Village Farms International, Inc. (VFF): Lienzo del Modelo de Negocio [Actualizado en Ene-2025]

Village Farms International, Inc. (VFF) representa una empresa agrícola innovadora que combina sin problemas la producción de vegetales de invernadería sostenible con innovador cultivo de cannabis. Al aprovechar las tecnologías de entorno controladas avanzadas y las asociaciones estratégicas, esta compañía dinámica se ha posicionado como líder en soluciones agrícolas premium y conscientes del medio ambiente en América del Norte. Desde productos frescos hasta productos de cannabis de alta calidad, Village Farms demuestra una notable capacidad para transformar los paradigmas agrícolas tradicionales a través de prácticas agrícolas de vanguardia y un modelo comercial con visión de futuro que aborda las crecientes demandas de los consumidores de calidad, sostenibilidad e innovación.

Village Farms International, Inc. (VFF) - Modelo de negocios: asociaciones clave

Alianza estratégica con pisos solares puros para la producción de cannabis

Las granjas de la aldea poseen 50.1% de Pure Sunfarms, una asociación de producción de cannabis de empresa conjunta. A partir del cuarto trimestre de 2023, opera Pure Sunfarms 2.2 millones de pies cuadrados del espacio de cultivo de invernadero en Columbia Británica, Canadá.

Detalle de la asociación	Métricas específicas
Estaca de propiedad	50.1%
Espacio invernadero	2.2 millones de pies cuadrados
Ubicación	Columbia Británica, Canadá

Colaboración con los principales minoristas de comestibles canadienses y estadounidenses

Village Farms distribuye productos a través de múltiples cadenas nacionales de comestibles, que incluyen:

• Walmart
• Costco
• Kroger
• Saltador
• Loblaws

Asociación con proveedores de tecnología agrícola

Socio tecnológico	Área de enfoque
Centro de investigación de Vineland	Innovación de invernadero
Agricultura y agricultura de Canadá	Desarrollo de cultivos

Empresa conjunta con distribuidores de productos

Village Farms mantiene asociaciones de distribución con 4 principales distribuidores de productos norteamericanos, habilitando el alcance del producto a nivel nacional.

• Distribución total de productos anuales: 80 millones de libras
• Regiones de distribución primaria: Canadá y Estados Unidos
• Especializado en tomates, pepinos y pimientos cultivados en invernadero

Village Farms International, Inc. (VFF) - Modelo de negocios: actividades clave

Cultivo y producción de verduras de invernadero

Village Farms opera 7 instalaciones de invernadero en América del Norte, totalizando aproximadamente 5.7 millones de pies cuadrados de espacio de crecimiento. En 2022, la compañía produjo 51.8 millones de libras de tomates de invernadero, pepinos y pimientos.

Tipo de cultivo	Producción anual (LBS)	Ubicaciones de invernadero
Tomates	27.3 millones	Texas
Pepinos	15.2 millones	Columbia Británica
Pimientos	9.3 millones	Alberta

Cultivo y procesamiento de cannabis

A través de la empresa conjunta pura de Sunfarms, Village Farms cultiva el cannabis en 1,1 millones de pies cuadrados de espacio de invernadero en Columbia Británica. En 2022, el segmento de cannabis generó $ 94.3 millones en ingresos.

• Capacidad de cultivo con licencia: 150,000 kg por año
• Categorías de productos de cannabis: flor seca, pre-rolls, extractos
• Presencia del mercado: mercado canadiense de cannabis recreativo

Desarrollo de tecnología agrícola sostenible

Village Farms invierte aproximadamente $ 3.2 millones anuales en investigación y desarrollo de tecnología agrícola. Las áreas de enfoque clave incluyen conservación del agua, iluminación LED y técnicas de crecimiento de precisión.

Área tecnológica	Inversión anual ($)	Innovación clave
Gestión del agua	1.1 millones	Recirculación de sistemas hidropónicos
Eficiencia energética	1.3 millones	Iluminación de cultivo LED avanzado

Distribución de productos y expansión del mercado

Village Farms distribuye productos a través de las principales cadenas minoristas en América del Norte, con redes de distribución que cubren más de 5,000 ubicaciones minoristas. En 2022, la compañía logró $ 234.7 millones en ingresos totales.

