Business
Village Farms International Reports Significantly Improved Second Quarter
Canadian Cannabis Retail Branded Sales Increase 18% Year-Over-Year (24% in Canadian Dollars), Significantly Outpacing Market GrowthCanadian Cannabis Delivers
About this update from Village Farms International, Inc.
[{"type":"text","content":"Canadian Cannabis Retail Branded Sales Increase 18% Year-Over-Year (24% in Canadian Dollars), Significantly Outpacing Market GrowthCanadian Cannabis Delivers Positive Net Income and 19th Consecutive Quarter of Positive Adjusted EBITDACanadian Cannabis Maintains Top-Three Market Share Position Nationally and Takes Over Number One Market Share Position in QuebecCanadian Cannabis Exports Increase 189% (217% in Canadian Dollars) Year-Over-YearUS Cannabis Delivers Sequential Revenue Growth and Positive Net Income, Adjusted EBITDA and Cash FlowFresh Produce Delivers Fourth Consecutive Quarter of Significant Sequential Improvement with Positive Adjusted EBITDA VANCOUVER, British Columbia, Aug. 09, 2023 (GLOBE NEWSWIRE) -- Village Farms International, Inc. (“Village Farms” or the “Company”) (NASDAQ: VFF) today announced its financial results for the second quarter ended June 30, 2023. All figures are in U.S. dollars unless otherwise indicated. Management Commentary “The second quarter saw the continuation of strong growth in Retail Branded sales in our Canadian Cannabis business, steady performance in our U.S. Cannabis business, and marked improvement in our Fresh Produce business, all of which contributed to significantly improved financial results on both a year-over-year and sequential basis,” said Michael DeGiglio, Chief Executive Officer, Village Farms. “Our Canadian Cannabis business delivered 24% year-over-year growth in Canadian dollar Retail Branded sales – all of which was generated organically – once again significantly outpacing expansion of the overall market. We maintained our top-three market share position nationally for the second quarter of 2023. Importantly, the business delivered these strong competitive results while generating positive net income and its 19th consecutive quarter of positive adjusted EBITDA, which was up 97% in Canadian dollars year-over-year.” Mr. DeGiglio continued, “The continuing standout performance of our Canadian Cannabis business is the result of a deliberate strategy and execution to win in Canada’s challenging market environment. In the last year-and-a-half we have launched seven new brands – the latest, Super Toast, last month – and more than 300 new SKUs. At the same time, we are realizing continuous production efficiencies to support future growth in Canada and internationally. Market s...