"As our Cannabis operations continued to deliver strong growth and profitability, Village Farms Fresh (Produce) faced one of the most difficult macro environments in its history. Village Farms continues to service its customers amid uncertainty and disruption linked to COVID-19 and is actively managing its business to respond to the impact. The conference call will also be archived on Village Farms' website at http://villagefarms.com/investor-relations/investor-calls. These protocols take into consideration guidance from state and local government agencies as well as the Centers for Disease Control and Prevention and other public health authorities. In independent lab testing, Crop Defender 3 was significantly better than competitors at controlling powdery mildew and eliminating mite populations after just one application.". The grand jury released a report May 8 that summarizes the countys cannabis licensing process and issues seven recommendations for Humboldt Countys Public Works Department, Planning and Building Department and Board of Supervisors to change it, according to a Times-Standard report. Sales increased 19% to $41.4 million; and adjusted EBITDA was negative ($6.2 million). Balanced Health was acquired on Aug. 16, 2021 and their results are presented in the operations of our consolidated wholly-owned subsidiaries for the three months ended March 31, 2022. The foliar spray can be safely applied up until the day of harvest, leaving behind zero pollutants. Hoffman, a retired business executive and former Bain and Company partner, was appointed as chairman in 2017 by Massachusetts Treasurer Deborah Goldberg, according to the news outlet. Final Bell brings best-in-class industry know-how in extraction, manufacturing, logistics and scalability to help carry our vision forward to a much wider audience of cannabis connoisseurs.. 2022 GIE Media, Inc. All Rights Reserved. Final Bell is responsible for the end-to-end manufacturing, compliance and go-to-market of SHERBINSKIS highly coveted cannabis products in the Canadian market. A new generation of disease control formulated from citric acid, Earth's Ally Disease Control is a fungicide and bactericide that leaves no harmful residues and can be used up until day of harvest. We are evaluating new initiatives, including marketing partnerships to build more scale, spread costs and diversify product offerings. She also participated in Massachusetts initial efforts to implement the states adult-use cannabis law, which voters approved in 2016. This field is for validation purposes and should be left unchanged. Total Cannabis segment adjusted EBITDA increased 9% year-over-year to $2.7 million. ", (All comparable periods are for First Quarter, 2021), Canadian Cannabis (Pure Sunfarms and Rose LifeScience) Financial Summary for the Three Months Ended March 31, 2022 and March 31, 2021, Canadian Cannabis' Percent of Sales by Product Group1, U.S. Cannabis (Balanced Health Botanicals and VF Hemp), Strategic Growth and Operational Highlights. Pure Sunfarms received EU GMP certification for its 1.1 million square foot Delta 3 cannabis production facility, permitting Pure Sunfarms to export EU GMP-certified medical cannabis to importers and distributors in international markets that require EU GMP certification; Pure Sunfarms launched 29 new SKUs across four product categories and remained the top-selling brand of dried flower products in key markets of Ontario, Alberta and British Columbia*; Based on third-party data, it is estimated Rose LifeScience is a top-three Licensed Producer in Quebec; and. *Based on OCS market data for the quarter ended March 31, 2022 and sales information provided by Buddi retail store data from over 300 retailers across Alberta and British Columbia as of March 31, 2022. SARASOTA, Florida, May 10, 2022 - PRESS RELEASE -Grower's Ally, a producer of safe and effective pesticides for cannabis and hemp, announced the release of its newest addition to the Grower's Ally product family. Reconciliation of Net Income to Adjusted EBITDA. Crop Defender 3 is a triple-action crop protection formula made with a synergistic blend of botanical oils and a surfactant. Participants can access the conference call by telephone by dialing (416) 764-8659 or (888) 664-6392, or via the Internet at: https://bit.ly/3LwGlTM. In Quebec, we estimate that Rose is now a top three Licensed Producer by sales following strong market share gains since retail launch early last year. All figures are in U.S. dollars unless otherwise indicated. Final Bells industry expertise, multi-geographical end-to-end supply chain for hardware and packaging, and seed-to-sale compliance infrastructure will allow SHERBINSKIS to provide the same high-end customer experience in Canada that established their brand in California, said Greg Boone, CEO of Final Bell Canada. Growers Ally products are an integral part of leading IPM programs, controlling diseases and pests