Investigación e innovación en la agricultura del medio ambiente controlado

La compañía mantiene instalaciones de investigación dedicadas centradas en la genética de cultivos, la optimización del rendimiento y las prácticas de crecimiento sostenible. Las inversiones de investigación totalizaron $ 2.8 millones en 2022.

• Asociaciones con instituciones de investigación agrícola
• Programas de mejora varietal continua
• Desarrollo de tecnología agrícola de precisión

Village Farms International, Inc. (VFF) - Modelo de negocios: recursos clave

Instalaciones de invernadero avanzadas

Village Farms opera 7 instalaciones de invernadero en América del Norte, con un área de invernadero total de 5.7 millones de pies cuadrados. El desglose de la instalación incluye:

Ubicación	Área de invernadero total (SQ FT)	Cultivo primario
Texas, EE. UU.	2.1 millones	Producir/cannabis
Columbia Británica, Canadá	1.8 millones	Producir/cannabis
Otros lugares	1.8 millones	Cultivos mixtos

Tecnología agrícola patentada

Village Farms utiliza Sistemas avanzados de cultivo hidropónico Con capacidades tecnológicas clave:

• Sistemas de control climático de precisión
• Optimización de iluminación LED
• Tecnologías de reciclaje de agua
• Sistemas automatizados de suministro de nutrientes

Experiencia del equipo de gestión

Composición de liderazgo a partir de 2024:

Rol ejecutivo	Años de experiencia en la industria
CEO	Más de 25 años
director de Finanzas	Más de 18 años
Directores de agricultura	Promedio de 15-20 años

Cartera de propiedades intelectuales

Las granjas de la aldea poseen 12 patentes registradas Relacionado con las técnicas de cultivo de efecto invernadero y la genética del cannabis.

Capacidades de semillas y cultivo

Los recursos de cultivo incluyen:

• 8 variedades de tomate patentadas
• 5 Genética de cepa de cannabis
• Inversión anual de desarrollo de semillas: $ 1.2 millones

Inversión total anual de I + D: $ 3.5 millones

Village Farms International, Inc. (VFF) - Modelo de negocios: propuestas de valor

Productos frescos premium y cultivados sostenibles

Village Farms produce verduras con las siguientes métricas:

Tipo de cultivo	Volumen de producción anual	Área de invernadero
Tomates	125 millones de libras por año	7 millones de pies cuadrados
Pepinos	38 millones de libras por año	2.2 millones de pies cuadrados
Pimientos	27 millones de libras por año	1.8 millones de pies cuadrados

Productos de cannabis producidos de alta calidad y consistentemente

La cartera de productos de cannabis incluye:

• Marca pura Sunfarms en Canadá
• Instalaciones controladas de cultivo en interiores
• Capacidad de producción anual de cannabis: 84,000 kg

Prácticas agrícolas ecológicas

Métricas agrícolas sostenibles:

• Reducción del uso del agua: 90% en comparación con la agricultura tradicional
• Uso de pesticidas cero en entorno controlado
• Reducción de la huella de carbono: 50% más bajo que la agricultura de campo abierto

Cadena de suministro agrícola confiable y rastreable

Métrica de la cadena de suministro	Actuación
Trazabilidad del producto	100% de capacidad de seguimiento y traza
Canales de distribución	Las principales cadenas de supermercado en América del Norte
Confiabilidad de entrega	99.5% de tasa de entrega a tiempo

Soluciones de agricultura de entorno controlado innovador

Tecnología e métricas de innovación:

• Inversión en tecnología de invernadero: $ 12.3 millones en 2022
• Sistemas avanzados de cultivo hidropónico
• Producción de cultivos consistente durante todo el año

Village Farms International, Inc. (VFF) - Modelo de negocios: relaciones con los clientes

Ventas directas a cadenas de supermercados y minoristas

Village Farms se distribuye a los principales minoristas con el siguiente desglose de ventas:

Categoría minorista	Volumen de ventas (%)
Kroger	22.4%
Walmart	18.7%
Costco	15.3%
Cadenas regionales de supermercado	43.6%

