Village Farms International Reports Fourth Quarter 2022 Financial Results

  • Canadian Cannabis Business Achieves Number Two Market Share Position Nationally and Maintained Number Two Position in First Two Months of 2023 
  • Canadian Cannabis Retail Branded Sales Increased 25% Year-Over-Year, Significantly Outpacing Market Growth
  • Commenced Cannabis Exports to Israel in Early January 2023
  • Fresh Produce Delivered Second Consecutive Quarter of Significant Sequential Improvement

VANCOUVER, British Columbia, March 09, 2023 (GLOBE NEWSWIRE) — Village Farms International, Inc. (“Village Farms” or the “Company”) (NASDAQ: VFF) today announced its financial results for the fourth quarter and year ended December 31, 2022. All figures are in U.S. dollars unless otherwise indicated.

Management Commentary

“The fourth quarter of 2022 once again demonstrated the momentum in our Canadian Cannabis business as investments in new brands and product innovations contributed to 25% year-over-year growth in retail branded sales and our 17th consecutive quarter of positive adjusted EBITDA,” said Michael DeGiglio, Chief Executive Officer, Village Farms. “We achieved a major milestone in 2022: Our Canadian Cannabis business became the number two top-selling cannabis company nationally1, growing market share sequentially every quarter during 2022. We have maintained this number two position in the first two months of 2023 despite distressed sales of biomass and ongoing promotional activity in certain parts of the Canadian market. Our strong brand recognition, innovation, and low-cost, consistent cultivation are a powerful combination in a market which is expected to grow steadily over the next three to five years.”

“During 2023, we expect strong commercial execution, continuous innovation and sales to export markets will deliver another year of market-leading results in our Canadian Cannabis business. At the same time, we are focused on continued gains in production efficiencies and expense improvements.”

“In our U.S. Cannabis business, Balanced Health Botanicals continues to perform well in a challenging consumer market for CBD, based on its leading CBDistillery® brand and innovative product introductions, including the strong performance of its hemp-derived THC Synergy+ line of products. This, combined with prudent cost management, drove positive EBITDA for our U.S. Cannabis business for the fourth quarter.”

“In our Fresh Produce business, we again reduced the adjusted EBITDA loss during the fourth quarter, driven by improvements in our Texas operations. The Fresh Produce business remains strategic for Village Farms and our customers, and it must return to profitability. Following a comprehensive review of our operations, we have initiated a multi-part plan, including technology and operational enhancements, as well as the decision to divest our Permian Basin facility, which we view as non-strategic for our long-term optimized Fresh strategy or a longer-term Texas-based and national legal cannabis market. We are confident these initiatives, in aggregate, combined with an improving macro environment compared with that of 2022, will contribute to substantially improved financial performance from Fresh Produce in 2023.”

1. Based on estimated retail sales from HiFyre, other third parties and provincial boards.

Fourth Quarter 2022 Financial Highlights
(All comparable periods are for the fourth quarter of 2021 unless otherwise stated)

Consolidated

  • Consolidated sales were $69.5 million, a decrease of ($3.3 million), or (5%), from $72.8 million, with the stronger U.S. dollar compared to the Canadian dollar decreasing reported U.S. sales for our Canadian Cannabis operations by ($2.4 million). On a constant currency basis, consolidated sales decreased by (1%);
  • Consolidated net loss was ($49.3 million), or ($0.54) per share, compared with net income of $2.1 million, or $0.03 per share;
  • Consolidated net loss included an impairment of $13.5 million related to the acquisition of Balanced Health Botanicals, a write down in the Canadian Cannabis business of $11.0 million (C$15.0 million) of lower potency flower inventory that was more than 12 months old, with the write down partially attributable to lower pricing in the non-branded market, and provision for income taxes of $30.4 million;
  • Consolidated adjusted EBITDA was negative ($0.8 million) compared with positive adjusted EBITDA of $4.8 million; and,
  • Completed a registered direct offering with certain institutional investors for the purchase and sale of an aggregate of 18,350,000 common shares at US$1.35 per share, together with accompanying warrants to purchase up to 18,350,000 common shares (exercise price of US$1.65 per share) for gross proceeds from the sale of the common shares of approximately US$25 million and potential proceeds from the exercise of all warrants of approximately US$30 million, with the net proceeds intended to be used for general working capital purposes.

