Village Farms Intl Inc Stock Price, News & Analysis

Village Farms International has acquired the remaining equity ownership interest in Leli Holland, increasing its stake to 100% from 85%. Leli Holland is one of 10 licensed producers in the Dutch cannabis program. The company has completed construction of its cultivation facility in Drachten, featuring five flower rooms and additional space for drying, manufacturing, and packaging. Leli anticipates commencing cultivation in October, pending final regulatory inspections, with first sales expected in Q1 2025.

The facility will supply approximately 80 Dutch coffeeshops in participating jurisdictions. Village Farms sees the Dutch market as one of the most attractive -license cannabis opportunities globally. The company aims to leverage its position as a top Canadian Licensed Producer with EU-GMP certification to expand medicinal operations internationally and pursue recreational market expansion opportunities.

Village Farms International (NASDAQ: VFF) will participate in the Investor Summit Summer 2024 Virtual MicroCap Forum on August 20, 2024. Key points include:

• CEO Michael DeGiglio will present at 11:30 a.m. ET
• The presentation will be publicly available on the company's website
• A replay will be archived for later viewing
• Management will be available for one-on-one meetings with institutional investors

This event provides an opportunity for Village Farms to showcase its business to potential investors and engage with the financial community. Interested parties can schedule meetings through Lawrence Chamberlain at Loderock Advisors.

Village Farms International (NASDAQ: VFF) reported Q2 2024 results. Total sales grew 19% YoY to $92.1 million. The Canadian cannabis segment saw a 45% increase in net sales and achieved positive adjusted EBITDA. Fresh produce sales increased 7%. The consolidated net loss was $23.5 million, primarily due to an $11.9 million goodwill impairment in the U.S. cannabis segment. Cash flow from operations improved to $5.7 million.

Canadian cannabis continued to hold significant market share, improving its national ranking in various regions. The company expanded third-party supply and introduced new pre-roll products. U.S. cannabis sales declined, and fresh produce faced margin pressure but showed operational improvements. The company expects continued growth in both cannabis and produce segments, with the Netherlands production set to begin soon.

Village Farms International (NASDAQ: VFF) has announced it will host a conference call on August 8, 2024, at 8:30 a.m. ET to discuss its second quarter 2024 financial results. The company will release its Q2 2024 financial results via news release on the same day at 7:00 a.m. ET.

Participants can access the conference call through a webcast or by registering in advance for telephone dial-in information. While the live Q&A session is to analysts, others can submit questions via email before the call. For those unable to attend, an archive of the call will be available on the company's website shortly after completion.

Village Farms International (NASDAQ: VFF) will participate in the iAccess Alpha Buyside Best Ideas Summer Conference on June 25-26, 2024. Michael DeGiglio, President and CEO, will present on June 25 at 10:30 a.m. ET. This presentation will be webcast live and accessible via the company's website and webcaster4.com, with an archived replay available. The management team will hold one-on-one meetings with institutional investors on June 26. For meeting scheduling, visit iaccessalpha.com.

Village Farms International (NASDAQ: VFF) urges its shareholders to vote in the upcoming virtual annual meeting on June 28, 2024, at 12:00 p.m. Eastern time. Shareholders can vote online by visiting www.investorvote.com using their control number by June 26, 2024, at 12:00 p.m. Alternatively, they can mail or fax their proxy or voting instruction forms to Computershare Investor Services. The Notice Package, outlining the meeting’s agenda, was mailed to shareholders around May 30, 2024. For those who haven’t received it, registered shareholders should contact Computershare, and non-registered ones should contact their brokers. The meeting materials are also available on the Village Farms website.

Village Farms International (NASDAQ: VFF) has congratulated the Netherlands on advancing its legal recreational cannabis program, known as the Dutch Program. The scheme expanded from two to ten municipalities where regulated cannabis can be sold. Village Farms, through its subsidiary Leli Holland, holds one of ten cultivation and distribution licenses for recreational cannabis in the Netherlands. Production at their Drachten facility is expected to commence in Q4 2024, with sales beginning in Q1 2025. CEO Michael DeGiglio highlighted the importance of the Netherlands to Village Farms' international strategy, aimed at contributing high-quality cannabis products to both recreational and medicinal markets.

Village Farms International (NASDAQ: VFF) has amended and extended its C$10 million revolving line of credit with a Canadian bank. Effective May 24, 2024, the maturity date has been extended to May 24, 2027.

The amendments offer additional financial flexibility through expanded borrowing options, now including advances based on the Canadian Prime Rate, Base Rate, US Prime Rate, and the CORRA, in addition to the previously available SOFR.

These changes reflect the company's significant business growth since the original 2013 credit agreement. Other material terms remain unchanged.

Village Farms International, a cannabis company listed on NASDAQ as VFF, has increased its stake in Quebec-based Rose LifeScience by 10%, now holding an 80% interest. Rose LifeScience has significantly contributed to Village Farms' growth, with a 300% sales increase since 2021. This additional purchase is expected to immediately boost Village Farm's adjusted EBITDA and net income. The founding members of Rose, Davide Zaffino and Brian Stevenson, will retain their roles and 20% ownership. Village Farms is currently ranked second nationally in the Canadian cannabis market, with Rose holding a similar rank in Quebec.