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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.
Village Farms International (NASDAQ: VFF) urges its shareholders to vote in the upcoming virtual annual meeting on June 28, 2024, at 12:00 p.m. Eastern time. Shareholders can vote online by visiting www.investorvote.com using their control number by June 26, 2024, at 12:00 p.m. Alternatively, they can mail or fax their proxy or voting instruction forms to Computershare Investor Services. The Notice Package, outlining the meeting’s agenda, was mailed to shareholders around May 30, 2024. For those who haven’t received it, registered shareholders should contact Computershare, and non-registered ones should contact their brokers. The meeting materials are also available on the Village Farms website.
Village Farms International (NASDAQ: VFF) has congratulated the Netherlands on advancing its legal recreational cannabis program, known as the Dutch Program. The scheme expanded from two to ten municipalities where regulated cannabis can be sold. Village Farms, through its subsidiary Leli Holland, holds one of ten cultivation and distribution licenses for recreational cannabis in the Netherlands. Production at their Drachten facility is expected to commence in Q4 2024, with sales beginning in Q1 2025. CEO Michael DeGiglio highlighted the importance of the Netherlands to Village Farms' international strategy, aimed at contributing high-quality cannabis products to both recreational and medicinal markets.
Village Farms International (NASDAQ: VFF) has amended and extended its C$10 million revolving line of credit with a Canadian bank. Effective May 24, 2024, the maturity date has been extended to May 24, 2027.
The amendments offer additional financial flexibility through expanded borrowing options, now including advances based on the Canadian Prime Rate, Base Rate, US Prime Rate, and the CORRA, in addition to the previously available SOFR.
These changes reflect the company's significant business growth since the original 2013 credit agreement. Other material terms remain unchanged.
Village Farms International, a cannabis company listed on NASDAQ as VFF, has increased its stake in Quebec-based Rose LifeScience by 10%, now holding an 80% interest. Rose LifeScience has significantly contributed to Village Farms' growth, with a 300% sales increase since 2021. This additional purchase is expected to immediately boost Village Farm's adjusted EBITDA and net income. The founding members of Rose, Davide Zaffino and Brian Stevenson, will retain their roles and 20% ownership. Village Farms is currently ranked second nationally in the Canadian cannabis market, with Rose holding a similar rank in Quebec.
Village Farms International (NASDAQ: VFF) celebrates the U.S. Department of Justice's decision to consider rescheduling marijuana from Schedule I to Schedule III under the Controlled Substances Act. This initiative commences a 60-day public comment period. Village Farms aims to leverage its successful cannabis operations in Canada to explore entry into the U.S. marijuana market, should the rescheduling be approved. The company is evaluating multiple strategies to capitalize on the potential legal changes and remains vigilant for regulatory updates.
Village Farms International, Inc. has appointed Carolyn Hauger, a seasoned finance and operations expert, to its Board of Directors. Hauger brings over 35 years of leadership experience in various companies, with a focus on financial strategy, business development, and consumer-packaged goods. Her extensive background includes roles as CFO at Ten-Nine Technologies and Lion, Inc., contributing to operational optimization and financial performance improvements. Hauger's appointment is expected to bring valuable insights and perspective to Village Farms.
Village Farms International reported strong Q1/24 results with total sales growing by 21%, net loss per share improving to ($0.03), and adjusted EBITDA increasing six-fold to $3.6 million. Canadian Cannabis retail sales grew by 28% year-over-year, with positive adjusted EBITDA and free cash flow. The company expanded its market share in various regions and achieved profitability in the Fresh Produce business. In the international market, Village Farms is set to start production in the Netherlands and has seen growth in Canadian export business. While there are positive growth trends, gross margins for Canadian Cannabis decreased to 25% and net loss for the U.S. Cannabis segment increased. Despite these challenges, Village Farms continues to focus on innovation and market leadership.
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