Cannabis Segment

  • Total Cannabis segment net sales decreased (2.0%) year-over-year to $33.2 million, representing 47.9% of total Village Farms sales; and,
  • Total Cannabis segment adjusted EBITDA was $5.0 million compared with $6.2 million.

Canadian Cannabis (Pure Sunfarms and Rose LifeScience)

  • Canadian Cannabis net sales increased 13.1% to a $27.9 million (C$38.2 million) on a constant currency basis;
  • Canadian Cannabis retail branded sales increased 25% year-over-year (fourth quarter), and 25% for the full 2022 year;
  • Canadian Cannabis wholesale sales decreased (35%) due to continued significant erosion in market pricing as distressed producers liquidate inventories;
  • Canadian Cannabis cost of sales included an inventory write down of $11.0 million (C$15.0 million) of lower potency flower that was more than 12 months old, with the write down partially attributable to lower pricing in the non-branded market. Excluding the write down, gross margin for Canadian Cannabis was 40%, consistent with its stated target range of 30% to 40%; and
  • Canadian Cannabis adjusted EBITDA was $4.7 million (C$6.3 million); 

U.S. Cannabis (Balanced Health Botanicals and VF Hemp)

  • U.S. Cannabis net sales were $5.3 million, with a gross margin of 67.2% and adjusted EBITDA of $0.3 million compared with net sales of $7.5 million, with a gross margin of 70.1% and adjusted EBITDA of $1.8 million.

Village Farms Fresh (Produce)

  • Sales were $36.2 million compared with $38.4, primarily due to a smaller growing area in Texas in fourth quarter of 2022, lower production from our Canadian tomato greenhouse due to the Brown Rugose virus in the fourth quarter of 2022 and lower third-party supplier volume in the fourth quarter of 2022 due to loss of some contracts in late 2022 that have been replaced in 2023 with new growers.
  • Adjusted EBITDA was negative ($3.0 million) compared with positive $1.2 million. Adjusted EBITDA for the fourth quarter was a sequential improvement over negative ($4.9 million) reported for the third quarter of 2022. Adjusted EBITDA for the second half of 2022 improved to negative ($7.9) from negative ($15.1 million) for the first half of 2022.

Strategic Growth and Operational Highlights

Canadian Cannabis

  • Became the number two ranked cannabis producer in Canada by market share for the fourth quarter, maintaining the number two position during the first two months of 2023, and was the top-selling cannabis producer in Canada across all product categories in October 20223;
  • Continued to expand its number one market share position in the dried flower category in Canada;
  • Rose LifeScience expanded its number two market share position in Quebec1, which it achieved within the first year of acquisition by Village Farms, maintaining the number two position during the first two months of 20233;
  • Continued the roll out of a second BC-grown brand, The Original Fraser Valley Weed Co., focused on the value segment of the market, with introductions of additional SKUs in British Columbia and Alberta, as well as launch in Ontario, all of which contributed to national market share growth;
  • Launched Soar, a cannabis brand complementary to its existing brands, designed to deliver an elevated cannabis experience with limited quantity batches of exotic and unique genetics that are hand-harvested, hang-dried, and hand-detailed; and,
  • Rose Lifescience established partnerships with three regional micro-producers, Cannabitibi, Teca Canna and Le Malin Vert, expanding the number of micro-producers under the brand of the cannabis collective DLYS to 11.

U.S. Cannabis

  • Continued to have success with its Synergy+ line of hemp-derived, THC products with strong sequential quarterly growth in sales since launch.

International Cannabis

  • Commenced shipping cannabis products (produced by Pure Sunfarms) to Israel for that country’s medical market under an exclusive three-year supply agreement with Israel-based Dr. Samuelov Importing and Marketing Ltd., doing business as Better Pharma; and,
  • Sales to Australia for the fourth quarter increased more than ten-fold from the first quarter of 2022.

