Village Farms Q2: record revenue $92.1M (+19% YoY); Canadian cannabis sales up 45%, net loss $23.5M

Village Farms International, Inc.

2024-Q2 EPS reported -$0.24 revenue$170,259,000

Canadian cannabis net sales up 45% to $40.7M record; retail branded +38%; gross margin fell to 26% from 38%.
U.S. Cannabis recorded $11.9M goodwill/intangibles impairment; net sales down to $4.3M from $5.3M.
Fresh Produce sales up 7% to $47.1M; net loss $8.3M (prior year had $5.6M legal settlement benefit).
Consolidated adjusted EBITDA was -$3.6M vs +$4.5M a year ago; operating cash flow improved to +$5.7M.
Increased Rose LifeScience ownership to 80%; Netherlands production build on track for Q4 2024 start.

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