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.

40,6 %

15,0 %

+10,2 %

2.64

1.93

— Village Farms International, Inc.
%
Fresh produce35% Controlled-environment greenhouse vegetables grown in North America, primarily tomatoes.
Canadian cannabis45% Adult-use cannabis cultivated and sold in Canada through licensed subsidiaries and brands.
International cannabis15% Licensed cannabis production and supply in the Netherlands for regulated retail channels.
Renewable energy5% Landfill gas-to-renewable natural gas project participation through royalty economics.

The company sells fresh produce to retail customers and distributors serving U.S. and Canadian grocery markets, with...

  • Retail grocery and produce distributorsprimary

    Buy greenhouse vegetables for shelf-stable supply, quality consistency, and regional sourcing.

  • Canadian adult-use cannabis channelsprimary

    Provincial boards and private retailers buy branded and wholesale cannabis products for regulated consumer sales.

  • Dutch regulated cannabis outletssecondary

    Designated coffee shops buy legal, quality-controlled cannabis supplied under the Netherlands experiment.

  • Renewable energy counterpartiesemerging

    Project partners and municipal-linked arrangements generate royalty-based cash flows from landfill gas capture.

Village Farms operates across North America and Europe, with greenhouse produce production in British Columbia and...

  • •British Columbia is the core produce and renewable energy operating base
  • •Western U.S. and western Canada are key produce end markets
  • •Canadian cannabis is sold through regulated national channels
  • •The Netherlands operation supplies legal coffee shops
  • •U.S. listing and Ontario incorporation reflect a cross-border structure

The company’s strategy is to combine controlled-environment agriculture expertise with branded and wholesale cannabis...

01
Scale regulated cannabis businessesmedium-term

Cannabis offers a higher-value consumer channel that can leverage the company's cultivation and branding capabilities.

02
Optimize greenhouse produce operationsshort-term

Controlled-environment production supports consistent supply and quality in a competitive fresh produce market.

03
Develop adjacent renewable energy economicsmedium-term

Royalty participation in renewable natural gas provides diversification outside agriculture and cannabis.

Village Farms faces concentration risk in regulated cannabis and produce channels, where customer access, pricing, and...

high

Single-customer dependence in Canadian produce

Produce revenues rely on one sales, marketing and distribution agreement, increasing concentration risk.

Scope
Produce segment
Materiality
high
high

Cannabis regulatory and channel risk

Sales depend on licensed distributors, provincial boards, and private retailers operating within changing rules.

Scope
Canadian and Dutch cannabis
Materiality
high
high

Goodwill and intangible asset impairment

Cannabis reporting units carry significant goodwill and intangibles that depend on future performance assumptions.

Scope
U.S. and Canadian cannabis
Materiality
high
medium

Oversupply and pricing pressure in greenhouse vegetables

An abundance of growers and perishable inventory can force lower prices and volatile margins.

Scope
Tomatoes and other greenhouse vegetables
Materiality
high
medium

Seasonality and weather/light exposure

Northern latitude greenhouse operations produce less in winter, creating quarterly revenue swings.

Scope
British Columbia produce operations
Materiality
medium
Goodwill and intangible asset impairment
Can create non-cash charges that materially affect earnings and equity
Seasonality in produce revenue
Revenue and margin trends can vary materially by quarter
Royalty revenue recognition
Classification and timing affect segment revenue presentation
Foreign currency translation
Can affect reported revenue, assets, and equity

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: 29/04/2026