Village Farms International, Inc.
Village Farms International is a North American agricultural and controlled-environment growing company organized through operating subsidiaries in produce, cannabis, and renewable energy. Its business includes greenhouse-grown vegetables, legal cannabis production and distribution in Canada and the Netherlands, and a renewable natural gas royalty interest in British Columbia.
Fiscal year 2025 · change from previous year
Development 2020–2025
Business
Share of revenueControlled-environment greenhouse vegetables grown in North America, primarily tomatoes.
Adult-use cannabis cultivated and sold in Canada through licensed subsidiaries and brands.
Licensed cannabis production and supply in the Netherlands for regulated retail channels.
Landfill gas-to-renewable natural gas project participation through royalty economics.
Customers
The company sells fresh produce to retail customers and distributors serving U.S. and Canadian grocery markets, with sales concentrated in regional wholesale channels. Its cannabis businesses serve provincial boards, private retailers, and designated retail outlets in regulated markets, while the Dutch operation supplies legal coffee shops under the Netherlands pilot program. The renewable energy business earns royalty-linked revenue from a project partner rather than direct end customers.
Buy greenhouse vegetables for shelf-stable supply, quality consistency, and regional sourcing.
Provincial boards and private retailers buy branded and wholesale cannabis products for regulated consumer sales.
Designated coffee shops buy legal, quality-controlled cannabis supplied under the Netherlands experiment.
Project partners and municipal-linked arrangements generate royalty-based cash flows from landfill gas capture.
Strategy
The company’s strategy is to combine controlled-environment agriculture expertise with branded and wholesale cannabis opportunities in legally permitted markets. It also uses regulated international expansion and adjacent energy assets to diversify the business beyond fresh produce. Operationally, the focus is on leveraging cultivation know-how, distribution relationships, and product consistency to compete in regulated consumer categories.
Cannabis offers a higher-value consumer channel that can leverage the company's cultivation and branding capabilities.
Controlled-environment production supports consistent supply and quality in a competitive fresh produce market.
Royalty participation in renewable natural gas provides diversification outside agriculture and cannabis.
Geography
Village Farms operates across North America and Europe, with greenhouse produce production in British Columbia and cannabis operations in Canada and the Netherlands. Its produce markets are mainly the western United States and western Canada from British Columbia, while Ontario production historically served eastern and central North American markets. The company is also listed in the United States, incorporated in Ontario, and maintains executive offices in Florida.
Risks
Village Farms faces concentration risk in regulated cannabis and produce channels, where customer access, pricing, and distribution depend on third parties and government frameworks. The produce business is exposed to seasonality, oversupply, and perishable-product pricing pressure, while cannabis carries licensing, compliance, and competitive risks in Canada and abroad. The company also faces impairment, financing, and cybersecurity risks that can affect reported results and operating flexibility.
- Cannabis regulatory and channel riskImpact: HighLikelihood: High
Sales depend on licensed distributors, provincial boards, and private retailers operating within changing rules.
Exposure: Canadian and Dutch cannabis
- Single-customer dependence in Canadian produceImpact: HighLikelihood: Medium
Produce revenues rely on one sales, marketing and distribution agreement, increasing concentration risk.
Exposure: Produce segment
- Goodwill and intangible asset impairmentImpact: High
Cannabis reporting units carry significant goodwill and intangibles that depend on future performance assumptions.
Exposure: U.S. and Canadian cannabis
- Seasonality and weather/light exposureImpact: MediumLikelihood: Medium
Northern latitude greenhouse operations produce less in winter, creating quarterly revenue swings.
Exposure: British Columbia produce operations
- Oversupply and pricing pressure in greenhouse vegetablesImpact: MediumLikelihood: Low
An abundance of growers and perishable inventory can force lower prices and volatile margins.
Exposure: Tomatoes and other greenhouse vegetables
Accounting
Judgemental itemsCannabis segments carry material goodwill and intangibles, and valuation depends on future cash flow assumptions.
Impact: Can create non-cash charges that materially affect earnings and equity.
British Columbia greenhouse production is lower in winter months, affecting quarterly comparability.
Impact: Revenue and margin trends can vary materially by quarter.
The Delta RNG Project provides revenue through a royalty share rather than direct product sales.
Impact: Classification and timing affect segment revenue presentation.
Operations span the U.S., Canada, and the Netherlands, creating translation exposure.
Impact: Can affect reported revenue, assets, and equity.
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Last updated: 24/09/2026