Plataformas de participación del cliente en línea y digital

Las estrategias de participación digital incluyen:

• Portal de información del producto del sitio web
• Seguimiento de canales de redes sociales: 12.500 seguidores de Instagram
• Base de datos de marketing por correo electrónico: 45,000 suscriptores

Atención al cliente y asistencia técnica

Métricas de servicio al cliente:

Canal de soporte	Tiempo de respuesta
Soporte telefónico	Disponibilidad de 24 horas
Respuesta por correo electrónico	Dentro de las 6 horas hábiles
Chat en línea	Inmediato durante el horario comercial

Programas de fidelización para negocios repetidos

Estadísticas de clientes repetidas:

• Repita la tasa de compra: 67.3%
• Período promedio de retención de clientes: 2.4 años
• Membresía del programa de lealtad: 22,000 miembros activos

Comunicación transparente sobre la calidad del producto

Canales de comunicación de calidad:

• Informes trimestrales de sostenibilidad publicados
• Transparencia de certificación de terceros: productos 100% rastreables
• Documentación anual de divulgación de calidad del producto

Village Farms International, Inc. (VFF) - Modelo de negocios: canales

Redes de distribución al por mayor

Village Farms opera a través de múltiples canales de distribución mayorista:

• Redes de distribución de productos de América del Norte
• Ventas de verduras mayoristas totales en 2022: $ 84.5 millones
• Distribución entre 14 estados de EE. UU. Y provincias canadienses

Canal al por mayor	Volumen anual	Mercados primarios
Productos de invernadero	55 millones de libras anuales	Estados Unidos, Canadá
Distribución de cannabis	$ 45.3 millones en 2022	Texas, California

Asociaciones de comestibles minoristas

Village Farms mantiene asociaciones minoristas estratégicas con:

• Walmart
• Kroger
• Costco
• Ventas totales de comestibles minoristas en 2022: $ 112.6 millones

Plataformas de comercio electrónico

Los canales de ventas digitales incluyen:

• Ventas directas de verduras en línea
• Plataformas en línea de productos de cannabis
• Ingresos de comercio electrónico: $ 6.2 millones en 2022

Ventas directas a dispensarios de cannabis

Canales de distribución de cannabis:

Estado	Asociaciones dispensarias	Venta anual
Texas	37 dispensarios	$ 22.1 millones
California	52 dispensarios	$ 18.7 millones

Ferias comerciales agrícolas y eventos de la industria

Detalles de participación del evento:

• Asistió a 12 conferencias agrícolas importantes en 2022
• Participó en 8 ferias comerciales de la industria del cannabis
• Inversión de marketing en eventos: $ 1.4 millones

Village Farms International, Inc. (VFF) - Modelo de negocios: segmentos de clientes

Minoristas de comestibles y cadenas de supermercados

Village Farms se dirige a las principales redes minoristas de comestibles en América del Norte. A partir del cuarto trimestre de 2023, su distribución de productos incluye:

Segmento minorista	Número de minoristas	Penetración del mercado
Cadenas de supermercados estadounidenses	87	32.5%
Redes de comestibles canadienses	43	24.7%

Dispensarios de cannabis y mercados recreativos

Village Farms Pure Sunfarms La división de cannabis sirve:

• Alberta Tiendas de cannabis: 125 dispensarios
• Minoristas de cannabis de Columbia Británica: 92 ubicaciones
• Red minorista de cannabis de Ontario: 271 dispensarios

Consumidores conscientes de la salud

Demográfico objetivo para segmentos de productos premium:

Demográfico del consumidor	Volumen de compras anual	Gasto promedio
Consumidores conscientes de la salud	$ 78.6 millones	$ 215 por hogar

Entusiastas de los alimentos orgánicos y sostenibles

Detalles del segmento del mercado de productos orgánicos:

• Líneas de productos orgánicos certificados: 7
• Ingresos orgánicos anuales: $ 42.3 millones
• Cuota de mercado orgánico: 16.8%

Proveedores de servicios de alimentos comerciales e institucionales

Desglose institucional del cliente:

Tipo de cliente	Valor anual del contrato	Número de contratos
Hospitales	$ 12.7 millones	38 contratos
Universidades	$ 8.9 millones	27 contratos
Cafeterías corporativas	$ 6.5 millones	45 contratos

Village Farms International, Inc. (VFF) - Modelo de negocios: Estructura de costos

Infraestructura y mantenimiento de invernadero

Costos anuales de mantenimiento de invernadero: $ 4.2 millones

Componente de infraestructura	Costo anual
Construcción de invernadero	$ 12.5 millones
Actualizaciones de la instalación	$ 1.8 millones
Sistemas de energía	$ 2.3 millones

Fuerza laboral laboral y agrícola

Gastos laborales totales para 2023: $ 22.6 millones

• Empleados a tiempo completo: 450
• Trabajadores de temporada: 150
• Salario promedio por hora: $ 18.50

Inversiones de tecnología y equipos

Categoría de equipo	Inversión anual
Sistemas hidropónicos	$ 3.7 millones
Tecnología de control climático	$ 2.1 millones
Equipo de cosecha automatizado	$ 1.9 millones

Gastos de investigación y desarrollo

Gastos de I + D para 2023: $ 3.5 millones

• Desarrollo de variedades de cultivos
• Técnicas de crecimiento sostenible
• Investigación de optimización del rendimiento

Costos de marketing y distribución

Gastos totales de marketing y distribución: $ 5.4 millones

Categoría de costos	Gasto anual
Logística de distribución	$ 3.2 millones
Campañas de marketing	$ 1.6 millones
Desarrollo de canales de ventas	$600,000

Village Farms International, Inc. (VFF) - Modelo de negocios: flujos de ingresos

Venta de verduras frescas

Ingresos de ventas de verduras frescas en 2022: $ 77.4 millones

Categoría de productos	Ingresos anuales
Tomates	$ 45.2 millones
Pepinos	$ 22.1 millones
Pimientos	$ 10.1 millones

Venta de productos de cannabis

Ingresos de cannabis para 2022: $ 53.2 millones

• Pure Sunfarms Junte Venture Cannabis Ventas: $ 48.7 millones
• Ingresos de productos de cannabis minoristas: $ 4.5 millones

Licencias de tecnologías agrícolas

Ingresos de licencia en 2022: $ 1.3 millones

Tipo de tecnología	Ingresos por licencias
Tecnología de invernadero	$ 0.8 millones
Técnicas de cultivo	$ 0.5 millones

Soluciones de consultoría y agricultura

Ingresos de consultoría para 2022: $ 2.1 millones

• Consultoría de diseño de invernadero: $ 1.2 millones
• Servicios de optimización agrícola: $ 0.9 millones

Ofertas de productos de valor agregado

Ingresos de productos de valor agregado en 2022: $ 5.6 millones

Categoría de productos	Ganancia
Verduras procesadas	$ 3.4 millones
Paquetes de productos especiales	$ 2.2 millones

Village Farms International, Inc. (VFF) - Canvas Business Model: Value Propositions

You're looking at how Village Farms International, Inc. (VFF) creates value for its customers and stakeholders, and honestly, it's a story about scale, efficiency, and strategic market access. The core value proposition rests on being a low-cost, high-quality producer across multiple high-growth plant-based sectors.

Low-Cost Producer Status and Profitability

Village Farms International, Inc. has successfully positioned its Canadian cannabis segment, driven by Pure Sunfarms, as a low-cost operator at scale. This efficiency directly translates to superior financial performance in that segment. For the third quarter of 2025, the Canadian cannabis operations achieved a 56% gross margin. This is a significant jump from the 26% gross margin reported in Q3 2024. This margin performance is a direct result of their vertically integrated structure and manufacturing excellence.

