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Village Farms International, Inc. (symbol: VFF) is a leading North American grower and marketer of branded, high-quality, hydroponic greenhouse-grown produce. The company produces a variety of fresh vine-ripened tomatoes, bell peppers, and cucumbers that are handpicked at their peak flavor. With operations in British Columbia and Texas, Village Farms is committed to exceeding customer expectations through quality produce, food safety standards, and sustainable growing practices.
Village Farms prides itself on their HydroPerfect® growing methods, which allow for year-round production of vegetables that are healthier for both consumers and the planet. The company operates intensive agricultural greenhouse facilities and also delves into the cannabis industry through its wholly owned subsidiary, Pure Sunfarms, which supplies cannabis products to other licensed providers and provincial governments in Canada and internationally. Another subsidiary, Balanced Health, focuses on developing and selling CBD-based products including ingestible, edible, and topical applications.
The company’s core business is divided into four operating segments: Produce, Cannabis-Canada, Cannabis-U.S., and Energy, with a majority of revenue generated from the Produce segment. Village Farms has demonstrated consistent industry leadership, evidenced by its #1 position in Ontario's licensed producer market and significant market share gains in Quebec, Alberta, and British Columbia. Recent launches such as Super Toast have rapidly gained national momentum in Canada, reinforcing Village Farms' market standing.
Village Farms continues to expand its footprint and market presence, consistently retaining dominant positions in various categories across multiple provinces. As of May 2024, the company is poised to expand further into Atlantic Canada, ensuring nationwide availability of its leading brands.
On August 16, 2021, Village Farms International (NASDAQ: VFF) announced its acquisition of Balanced Health Botanicals (BHB) for US$75 million, consisting of US$30 million in cash and US$45 million in common shares. BHB, known for its brand CBDistillery, holds a significant market share in the CBD industry and will enhance Village Farms' e-commerce capabilities and retail access in the US. The acquisition aligns with Village Farms' strategy to expand into high-growth plant-based consumer goods and cannabis sectors, leveraging its extensive supply chain and greenhouse operations.
Village Farms International has acquired 100% of Colorado-based CBD-platform Balanced Health Botanicals for US$75 million. This acquisition grants Village Farms immediate entry into the US CBD market, which is projected to grow to US$16 billion by 2025. Balanced Health is a profitable entity with a strong e-commerce presence through its brand CBDistillery™, contributing expected annual sales of over US$30 million. The transaction is expected to be immediately accretive to net income, enhancing Village Farms' strategic positioning in the cannabis industry.
Village Farms International (NASDAQ: VFF) reported significant growth in its Q2 2021 results. Pure Sunfarms achieved a 22% sequential increase in retail branded sales, marking the fourth consecutive quarter of growth, and a 192% increase in adjusted EBITDA to C$9.1 million. Total net sales rose 38% sequentially, attributed to strong performance in the dried flower market, where Pure Sunfarms became the top-selling licensed producer in Ontario. The company's expansion strategy includes a 50% capacity increase in cultivation. However, the produce segment faced a 4% decline in sales due to lower tomato prices.
Village Farms International (VFF) plans to release its second quarter 2021 financial results on August 9, 2021, at 7:00 a.m. ET. A conference call will follow at 8:30 a.m. ET for discussion of the results. The call can be accessed via telephone or online. Village Farms is a major greenhouse grower in North America and aims to be a leader in cannabis and CBD products. Its subsidiary, Pure Sunfarms, is a significant global player in cannabis production, generating positive adjusted EBITDA for nine consecutive quarters.
On July 12, 2021, Village Farms International (VFF) announced the filing of a universal shelf registration statement on Form S-3 with the SEC, replacing an earlier statement from April 2020. As a "well-known seasoned issuer," this filing allows VFF flexibility to issue securities for future offerings to pursue strategic opportunities. Although there are no immediate plans to offer securities, the company emphasizes its strong position in the growing cannabis and CBD markets. The New Registration Statement aims to facilitate potential funding for new projects and initiatives.
Village Farms International (TSX: VFF) recently announced a significant expansion of its cannabis cultivation capabilities through its subsidiary, Pure Sunfarms. The company received a license amendment from Health Canada for its Delta 2 facility, allowing immediate cultivation in the first half and targeting completion for the second half in 2022. This amendment boosts total cultivation capacity to 1.65 million square feet, with plans to reach 2.2 million square feet later. Pure Sunfarms has consistently recorded over 20% growth in retail branded sales over the last three quarters.
Village Farms International (NASDAQ: VFF) announced that CEO Michael DeGiglio will participate in a virtual fireside chat at the Cantor Fitzgerald Canadian LPs Cannabis Forum on June 14, 2021, at 11:00 a.m. ET. The presentation will be available live on their website, with an archive accessible for 90 days. Village Farms is a leading greenhouse grower in North America, focusing on cannabis and CBD opportunities. Its subsidiary, Pure Sunfarms, is a top cannabis operation in Canada, aiming for growth in the U.S. and international markets.
On June 10, 2021, Village Farms International (TSX: VFF, NASDAQ: VFF) announced the results of its annual and special shareholder meeting. A total of 49,330,959 shares, or 60.76% of the outstanding shares, were voted. All resolutions presented were approved, including the election of directors with Michael A. DeGiglio receiving 94.31% of votes. PricewaterhouseCoopers LLP was re-appointed as auditor. Shareholders also approved amendments to the Amended and Restated Equity Plan. Full voting results will be available on SEDAR.
Village Farms International (NASDAQ: VFF) announced a normal course issuer bid (NCIB) accepted by the Toronto Stock Exchange, allowing the company to repurchase up to 4,062,309 common shares, equating to about 5% of its outstanding shares, over a year. The NCIB runs from May 26, 2021, to May 25, 2022, with daily purchase limits based on trading volume. The company believes its shares may not reflect their true value, presenting this as a prudent use of capital without altering growth strategies. No prior repurchases have occurred in the last 12 months.
Village Farms International (NASDAQ: VFF) will participate in a virtual 'fireside chat' at the BMO Capital Markets 16th Annual Farm to Market Conference on May 20, 2021, at 10:40 a.m. ET. CEO Michael DeGiglio and CFO Stephen Ruffini will represent the company. A live webcast will be accessible on Village Farms' website and archived for 90 days. Village Farms is a leader in greenhouse agriculture and is expanding into the cannabis and CBD markets across North America and internationally.
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