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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 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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