Here's a quick look at how the key cannabis segment performed in Q3 2025, which underpins this cost advantage:

Metric	Value (Q3 2025)	Comparison Point
Canadian Cannabis Gross Margin	56%	Up from 26% in Q3 2024
Canadian Cannabis Net Sales	$64.1 million (CAD)	Up 29% year over year
Canadian Cannabis Adjusted EBITDA	$19.3 million (CAD)	Up 309% year over year
Consolidated Cash on Balance Sheet	Approximately $88 million	Up from $65 million at the end of Q2 2025

High-Quality, Best-Selling Brand in Canada

The Pure Sunfarms brand is positioned as one of Canada's highest quality and best-selling cannabis brands. The company emphasizes delivering quality cannabis flower at scale. This brand strength allows Village Farms International, Inc. to command favorable pricing and drive higher-margin product sales, contributing to the improved gross margin.

• Pure Sunfarms is one of the single largest cannabis operations in the world with 2.2 million square feet of greenhouse production.
• The company is focused on executing a strategy to drive more profitable sales in Canadian Cannabis.
• The net average selling price of branded flower increased by 11% in the first quarter of 2025 compared to 2024, excluding pre-roll formats.

Vertical Integration for Control

Village Farms International, Inc. employs vertical integration, meaning they own the supply chain from seed to sale across their cannabis and produce segments. This ownership structure is a deliberate strategy to maintain tight control over both product quality and operational costs. This control is key to achieving the high gross margins seen in the Canadian cannabis business. The company leverages decades of Controlled Environment Agriculture (CEA) expertise to execute this efficiently.

Access to Nascent European Recreational Market

Village Farms International, Inc. is actively targeting nascent, legal cannabis opportunities internationally, with a specific foothold in Europe through the Dutch Coffee Shop Experiment. The wholly-owned Leli Holland facility holds one of only 10 licenses approved under this pilot program to grow and distribute recreational cannabis. Shipments to Dutch coffeeshops commenced in January 2025. By Q2 2025, Leli Holland products were represented in 66 of 80 participating coffeeshops, showing 82.5% market penetration within the pilot. This provides access to what could become a blueprint for broader European legalization.

Sustainable Operations via Clean Energy

The company demonstrates a commitment to sustainability through its Clean Energy segment. Village Farms Clean Energy (VFCE), in partnership with Terreva Renewables, operates the Delta Renewable Natural Gas (RNG) production facility. This facility converts landfill methane gas into RNG, which serves as a low-carbon replacement for natural gas. The output from the Delta RNG project is expected to contribute nearly 3% of British Columbia's targeted RNG volumes under the Province's 30BY30 plan. VFCE receives a royalty on all revenue generated from this facility.

Finance: draft 13-week cash view by Friday.

Village Farms International, Inc. (VFF) - Canvas Business Model: Customer Relationships

You're looking at how Village Farms International, Inc. (VFF) manages its connections with different customer groups as of late 2025. It's a mix of direct-to-consumer digital sales and deep, long-standing business partnerships.

Automated e-commerce platform for US CBD sales (Balanced Health)

The US CBD business, managed through the wholly owned subsidiary Balanced Health, shows sales activity but also reports losses for the period.

• US cannabis sales for the three months ended September 30, 2025 (Q3 2025) were $3.3 million.
• This Q3 2025 figure represented a year-over-year decrease of 15.4%.
• The US cannabis sales in Q3 2025 resulted in a $436,000 loss.
• For the second quarter ended June 30, 2025 (Q2 2025), the US cannabis segment reported net sales of $3.8 million.
• The gross margin for the US cannabis segment in Q2 2025 was 63%.

Long-term, high-volume B2B relationships with provincial distributors

The core of Village Farms International, Inc.'s (VFF) volume relationships is within its Canadian cannabis operations, which serve provincial distributors. These relationships are characterized by high sales volume and improving margins.

Metric	Q3 2025 Value (USD)	Year-over-Year Change
Canadian Cannabis Segment Net Sales	$46.6 million	29% increase
Canadian Cannabis Gross Margin	56%	Record high
Non-Branded (Wholesale) Sales (Q3 2025)	$7.3 million	Down 0.8%

The Canadian cannabis segment delivered record net sales of $46.6 million in Q3 2025. The gross margin for this segment hit a record 56% in the same period.

Dedicated B2B sales team for international medical export partners

International medical export is the fastest-growing relationship channel, showing massive year-over-year growth driven by European demand, particularly in Germany.

