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Village Farms International, Inc. (NASDAQ: VFF) (TSX:VFF) reported its second-quarter financial results on Monday with consolidated sales of $70.4 million, which compares to $47.6 million in the same period of 2020. The company attributed the boost in sales mostly to the inclusion of Pure Sunfarms’ second-quarter revenues of $24.76 million and also to improved produce supply partner sales.
"We are so proud to report another record quarter for Pure Sunfarms' retail branded sales, which grew 22% sequentially – the fourth consecutive quarter of 20%-plus growth – which contributed to total net sales growth of 38% sequentially, once again outpacing the broader retail cannabis market as we continue to gain national market share," Michael DeGiglio, Village Farms CEO stated. "Importantly, we are also reporting a 192% sequential increase in adjusted EBITDA for Pure Sunfarms this quarter to C$9.1 million, a record since our Retail Branded Sales launch, and further evidence of the importance of our large-scale, low-cost cultivation capabilities combined with an exceptional management team and the right brand and product strategy."
Village Farms’ shares were trading 1.11% lower at $9.80 per share during Monday’s pre-market session.
Photo: Courtesy of Shelby Ireland on Unsplash