strong ties to the local community.

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.

Arkansas Valley Green and Gold Hemp

27

SEASONED BOARD OF DIRECTORS

John R. McLernonChairmanMr. McLernon is an Honourary Chairman and Co-Founder of the Colliers Macaulay NicollsGroup Inc. Colliers Macaulay Nicolls is the largest partner of Colliers International CommercialReal Estate Services (“Colliers”) a global organization with over 240 offices in 50 countries. Heserved as Chairman and Chief Executive Officer of Colliers from 1977 to 2002, and as Chairmanuntil December 2004. Mr. McLernon also serves as a director of numerous corporations,income trusts, and theatre and arts organizations, and is Chairman of A&W Revenue RoyaltiesIncome Fund.

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

Michael A. DeGiglioCEO, Village FarmsA pioneer in the greenhouse industry, Mr. DeGiglio founded and has served as CEO of VillageFarms, one of the first and today the longest operating hydroponic vegetable greenhousebusiness in North America, since its inception in 1987. Prior to Village Farms, he founded andserved as CEO of Agro Dynamics, Inc., the first to introduce a number of new greenhousetechnologies to the North American market. Upon the acquisition of Agro Dynamics byEcoScience, a NASDAQ agricultural biotech company, he became CEO, until the company wasacquired privately by Village Farms in 2001. Mr. DeGiglio is a former U.S. Navy officer andtactical carrier jet aviator.

Dr. Roberta CookFrom 1985-2016, Dr. Cook was a Cooperative Extension Marketing Economist in theDepartment of Agricultural and Resource Economics (ARE) at the University of California, Davis.She conducted applied research and industry outreach programs focusing on the marketing andinternational trade of fresh fruits and vegetables, including the North American fresh tomatomarket, and trends in consumer demand and food distribution. She served on the Board ofDirectors of Ocean Mist Farms, Naturipe Farms and Sunkist, as well as numerous other boardand advisory boards in the produce industry.

David HolewinskiMr. Holewinski served as a director of Agro Power Development Inc. (“APDI”) from 2004 untilOctober 2006. Between 1995 and 2000, Mr. Holewinski also served as Senior Vice President ofBusiness Development for APDI. Mr. Holewinski has co-founded two biotechnology companies andalso co-founded a company with novel precast concrete technology for the construction industry.Between 1983 and 1988, Mr. Holewinski was a Manager of Business Development for ConAgra,International.

Stephen RuffiniCFO, Village FarmsMr. Ruffini began with Village Farms on January 5, 2009. Previously, Mr. Ruffini served as the ChiefOperating and Chief Financial Officer of Performing Brands, a small cap US publicly traded company.From 2001 until October 2005, Mr. Ruffini served as the Chief Financial Officer of Hit Entertainment,plc a publicly traded (FTSE-250) UK-company. Hit Entertainment is the preeminent young children’sentertainment company owning such brands as Barney the Dinosaur, Bob the Builder and Thomasthe Tank Engine. From 1993-2001, Mr. Ruffini served as the Chief Financial Officer and Treasurer ofLyrick Corporation and RCL Enterprises, Inc. privately-held companies.

Christopher C. WoodwardMr. Woodward is a member of the Audit Committee and Compensation Committee. Mr. Woodwardserves as a director for a number of private and public companies as well as charitable institutions.These include the P.A. Woodward Medical Foundation, Brentwood College and the Sea to SkyGondola Corp. He serves as the current Chair for the Vancouver Coastal Health Authority, and theChair of the Keg Royalty Trust.

28

December 2019

AN UNMATCHED PLATFORM FOR THE GLOBAL CANNABIS OPPORTUNITY