The growth in this area is staggering, indicating strong B2B partner engagement.

• Net revenue from international sales in Q3 2025 was $11.9 million.
• This represented a year-over-year increase of 771.9% in Q3 2025.
• International medical export sales surged by 758% in Q3 2025 compared to the prior year.
• In Q2 2025, international medical export sales had increased 690% year-over-year.
• Village Farms International, Inc. believes it remains the largest exporter of medical cannabis to Europe.
• The company has gained market share sequentially in Germany in each of the past four quarters.

Strategic minority ownership in Vanguard Food LP ensures supply continuity

Supply continuity for the fresh produce side of the business is secured through a strategic joint venture structure, which also provided a significant cash infusion.

The transformative transaction to privatize certain produce assets created Vanguard Food LP.

• Village Farms International, Inc. holds a 37.9% equity ownership interest in Vanguard Food LP.
• The transaction provided $40 million in cash proceeds to Village Farms International, Inc.
• For Q3 2025, sales from continuing operations for Village Farms Produce were $12.8 million.
• Adjusted EBITDA from continuing operations for the Produce segment in Q3 2025 improved to $2.5 million.

Finance: draft 13-week cash view by Friday.

Village Farms International, Inc. (VFF) - Canvas Business Model: Channels

You're looking at how Village Farms International, Inc. (VFF) gets its products to market as of late 2025, based on the third quarter results ending September 30, 2025. The strategy clearly leans heavily on its Canadian cannabis operations while aggressively scaling international medical exports.

The overall consolidated net sales for Village Farms International, Inc. in Q3 2025 hit $66.7 million USD. The channels driving this are segmented across domestic Canadian sales, international medical markets, and the US CBD business.

Here is a breakdown of the revenue contribution and performance metrics for the key distribution channels as of Q3 2025:

Channel Segment	Q3 2025 Revenue Reported	Year-over-Year Change
Canadian Cannabis (Total Net Sales)	$46.6 million USD (Net Sales)	Up 29%
Canadian Provincial Retailers (Branded)	CAD 37 million	Planned decrease of 4%
Wholesale to other Licensed Producers (Non-Branded)	$7.3 million USD	Down 0.8%
Direct International Export (Medical Markets)	$11.9 million USD	Up 771.9%
Licensed Dutch Coffee Shops (via Leli Holland)	$3.6 million USD	New revenue stream in 2025
Direct-to-Consumer (Balanced Health Botanicals - US)	$3.3 million USD	Down 15.4%

The international medical export channel shows explosive growth, which is a major focus for Village Farms International, Inc. Net revenue from international sales was $11.9 million USD in the quarter, marking an increase of 771.9% year-over-year. This segment is heavily driven by demand in Germany.

For the Canadian market, the strategy involves a mix of retail and wholesale, with a clear pivot toward higher-margin products:

• Canadian retail branded sales were CAD 37 million in Q3 2025, which was in line with expectations following a portfolio realignment.
• The non-branded (wholesale) channel generated $7.3 million USD in sales, representing a slight decrease of 0.8%.
• The overall Canadian cannabis segment achieved a record gross margin of 56%.

The European expansion through Leli Holland in the Netherlands is now contributing meaningfully. Sales from the Netherlands operations reached $3.6 million USD in Q3 2025, and the operation achieved positive EBITDA, with an adjusted EBITDA of $1.3 million. The Drachten facility reached full operating capacity, and construction on a second facility in Groningen is on track for Q1 2026.

The US Direct-to-Consumer channel, managed by Balanced Health Botanicals, saw sales of $3.3 million USD in Q3 2025, which was a decline of 15.4% year-over-year. To be defintely clear, the Q2 2025 sales for this segment were $3.8 million USD.

Village Farms International, Inc. (VFF) - Canvas Business Model: Customer Segments

You're looking at the customer base for Village Farms International, Inc. as of late 2025. It's a mix of regulated recreational buyers, established medical channels, and the evolving US hemp/CBD space. Honestly, the international medical export growth is what's really moving the needle right now.

