Cannabis cultivator
Village Farms International Inc. (TSX: VFF, NASDAQ: VFF, Forum) released its financial results for the Q2 2021 on Monday, marking the fourth consecutive quarter of sequential growth in retail branded sales at 22% and 11th consecutive quarter of positive EBITDA for its subsidiary, Pure Sunfarms.
Pure Sunfarms, one of the single largest cannabis operations in the world, achieved 135% year-over-growth and achieved 70% year-over-year growth and 38% sequential growth in total net sales. VFF also saw 192% sequential growth and 264% year-over-year growth in Adjusted EBITDA to $9.1 million (CAD), a record since the launch of its retail branded products in late 2019. VFF stock is up 18% over the last three months and 57% over the past year.
Village Farms’ CEO Michael DeGiglio said that the continued strong momentum in retail branded sales further underscores the value of the company’s initial focus on the dried flower category.
“The dried flower market, including pre-rolled products, still comprises more than 70%* of total retail sales, with second quarter dollar-value growth five-times that of the three largest 2.0 categories. With expected continued sales momentum going forward, and in view of potential growth opportunities, we have expanded our capacity by 50% and plan to begin cultivation in the completed half of Delta 2, our second, and now fully licensed, 1.1 million square-foot greenhouse facility next month. We continue to look forward to adding the second half of Delta 2 to our capacity next year and have an additional 2.4 million square feet of production area on the same site at our Delta 1 facility that can be rapidly converted to cannabis production as the Canadian legal cannabis market continues to grow.”
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