Q2 2024 Village Farms International Inc Earnings Call Transcript
Key Points
- Village Farms International Inc (VFF) reported record consolidated sales driven by Canadian cannabis and fresh produce.
- Total net sales grew 45% year over year to $56 million, all organically without acquisitions.
- The company achieved a 94% repeat purchase rate among consumers for its Super Toast brand.
- Village Farms International Inc (VFF) is expanding its international export business with solid contributions from Germany and the United Kingdom.
- The company is actively looking at expanding its cultivation cannabis capacity in Canada to meet growing demand.
- Village Farms International Inc (VFF) reported a net loss of $23.5 million for the quarter.
- Approximately $12 million of the net loss was due to a noncash impairment charge on the US cannabis business.
- The fresh produce segment experienced temporary pricing pressure, leading to a larger-than-expected operating loss.
- The company faces significant excise taxes in Canada, which are a major expenditure for its cannabis business.
- The US cannabis sales continue to be impacted by the proliferation of unregulated hemp-based products.
Good morning, ladies and gentlemen. Welcome to the Village Farms International's second-quarter 2024 financial results conference call. This morning, Village Farms issued a news release reporting its financial results for the second quarter ended June 30, 2024. That news release, along with the company's financial statements, are available on the company's website at villagefarms.com under the Investors heading.
Please note that today's call is being broadcast live over the Internet and will be archived for replay both by telephone and via the Internet beginning approximately one hour following completion of the call. Details of how to access the replays are available in today's news release.
Before we begin, let me remind you that forward-looking statements may be made today during or after the formal part of this conference call. Certain material assumptions were applied in providing these statements, which -- of which are beyond our control. These statements are subject to a number of risks and uncertainties that could cause actual results to differ materially from those expressed or
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