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. "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. All figures are in U.S. dollars unless otherwise indicated. 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. Treats and controls: powdery mildew, downy mildew, blight, canker, black spot and leaf spot. We are evaluating new initiatives, including marketing partnerships to build more scale, spread costs and diversify product offerings. ET to discuss its financial results. document.getElementById( "ak_js_1" ).setAttribute( "value", ( new Date() ).getTime() ); In sending your photos and stories you agree to our terms and conditions. ", (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. "Crop Defender 3 is an exceptional product for controlling common cannabis pests. The telephone replay will be available until Tuesday, May 17, 2022 at midnight (ET). Village Farms' management team will host a conference call today, Tuesday, May 10, 2022, at 8:30 a.m. All Rights Reserved. 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. 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. The integration of Balanced Health into the Village Farms family is progressing very well and confirms our belief in both the potential within the existing cannabinoid business and the significant near- and long-term opportunities in both the low-THC and high-THC product categories. 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. It is trusted by large-scale growers for use in the vegetative and flowering stages and suitable for all grow environments and cultivation facilities. Rose launched 14 new cannabis SKUs and shipments of own brands increased 85% compared to the fourth quarter of 2021. 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. Designed and Developed by. 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. 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. Proudly made in the USA and sold at stores nationwide. 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. 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. 
Reconciliation of Net Income to Adjusted EBITDA. "Our U.S. Cannabis segment delivered a solid performance, highlighted by a strong gross margin and positive adjusted EBITDA contribution. In response to the COVID-19 pandemic, the Company implemented safety protocols and procedures to protect its employees, its subcontractors, and its customers. 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. 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. Use for all plants and trees: vegetables, fruits, flowers, ornamentals, trees and shrubs. 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. The report also recommends that the Planning and Building Department act on all interim cannabis permits in Humboldt County upon receiving notice of the state provisional licenses approval or denial, the Times-Standard reported. Total Cannabis segment net sales increased 65% year-over-year to $28.8 million, representing 41% of total Village Farms sales; and. The brands legendary Gelato was deemed, The Worlds Most Sought-After Cannabis Strain by streetwear and culture authority Highsnobiety. Total Cannabis segment adjusted EBITDA increased 9% year-over-year to $2.7 million. ", DeGiglio concluded, "Consumer takeaway trends during the first quarter further validated our brand and cultivation strategies. RELATED: Sacramento Plans to Use State Funding to Help Cannabis Businesses Navigate Licensing Process. Developed with active ingredients from nature, Growers Ally formulas are OMRI Listed for use in organic gardening. However, even in the currently negative EBITDA environment, we maintain the highest conviction that our U.S. cultivation footprint is a powerhouse opportunity for legal recreational cannabis when we can participate. As of May 9, 2022, all of the Company's operations are operating normally, however, the extent to which COVID-19 and the related global economic crisis affect the Company's business, results of operations and financial condition, will depend on future developments that are highly uncertain and cannot be predicted, including the scope and duration of the pandemic and any recovery period, future actions taken by governmental authorities, central banks and other third parties (including new financial regulation and other regulatory reform) in response to the pandemic, and the effects on our produce, clients, vendors and employees. 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. He had been the only original member left on the commission for nearly a year and a half. The conference call will also be archived on Village Farms' website at http://villagefarms.com/investor-relations/investor-calls. The first highly anticipated product launch, Orange Sherbs Live Resin All-in-One Vape, quickly sold out upon release in Ontario. In independent lab testing, Crop Defender 3 was significantly better than competitors at controlling powdery mildew and eliminating mite populations after just one application.". Our focus is to provide transparency to cultivators, Growers Ally CEO Scott Allshouse said. She also participated in Massachusetts initial efforts to implement the states adult-use cannabis law, which voters approved in 2016. stores nationwide. Sales increased 19% to $41.4 million; and adjusted EBITDA was negative ($6.2 million). SHERBINSKIS will utilize Final Bells end-to-end solution to quickly bring its product to new audiences while maintaining the quality and experience their customers demand. Each company expanded its product offerings in the first quarter of 2022: Balanced Health's brand, CBDistillery, launched its hemp extract in more than 1,000 Pet Smart stores in the U.S. through its partnership with leading pet supplement brand, Zesty Paws; and. 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. "We committed to launching a 3-in-1 product that makes no compromises," said Scott Allshouse, Grower's Ally CEO and president. 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. Former Chairman Steve Hoffman left his post April 25 and Deputy Treasurer Sarah Kim was sworn in last week.
Host of @theradexpo @interchange_mv #legalweed. 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. 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. 2021 Earth's Ally. 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. 2022 GIE Media, Inc. All Rights Reserved. The foliar spray can be safely applied up until the day of harvest, leaving behind zero pollutants. In addition, the grand jury recommended that the Planning and Building Department provide instructions for the public to search a location without creating an Accela account or contacting department staff, according to the news outlet.
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. This field is for validation purposes and should be left unchanged. 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"). LOS ANGELES, May 10, 2022 PRESS RELEASE Final Bell, a provider of end-to-end supply chain solutions for cannabis brands, and SHERBINSKIS, a California-based cannabis company, have partnered to bring SHERBINSKIS products to new geographies, beginning with 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. Strong revenue growth was more than offset by the inflationary impact of freight, labor, fertilizer, packaging and other cost increases. 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. 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. "The first quarter of 2022 once again demonstrated the strength and earnings power of both our Canadian and U.S. Cannabis businesses," said Michael DeGiglio, Chief Executive Officer, Village Farms International. Our Response to the Ongoing Coronavirus Pandemic.
The Humboldt County Civil Grand Jury has recommended tweaks to the California countys cannabis permitting process. Rose is well positioned to continue this momentum throughout 2022, further benefitting from the many opportunities for collaboration with Pure Sunfarms. "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.