with formulas that are proven effective through rigorous independent laboratory testing. There are no year-over-year comparisons since Balanced Health Botanicals was acquired by Village Farms on Aug. 16, 2021. Total Cannabis segment net sales increased 65% year-over-year to $28.8 million, representing 41% of total Village Farms sales; and. This partnership solidifies a long-standing relationship, born from a shared vision to provide a consistent, high-end cannabis brand experience that begins with incredible product.. The cannabis companies have entered into an agreement combining their expertise, ambitions and end-to-end supply chain scalability to expand into new markets. Pure Sunfarms' products continue to resonate with consumers, as our continued focus on quality, innovation and new product launches strengthen what has become one of the most respected and trusted brands in the Canadian market. The report recommends that the Board of Supervisors approve funding for the Planning and Building Department to upgrade Accela, the countys online permit submission system, to ensure that applicants can complete the application and pay the associated fees online, the Times-Standard reported. The following table reflects a reconciliation of net income to Adjusted EBITDA, as presented by the Company: This press release is intended to be read in conjunction with the Company's Consolidated Financial Statements ("Financial Statements") and Management's Discussion & Analysis ("MD&A") for the three months and year ended March 31, 2022 in the Company Form 10-Q, which will be filed on (www.sec.gov/edgar.shtml) and SEDAR (www.sedar.com) and will be available at www.villagefarms.com. This will mark the first time SHERBINSKIS products are available outside of California and Michigan, and its successful foray into Canada sets expectation of continued acceleration of sales. Our site uses cookies and other tracking technologies to assist with navigation and your ability to provide feedback, analyze your use of our products and services, assist with our promotional and marketing efforts. Credited with producing some of the most influential genetics in modern cannabis including Sunset Sherbert, Mochi, and Bacio Gelato, this partnership with Final Bell will expand the brands availability into new markets. A key component to our continued success is ensuring were offering our discerning customers consistency and quality every time they interact with our brand, said Mario Guzman, founder of SHERBINSKIS. Crop Defender 3 is a triple-action crop protection formula made with a synergistic blend of botanical oils and a surfactant. The land use applications are expected to increase, the grand jury noted in its report, for both residential and commercial development in the county, and since Prop. Kim oversees the Alcoholic Beverages Control Commission and serves as general counsel to the Treasury, the news outlet reported. That obviously goes for our cannabis but also the hardware and packaging we put it in. Rose launched 14 new cannabis SKUs and shipments of own brands increased 85% compared to the fourth quarter of 2021. It is trusted by large-scale growers for use in the vegetative and flowering stages and suitable for all grow environments and cultivation facilities. We are currently unable to assess the ultimate impact of the COVID-19 pandemic on our business and our results of operations for future periods. The agency thanks the chair for his commitment to ensuring a safe, effective and accessible marketplace in our state.. Net loss attributable to Village Farms International Inc. Consolidated sales increased 34% year-over-year to $70.2 million from $52.4 million; Consolidated net loss was ($6.5 million), or ($0.07) per share, compared with ($7.4 million), or ($0.10) per share; and. We expect continued momentum throughout 2022 and beyond as each of our cannabis businesses continues to launch innovative new products that address evolving consumer demand. The telephone replay will be available until Tuesday, May 17, 2022 at midnight (ET). Marijuana Venture is the leading B2B monthly publication for the cannabis industry. Consolidated adjusted EBITDA was negative ($6.1 million) compared with positive adjusted EBITDA of $0.4 million. A detailed discussion of our consolidated and segment results can be found in the 10Q MD&A on the Village Farms website under Financial Reports (https://villagefarms.com/financial-reports/) within the Investors section. In March 2020, the World Health Organization declared the outbreak of the COVID-19 virus a global pandemic. "In what is a typically soft season for retail sales in Canada, both Pure Sunfarms and Rose gained share in their respective focus markets, and delivered a 14th consecutive quarter of positive adjusted EBITDA for Canadian Cannabis. Village Farms' management team will host a conference call today, Tuesday, May 10, 2022, at 8:30 a.m. Goldberg will accept