Pure Sunfarms Pure Sunfarms' (Cannabis Joint Venture) Financial Results for the Year Ended December 31, 2019
(All comparable figures are for the year ended December 31, 2018.)
•Net sales (before Village Farms' proportionate share), which consisted entirely of dried cannabis, were C$82.8 million (US$62.3 million) compared with C$4.9 million (US$3.7 million);
•"All-in" cost of cultivation (including depreciation) was C$0.78 (US$0.59) per gram;
•Gross margin was 76% compared with 69%;
•Selling, general and administrative expenses (before Village Farms' proportionate share) were C$10.4 million (US$7.9 million) compared with C$3.4 million (US$2.5 million);
•Net income (before Village Farms' proportionate share) of C$36.5 million (US$27.4 million); and,
•EBITDA (before Village Farms' proportionate share) was C$54.1 million (US$40.7 million), resulting in an EBITDA margin of 65%, compared with C$0.3 million (US$0.2 million).