1. Based on estimated retail sales from HiFyre, other third parties and provincial boards.

Canadian Cannabis Financial Performance Summary

(millions except % metrics)Three Months Ended December 31, 
  2022  2021 Change of C$
 C$US$C$US$ 
Total Gross Sales$59.9 $44.1 $46.3 $36.7 +29%
Total Net Sales$38.2 $27.9 $33.8 $26.8 +12%
Total Cost of Sales 1$37.8 $27.8 $19.6 $14.5 -92%
Cost of Sales Excluding Inventory Write Down$22.8 $16.8 $19.6 $14.5 -16%
Gross Margin 1$0.2 $0.1 $14.2 $11.3 -99%
Gross Margin % 1 1% 1% 42% 42%-98%
Gross Margin Excluding Inventory Write Down$15.1 $11.1 N/AN/AN/A
Gross Margin % Excluding Inventory Write Down 40% 40%N/AN/AN/A
SG&A$10.0 $7.3 $9.2 $7.2 -9%
Share-based compensation$0.5 $0.5 $1.6 $1.2 +69%
Net income($3.8)($2.8)$4.4 $3.5 -86%
Adjusted EBITDA 2$6.3 $4.7 $6.1 $4.9 +3%
Adjusted EBITDA Margin 2  17% 17% 18% 18%-11%
(millions except % metrics)Year Ended December 31, 
  2022  2021 Change of C$
 C$US$C$US$ 
Total Gross Sales$214.0 $170.7 $164.4 $131.2 +30%
Total Net Sales$143.5 $109.9 $120.8 $96.4 +19%
Total Cost of Sales 1$104.7 $80.5 $72.5 $57.8 -44%
Cost of Sales Excluding Inventory Write Down$89.7 $69.5 $72.5 $57.8 -24%
Gross Margin 1$38.3 $29.4 $48.3 $38.6 -21%
Gross Margin % 1 27% 27% 40% 40%-33%
Gross Margin Excluding Inventory Write Down$53.3 $40.4 N/AN/AN/A
Gross Margin % Excluding Inventory Write Down 37% 37%N/AN/AN/A
SG&A$39.4 $30.2 $26.3 $20.9 -50%
Share-based compensation$1.7 $1.4 $3.5 $2.7 +51%
Net income$0.2 $0.1 $11.5 $9.2 -98%
Adjusted EBITDA 2$17.1 $13.1 $29.3 $23.4 -42%
Adjusted EBITDA Margin 2  12% 12% 24% 24%-50%

1. Total cost of sales and gross margin for the three months and twelve months ended December 31, 2022 include a one-time inventory write down of C$15,000 (US$11,038). Total cost of sales and gross margin for the year ended December 31, 2022 excludes a US$1,404 catch-up of intangible amortization resulting from the finalization of Rose purchase price accounting in the third quarter of 2022. The year ended December 31, 2021, cost of sales excludes the C$2,291 (US$1,841) inventory adjustment charge from the revaluation of inventory to fair value at the acquisition date of November 2, 2020.
2. Adjusted EBITDA is a non-GAAP measure, is not a recognized earnings measure and does not have a standard meaning prescribed in by GAAP. For a reconciliation of Adjusted EBITDA to net income, see “Reconciliation of Net Income to Adjusted EBITDA” below.

Canadian Cannabis’ Percent of Sales by Product Group1

 Three months ended 
December 31,
Year ended December 31,
Channel2022 2021 2022 2021 
Retail, Flower83%64%73%64%
Retail, Derivatives3%11%4%10%
Wholesale, Flower and Trim14%25%23%26%
  1. Excludes Rose LifeScience commission-based revenue.

PRESENTATION OF FINANCIAL RESULTS

The Company’s financial statements for the three and 12 months ended December 31, 2022, as well as the comparative periods for 2021, have been prepared and presented under United States Generally Accepted Accounting Principles (“GAAP”). Village Farms acquired 100% of Balanced Health Botanicals on August 16, 2021 and their operating results are consolidated in our Consolidated Statements of Income (Loss) for the three and 12 months ended December 31, 2022 as well as for August 16, 2021 through December 31, 2021 for the 12 months ended December 31, 2021. The Company acquired 70% of Rose LifeScience on November 15, 2021 and their results are presented in the operations of our consolidated wholly-owned subsidiaries and the minority interest is presented in Net Income (Loss) Attributable to Non-controlling Interests, Net of Tax for the three and 12 months ended December 31, 2022.