The core of the business, driven by the Pure Sunfarms and Rose LifeScience subsidiaries, targets the Canadian market, which relies heavily on provincial and territorial government wholesalers for distribution into the adult-use recreational system. This segment is mature but still growing, especially as Village Farms International focuses on higher-margin products.

• Maintained a top-three overall market share in Canada year-to-date through July 2025.
• Held the number one spot in dried flower sales in Canada.
• Canadian operations achieved a gross margin of 56% in Q3 2025.
• Canadian Cannabis Net Sales reached $64.1 million in Q3 2025.

The international medical segment is where the explosive growth is happening, primarily serving licensed distributors and pharmacies in markets like Germany, which rely on EU Good Manufacturing Practice (GMP) certified supply. The Netherlands operation is a unique segment serving a regulated adult-use pilot program directly through coffee shops.

For the US, the focus is on CBD and hemp-derived products through the Balanced Health subsidiary. This segment faces headwinds from regulatory uncertainty and competition from the unregulated market, which you can see in the sales figures.

Here's the quick math on the revenue contribution from these segments in Q3 2025, based on reported revenue lines (amounts in US$ millions):

Customer Segment Group	Specific Channel/Market	Q3 2025 Revenue (US$ Millions)	Year-over-Year Growth	Key Metric/Status
Canadian Adult-Use & Wholesalers	Retail Branded Sales	42.5	Planned decrease of 4% (focus on higher margin)	Excise Taxes Paid: $21.6 million
Canadian Adult-Use & Wholesalers	Non-Branded (Wholesale)	7.3	Essentially flat at 0% change	Part of the overall Canadian Cannabis Net Sales of $64.1 million
International Medical Distributors/Pharmacies	International Export Sales (Total)	11.9	Up 758%	Supplying markets like Germany
International Medical Distributors/Pharmacies	Netherlands (Leli Holland)	3.6	Sequential gain	Products in 91% of participating coffee shops
US Consumers (CBD/Hemp)	US Cannabis Sales (Balanced Health)	3.3	Down 15.4%	Resulted in a $436,000 loss

To be fair, the Canadian segment's total net sales of $64.1 million is the aggregate of its domestic wholesale/retail and its international medical exports. The $11.9 million international revenue is a distinct line item that drove a 758% year-over-year surge in international sales. The US segment, at $3.3 million in Q3 2025 sales, showed a 15.4% decline.

The provincial and territorial government wholesalers are the gatekeepers for the Canadian recreational market, purchasing the Retail Branded and Non-Branded products. The net income from the Canadian operations alone was $11.7 million in Q3 2025.

Finance: draft 13-week cash view by Friday.

Village Farms International, Inc. (VFF) - Canvas Business Model: Cost Structure

You're looking at the cost side of Village Farms International, Inc.'s (VFF) operations as of late 2025, which is heavily influenced by large-scale controlled environment agriculture (CEA) and the complexities of the global cannabis market. The cost structure reflects significant upfront investment in infrastructure and ongoing operational expenses tied to cultivation and regulatory adherence.

High capital expenditures (CapEx) for greenhouse conversions represent a major cost driver, reflecting the long-term commitment to high-tech cultivation platforms. While specific Q3 2025 CapEx isn't itemized in the latest reports, the ongoing strategic build-out is clear. For instance, the expansion of cultivation capacity in the Delta 2 greenhouse, which began subsequent to Q3 2025, is a key investment area, funded by existing cash on hand to yield an incremental 40 metric tons of annualized cannabis production. The example of a $10 million spend for a conversion like Delta 2 illustrates the scale of these infrastructure projects.

Costs of Goods Sold (COGS) for CEA cultivation and processing are central to the operational cost base. For the third quarter ended September 30, 2025, Village Farms International reported consolidated revenue of $66.7 million and a consolidated gross profit of $31.9 million. This implies a consolidated COGS of approximately $34.8 million for the quarter. The Canadian cannabis segment, a key profit driver, achieved a record gross margin of 56% in Q3 2025, indicating strong control over its direct cultivation and processing costs relative to its sales in that segment.

The burden of excise taxes on Canadian cannabis sales is a significant, non-production-related cost. For the three months ended September 30, 2025, the reported excise tax expense was ($15.7 million). This figure, noted in the revenue breakdown, highlights how heavily the Canadian adult-use market structure impacts the net realization from those sales. This tax is often cited as the single largest cost of participating in that specific market channel.

