VFF financials out (Pure Sunfarms) !VEry strong news out of VFF regarding PSF, great for EMH too (their 50%):
- Net income improved to positive US$0.3 million, orUS$0.01 per share, and included the contribution of positive net income from Pure Sunfarms Corp. ("Pure Sunfarms") of US$2.8 million. This compares with a net loss of (US$0.6 million), or(US$0.02) per share;
- Sales, including the Company's proportionate share of Pure Sunfarms' sales, increased toUS$40.6 million compared with US$36.9 million;
- EBITDA, was US$1.5 million compared with US$2.6 million. EBITDA included $0.9 million from Pure Sunfarms;
"It is a remarkable achievement for Pure Sunfarms' to not only generate positive net income in just its first full quarter of sales but for Pure Sunfarms to be profitable for the entire year, during most of which the Pure Sunfarms greenhouse was in the process of being converted for cannabis production," said Michael DeGiglio, Chief Executive Officer, Village Farms. "It is demonstrative of the value that Village Farms, with its 30-years of experience as a large-scale, low-cost developer and grower, brings to the Pure Sunfarms joint venture, as well as the advantage of pursuing the Canadian cannabis opportunity via an established, high-performance greenhouse operation with more than 750 years of combined grower experience, an experienced skilled labour force already in place, and the benefit of years of operating history across multiple crops in multiple regions around the world."
"Pure Sunfarms is positioned for earnings growth throughout 2019 and beyond as it ramps to full run rate annual production of 75,000 kilograms by mid-year, commences sales to the Ontario Cannabis Store upon receipt of its processing and packaging licenses, and redirects sales to the retail market following conclusion of its supply agreement with Emerald Health Therapeutics at the end of this year. To this end, Pure Sunfarms is steadily advancing its product and brand strategies to realize its vision to be a premier vertically integrated supplier to the Canadian cannabis market, with a reputation for quality, consistency, safety and reliability."