Village Farms International (Otc) ( ($VFF) ) has released its Q3 earnings. Here is a breakdown of the information Village Farms International (Otc) presented to its investors.
Village Farms International, a notable player in the controlled environment agriculture sector, is engaged in the production and supply of high-value plant-based consumer packaged goods with a strong foothold in the cannabis and fresh produce markets.
The company reported robust financial results for the third quarter of 2024, marked by a significant 20% year-over-year increase in total sales. This growth was largely driven by an impressive performance in Canadian cannabis, fresh produce, and international medicinal cannabis segments.
Key highlights from the earnings report include a 29% rise in Canadian cannabis net sales, a 20% uplift in fresh produce sales, and a remarkable 111% growth in international medicinal cannabis sales. Village Farms maintained its position as the number two market share leader in Canadian cannabis, while also achieving a positive adjusted EBITDA and net income in this segment. The fresh produce division also showed positive financial results, indicating a recovery from previous pricing challenges.
The company expanded its international presence by commencing cultivation in the Netherlands, marking its entry into the international recreational cannabis market. Management expressed optimism about continued international expansion and anticipated contributions from the Netherlands market in the coming year.
Looking forward, Village Farms is focused on driving profitable growth in its Canadian cannabis operations while managing inventory levels and expanding into new international markets. The company remains optimistic about its potential for increased profitability and cash flow generation in the future.
