Business
Village Farms International Reports Third Quarter 2021 Financial Results: Adjusted EBITDA Up 49% Year-Over-Year /Another Record Quarter for Pure Sunfarms' Sales and Adjusted EBITDA
Consolidated EPS of $0.01 per share and Consolidated Adjusted EBITDA of $6.8 Million, Driven by 12th Consecutive Quarter of Pure Sunfarms' Positive Adjusted
About this update from Village Farms International, Inc.
[{"type":"text","content":"Consolidated EPS of $0.01 per share and Consolidated Adjusted EBITDA of $6.8 Million, Driven by 12th Consecutive Quarter of Pure Sunfarms' Positive Adjusted EBITDA Pure Sunfarms Remains Top-Selling Dried Flower Brand in Ontario, Alberta and British Columbia Completed the Acquisition of Balanced Health Botanicals: Combined North American Cannabis Operations Comprised 43% of Total Village Farms Sales Village Farms Fresh Produce Delivered Positive Adjusted EBITDA VANCOUVER, BC, Nov. 9, 2021 /PRNewswire/ - Village Farms International, Inc. (\"Village Farms\" or the \"Company\") (NASDAQ: VFF) (TSX: VFF) today announced its financial results for the third quarter ended September 30, 2021. All figures are in U.S. dollars unless otherwise indicated. For Consolidated Results see below.\n\n \n \n \n \n \n \n\n \nManagement Commentary\n\"Our strong third quarter results were driven by another record performance from our Canadian cannabis business, Pure Sunfarms, as well as a partial quarter's contribution from the acquisition of Balanced Health Botanicals, and improved results in our Village Farms Fresh Produce business,\" said Michael DeGiglio, CEO, Village Farms. \"Pure Sunfarms achieved record net sales and adjusted EBITDA since launching its retail branded products two years ago, with a healthy 44% gross margin, driven by our focus on profitable market share, leading cost of production and leadership in premium quality flower. We are especially proud of this performance during a period that saw aggressive price reductions by certain competitors in what appears to be an attempt to \"buy\" market share, dispose of inventory, and/or generate needed cash, while we have maintained the same \"Everyday Premium\" pricing strategy we launched with two years ago, while enhancing our gross margin.\"\n\"We are proud to have achieved what we have to date organically, and look forward to continuing to build on our leading market share performance in the expanding Canadian market, while additionally pursuing international sales. To address anticipated demand, we began planting out in half of our second 1.1 million square foot production facility (Delta 2) in September. Internationally, Pure Sunfarms completed its first export shipment and saw the completion of the EU-GMP certification inspection, a critical step towards EU-GMP certification and futur...