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Village Farms International, Inc. (NASDAQ:VFF) (TSX:VFF) released its third-quarter financial results Tuesday, reporting net income of $5.3 million, compared to $2.0 million in the same period of the prior year.
"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," Michael DeGiglio, CEO of Village Farms stated. "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.
DeGiglio added that the purchase of Balanced Health Botanicals during the quarter, resulted in combined Canadian and U.S. sales of $31.2 million, making up for 43% of the company’s total sales.
“Balanced Health not only provides a growing and profitable platform with exceptional cannabis experience for the U.S. CBD market opportunity but also the potential for expansion across all cannabinoid products, including high-THC products, as permissible under currently evolving legislation,” DeGiglio pointed out.
Price Action
Village Farms’ shares were trading 5.76% higher at $8.82 per share during Tuesday’s pre-market session.
Photo: Courtesy of Esteban Lopez on Unsplash