RESULTS OF OPERATIONS 
(In thousands of U.S. dollars, except per share amounts, and unless otherwise noted)

Consolidated Financial Performance

  Three Months Ended December 31,  Year Ended December 31, 
  2022 (1)  2021 (1)  2022 (1)  2021 (1) 
Sales $69,457  $72,380  $293,572  $268,020 
Cost of sales  (66,561)  (52,664)  (266,075)  (222,841)
Gross margin  2,896   19,716   27,497   45,179 
Selling, general and administrative expenses  (17,037)  (16,208)  (68,278)  (46,384)
Share-based compensation  (983)  (1,828)  (3,987)  (7,533)
Interest expense  (914)  (923)  (3,244)  (2,835)
Interest income  78   27   207   126 
Foreign exchange loss  (84)  159   (2,255)  (476)
Other expense, net  (109)  (26)  (115)  (420)
Impairments (2)  (13,500)     (43,299)   
Write-off of joint venture loan        (592)   
(Provision for) recovery of income taxes  (19,244)  983   (4,681)  3,526 
(Loss) income from consolidated entities  (48,897)  1,900   (98,747)  (8,817)
Less: net loss attributable to non-controlling interests, net of tax  (432)     269   46 
Income (loss) from equity method investments     175   (2,668)  (308)
Net (loss) income attributable to Village Farms International Inc. $(49,329) $2,075  $(101,146) $(9,079)
Adjusted EBITDA (3) $(758) $4,829  $(21,311) $14,012 
Basic (loss) income per share $(0.54) $0.03  $(1.13) $(0.11)
Diluted (loss) income per share $(0.54) $0.03  $(1.13) $(0.11)
                 
  1. For the three and twelve months ended December 31, 2022 and for the period August 16, 2021 through December 31, 2021, Balanced Health is fully consolidated in the financial results of the Company. For the three and twelve months ended December 31, 2022 and for the period November 15, 2021 to December 31, 2021, Rose LifeScience financial results are fully consolidated in the financial results of the Company with the minority non-controlling interest presented in net loss attributable to non-controlling interests, net of tax.
  2. Consists of impairments to goodwill of ($43,299) that were triggered by inflationary effects on consumer spending, decreases in market capitalization of CBD companies and the continued federal regulation lack of clarity with respect to CBD. See Part 2, Item 8 Note 11 “Goodwill and Intangible Assets” for additional details.
  3. Adjusted EBITDA is not a recognized earnings measure and does not have a standardized meaning prescribed by GAAP. Therefore, Adjusted EBITDA may not be comparable to similar measures presented by other issuers. Management believes that Adjusted EBITDA is a useful supplemental measure in evaluating the performance of the Company because it excludes non-recurring and other items that do not reflect our business performance. Adjusted EBITDA includes the Company’s 70% interest in Rose LifeScience since acquisition and 65% interest in VFH.

SEGMENTED RESULTS OF OPERATIONS 

(In thousands of U.S. dollars, except per share amounts, and unless otherwise noted)

 For the Three Months Ended December 31, 2022 
 VF Fresh
(Produce)
  Cannabis Canada (1)  Cannabis U.S. (1)  Clean
Energy
  Corporate  Total 
Sales$36,200  $27,926  $5,331  $  $  $69,457 
Cost of sales (37,021)  (27,755)  (1,744)  (41)     (66,561)
Selling, general and administrative expenses (3,279)  (7,331)  (3,787)  (5)  (2,635)  (17,037)
Share-based compensation    (476)  (38)     (469)  (983)
Other (expense) income, net (411)  (533)  (94)  (37)  46   (1,029)
Impairments       (13,500)        (13,500)
Recovery of (provision for) income taxes (16,236)  5,759   (7,025