applications for Hoffmans replacement until June 4, The Daily News reported. This outbreak continues to cause major disruptions to businesses and markets worldwide as the virus continues to spread. Former Chairman Steve Hoffman left his post April 25 and Deputy Treasurer Sarah Kim was sworn in last week. The Company's financial statements for the three months ended March 31, 2022, as well as the comparative periods for 2021, have been prepared and presented under United States Generally Accepted Accounting Principals ("GAAP"). Cannabis Business Times interactive legislative map is another tool to help cultivators quickly navigate state cannabis laws and find news relevant to their markets. Goldberg has appointed Kim as the CCCs interim chairwoman as her team searches for a more permanent replacement for Hoffman, according to The Daily News. The Planning and Building Department should also notify applicants of the corrective actions required to get their applications approved for applications pending more than 30 days, according to the grand jurys recommendations, and by Dec. 31, Public Works employees should verify that a roadway that is part of the permitting application meets the applicable requirements, the news outlet reported. Marijuana Venture 4000 Airport Way S. Seattle, WA 98108, @2020 - All Right Reserved. The grand jury also recommended that the Public Works Department determine the funding needed and submit a budget request to build out Accela modules for Planning and Building Department referrals for (1) encroachment permitting, (2) legal document review, (3) map review, (4) a drainage fee calculator, (5) encroachment violation and tracking, (6) reporting tools for each module and other modules determined to be necessary, according to the news outlet. The OMRI Listed miticide, insecticide, and fungicide contain active ingredients from nature that are scientifically proven to kill powdery mildew, spider mites, russet mites, thrips, aphids, and other soft-bodied insects as well as their eggs on contact. 2022 Earth's Ally. The report also suggests that the Board of Supervisors should approve enough funding for the Public Works Department for fiscal year 2022-2023 to implement Accela to meet the departments specific needs, the Times-Standard reported. View More, Robert Eddy, Ryan Douglas Gevin Gros, Christine DeJesus: Hort How-To, Tom Schultz and Rino Ferrarese: Technically Speaking, Mojave Richmond and Robert C. Clarke: Growing Pains, https://villagefarms.com/financial-reports/, http://villagefarms.com/investor-relations/investor-calls, Humboldt County California Cannabis Growers, Massachusetts Cannabis Control Commission Regulations, Selling, general and administrative expenses, Less: net loss attributable to non-controlling interests, net of tax. Strong revenue growth was more than offset by the inflationary impact of freight, labor, fertilizer, packaging and other cost increases. We remain focused on seizing opportunities to continue to deliver top-tier profitability and market share in the high-growth global cannabis market. Growers Ally Spider Mite Control is an insecticide, miticide and repellent for use on cannabis and hemp. Final Bell enables cannabis brands to seamlessly enter new categories and markets, allowing them to scale while eliminating key risks to expansion. We offer access to independent lab testing, acertificate of analysis on each of our formulas and all state registrations to help you make the best choices to protect your grow operation., The leading business magazine for the legal cannabis industry. With our Canadian Cannabis business continuing to grow sales and market share domestically, we look forward to capitalizing on Pure Sunfarms' recent EU GMP certification to commence exportation to international markets. Rose is well positioned to continue this momentum throughout 2022, further benefitting from the many opportunities for collaboration with Pure Sunfarms. RELATED: Sacramento Plans to Use State Funding to Help Cannabis Businesses Navigate Licensing Process. Host of @theradexpo @interchange_mv #legalweed. Developed with active ingredients from nature, Growers Ally formulas are OMRI Listed for use in organic gardening. "Crop Defender 3 is an exceptional product for controlling common cannabis pests. The grand jurys assessment and recommendations are aimed at addressing the more than 900 cannabis-related permit applications that were pending in Humboldt County as of January, according to the Times-Standard. VANCOUVER, BC, May 10, 2022 /CNW/ - PRESS RELEASE - Village Farms International, Inc. today announced its financial results for the first quarter ended March 31, 2022. Several countries as well as certain states and cities within the United States and Canada have enacted temporary closures of businesses, issued quarantine or shelter-in-place orders and taken other restrictive measures.
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