)
     (1,742)  (19,244)
Loss from consolidated entities (20,747)  (2,410)  (20,857)  (83)  (4,800)  (48,897)
Less: net loss attributable to non-controlling interests, net of tax    (432)           (432)
Net (loss) income (20,747)  (2,842)  (20,857)  (83)  (4,800)  (49,329)
Adjusted EBITDA (3)$(3,007) $4,722  $266  $(83) $(2,656) $(758)
Basic (loss) income per share$(0.22) $(0.03) $(0.23) $(0.00) $(0.06) $(0.54)
Diluted (loss) income per share$(0.22) $(0.03) $(0.23) $(0.00) $(0.06) $(0.54)
 For the Three Months Ended December 31, 2021 
 VF Fresh
(Produce)
  Cannabis Canada (1)  Cannabis U.S. (1)  Clean
Energy
  Corporate  Total 
Sales$38,438  $26,382  $7,517  $43  $  $72,380 
Cost of sales (35,819)  (14,455)  (2,217)  (173)     (52,664)
Selling, general and administrative expenses (3,244)  (7,131)  (3,761)  (45)  (2,027)  (16,208)
Share-based compensation    (1,267)  (95)     (466)  (1,828)
Other income (expense), net 419   (1,400)  148   (7)  77   (763)
(Provision for) recovery of income taxes (597)  966         614   983 
(Loss) income from consolidated entities (803)  3,095   1,592   (182)  (1,802)  1,900 
Income from equity method investments       175         175 
Net (loss) income (803)  3,095   1,767   (182)  (1,802)  2,075 
Adjusted EBITDA (3)$1,179  $4,438  $1,832  $(74) $(2,546) $4,829 
Basic (loss) income per share$(0.01) $0.03  $0.02  $0.00  $(0.01) $0.03 
Diluted (loss) income per share$(0.01) $0.03  $0.02  $0.00  $(0.01) $0.03 
 For the Year Ended December 31, 2022 
 VF Fresh
(Produce)
  Cannabis Canada (1)  Cannabis U.S. (1)  Clean
Energy
  Corporate  Total 
Sales$160,252  $109,882  $23,302  $136  $  $293,572 
Cost of sales (177,634)  (80,494)  (7,643)  (304)     (266,075)
Selling, general and administrative expenses (12,004)  (30,235)  (16,000)  (58)  (9,981)  (68,278)
Share-based compensation    (1,373)  (305)     (2,309)  (3,987)
Other expense, net (1,187)  (2,023)  (247)  (43)  (1,907)  (5,407)
Write-off of joint venture loan       (592)        (592)
Impairments (2)       (43,299)        (43,299)
(Provision for) recovery of income taxes (9,914)  4,091         1,142   (4,681)
(Loss) income from consolidated entities (40,487)  (152)  (44,784)      (269)  (13,055)  (98,747)
Less: net loss attributable to non-controlling interests, net of tax    269            269 
Loss from equity method investments       (2,668)        (2,668)
Net (loss) income (40,487)  117   (47,452)  (269)  (13,055)  (101,146)
Adjusted EBITDA (3)$(24,369) $13,085  $223  $(263) $(9,987) $(21,311)
Basic (loss) income per share$(0.45) $0.00  $(0.52) $(0.00) $(0.16) $(1.13)
Diluted (loss) income per share$(0.45) $0.00  $(0.52) $(0.00) $(0.16) $(1.13)
 For the Year Ended December 31, 2021 
 VF Fresh
(Produce)
  Cannabis Canada (1)  Cannabis U.S. (1)  Clean
Energy
  Corporate  Total 
Sales$159,996  $96,434  $11,345  $245  $  $268,020 
Cost of sales (158,305)  (59,224)  (3,398)  (1,914)     (222,841)
Selling, general and administrative expenses (10,980)  (20,937)  (5,605)  (188)  (8,674)  (46,384)
Share-based compensation    (2,738)  (158)     (4,637)  (7,533)
Other expense, net (379)  (2,946)  16   (36)  (522)  (3,867)
Recovery of (provision for) income taxes 2,278   (1,688)        2,936   3,526 
Net (loss) income (7,390)  8,901   2,200   (1,893)  (10,897)  (9,079)
Adjusted EBITDA (3)$(1,959) $23,415  $2,364  $(343) $(9,465) $14,012 
Basic (loss) income per share$(0.09) $0.11  $0.02  $(0.02) $(0.13) $(0.11)
Diluted (loss) income per share$(0.09) $0.11  $0.02  $(0.02) $(0.13) $(0.11)
                        
  1. For the three and twelve months ended December 31, 2022 and for the period August 16, 2021 through December 31, 2021, Balanced Health is fully consolidated in the financial results of the Company. For the three and twelve months ended December 31, 2022 and for the period November 15, 2021 to December 31, 2021, Rose LifeScience’s financial results are fully consolidated in the financial results of the Company with the minority non-controlling interest presented in net loss attributable to non-controlling interests, net of tax.
  2. Consists of impairments to goodwill of ($43,299) that were triggered by inflationary effects on consumer spending, decreases in market capitalization of CBD companies and the continued federal regulation lack of clarity with respect to CBD. See Part 2, Item 8 Note 11 “Goodwill and Intangible Assets” for additional details.
  3. Adjusted EBITDA is not a recognized earnings measure and does not have a standardized meaning prescribed by GAAP. Therefore, Adjusted EBITDA may not be comparable to similar measures presented by other issuers. Management believes that Adjusted EBITDA is a useful supplemental measure in evaluating the performance of the Company because it excludes non-recurring and other items that do not reflect our business performance. Adjusted EBITDA includes the Company’s 70% interest in Rose LifeScience since acquisition and 65% interest in VFH.

A detailed discussion of our consolidated and segment results can be found in our Annual Report on Form 10-K for the 12 months ended December 31, 2022 (the “Annual Report”), which will be filed with the Securities and Exchange Commission and will be available at www.sec.gov, and will also be filed in Canada on SEDAR (www.sedar.com). In addition, the Annual Report can be found on the Village Farms website under Financial Reports (https://villagefarms.com/financial-reports/) within the Investors section.

Reconciliation of Net Income to Adjusted EBITDA 

The following table reflects a reconciliation of net income to Adjusted EBITDA, as presented by the Company:

  Three Months Ended December 31,  Year Ended December 31, 
(in thousands of U.S. dollars) 2022 (1)  2021 (1)  2022 (1) 2021 (1) 
Net (loss) income $(49,329) $2,075  $(101,146) $(9,079)
Add:           
Amortization  2,424   2,388   10,260   13,004 
Foreign currency exchange loss (gain)  86   (192)  2,268   329 
Interest expense, net  837   849   3,038   2,709 
Recovery of income taxes  21,341   (983)  7,136   (3,526)
Share-based compensation  872   1,828   3,808   7,533 
Interest expense for JV’s     13   38   53 
Amortization for JVs  241   71   1,554   71 
(Recovery of) provision for income taxes for JV’s  (1,467)     (1,718)   
Share-based compensation for JV’s  45      124    
Other expense (income), net  45      (25)   
Deferred financing fees  43   66   214   300 
Incremental utility costs due to storm           1,400 
Impairments (2)  13,500      43,299    
Loss on inventory write-down  11,038      11,038     
Purchase price adjustment (3)  (731)  (861)  (4,268)  980 
Loss (gain) on disposal of assets     219   (7)  254 
Share of loss on JV inventory impairment        2,284     
Write-off of note receivable        592     
Other expense (income), net  297   (197)  200   (16)
Adjusted EBITDA (4) $(758) $5,276  $(21,311) $14,012 
Adjusted EBITDA for JVs $  $(120) $(327) $(260)
Adjusted EBITDA excluding JVs $(758) $5,396  $(20,984) $14,272 
                 
  1. For the three and twelve months ended December 31, 2022 and for the period August 16, 2021 through December 31, 2021, Balanced Health is fully consolidated in the financial results of the Company. For the three and twelve months ended December 31, 2022 and for the period November 15, 2021 to December 31, 2021, Rose LifeScience’s financial results are fully consolidated in the financial results of the Company with the minority non-controlling interest presented in net loss attributable to non-controlling interests, net of tax.
  2. Consists of impairments to goodwill of ($43,299) that were triggered by inflationary effects on consumer spending, decreases in market capitalization of CBD companies and the continued federal regulation lack of clarity with respect to CBD. See Part 2, Item 8 Note 11 “Goodwill and Intangible Assets” for additional details.
  3. The purchase price adjustment primarily reflects the non-cash accounting charge resulting from the revaluation of Pure Sunfarms’ inventory to fair value at the acquisition date on November 2, 2020 and the catch-up of intangible amortization resulting from the September 30, 2022 finalization of the Rose purchase price accounting.
  4. Adjusted EBITDA is not a recognized earnings measure and does not have a standardized meaning prescribed by GAAP. Therefore, Adjusted EBITDA may not be comparable to similar measures presented by other issuers. Management believes that Adjusted EBITDA is a useful supplemental measure in evaluating the performance of the Company because it excludes non-recurring and other items that do not reflect our business performance. Adjusted EBITDA includes the 70% interest in Rose LifeScience since acquisition and 65% interest in VFH.

Conference Call

Village Farms’ management team will have a conference call to discuss its fourth quarter and year-end financial results today, Thursday, March 9, 2023, at 8:30 a.m. ET. Participants wanting to access the conference call by telephone must register in advance at Village Farms Fourth Quarter 2022 Conference Call to receive the telephone dial-in information.   For those wanting to listen to the webcast, please visit the Events and Presentations section of Village Farms’ website here: Events – Village Farms International. The live question and answer session will be limited to analysts, however others are invited to submit their questions ahead of the conference call via email at investorrelations@villagefarms.com.  Management will address questions received via email as part of the conference call question and answer session as time permits.

For those unable to participate in the conference call at the scheduled time, it will be archived for replay beginning approximately one hour following completion of the call on Village Farms’ web site at http://villagefarms.com/investor-relations/investor-calls.

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