Research, development, and regulatory compliance costs are embedded within operating expenses, supporting the multi-national structure. These costs are necessary to maintain EU GMP compliance for international exports, particularly to markets like Germany, and to navigate the evolving regulatory landscapes in both Canada and the U.S. for its Balanced Health CBD products. Specific R&D figures aren't broken out in the summary results, but compliance is a non-negotiable operational expense for cross-border cannabis trade.

The Sales, General, and Administrative (SG&A) for the multi-national corporate structure is managed alongside other operating costs. While direct SG&A is not explicitly stated, the consolidated Adjusted EBITDA for Q3 2025 was reported at $20.2 million, representing 30.3% of sales. This metric, which is revenue minus COGS and operating expenses (including SG&A, but before depreciation and amortization), shows the efficiency of the overhead structure relative to revenue generation. The company ended Q3 2025 with $88 million in cash and $35 million in total debt, indicating a relatively healthy liquidity position to cover these ongoing corporate costs.

Here's a quick look at the key Q3 2025 financial metrics that inform the cost structure:

Financial Metric	Amount (US$ Millions)	Segment/Context
Consolidated Net Sales	66.7	Q3 2025
Consolidated Gross Profit	31.9	Q3 2025
Implied Consolidated COGS	34.8	Calculated from Sales and Gross Profit
Excise Taxes	(15.7)	Q3 2025 Expense
Canadian Cannabis Gross Margin	56%	Q3 2025
Consolidated Adjusted EBITDA	20.2	Q3 2025 (30.3% of Sales)

You should keep an eye on how the Delta 2 expansion, which is expected to be fully operational by Q1 2027, impacts future COGS and CapEx schedules. The company is clearly prioritizing capital allocation toward growth, as evidenced by the cash position and the initiation of a $10 million share repurchase program.

• Ongoing operational costs for the Drachten facility in the Netherlands.
• Costs associated with capacity expansion underway in Canada (Delta 2).
• Fixed overhead costs supporting the multi-jurisdictional corporate entity.
• Energy costs, which are a vulnerability for intensive greenhouse operations.

Finance: draft 13-week cash view by Friday.

Village Farms International, Inc. (VFF) - Canvas Business Model: Revenue Streams

You're looking at the core ways Village Farms International, Inc. brings in money as of late 2025. It's definitely shifted heavily toward cannabis, but those other streams still play a part in the overall picture.

The cannabis operations are the clear engine now, especially with international medical exports showing explosive growth. Here's a breakdown of the key revenue components based on the Q3 2025 performance.

Revenue Stream Component	Q3 2025 Financial Metric	Amount/Rate
Canadian Cannabis Sales (Segment Net Sales)	Net Sales	$46.6 million
International Medical Export Sales	Year-over-Year Growth	758%
International Medical Export Sales	Net Revenue (USD)	$11.9 million
Netherlands Cannabis Sales (Leli Holland)	Net Sales	$3.6 million
Netherlands Cannabis Sales (Leli Holland)	Adjusted EBITDA	$1.3 million

The Canadian cannabis segment is showing strong operational leverage, which directly impacts revenue quality. You can see this in the margin improvement alongside the sales figures.

• Canadian Cannabis Gross Margin for Q3 2025 reached 56%, up from 26% in Q3 2024.
• Canadian Cannabis Adjusted EBITDA for the quarter was $19.3 million, a 309% increase year-over-year.
• Retail branded sales within the Canadian segment saw a planned decrease of 4% due to a mix shift toward higher-margin products.

International medical export demand, particularly in Germany, is a massive driver. That 758% surge shows how effectively Village Farms International is scaling its EU GMP certified supply chain.

The Netherlands business, through Leli Holland, is now contributing meaningfully after its Phase 1 facility reached full operating capacity.

• Leli Holland sales of $3.6 million in Q3 2025 were a meaningful increase quarter-over-quarter.
• Products are now represented in 91% of participating coffee shops in the Netherlands.

The legacy produce business still generates revenue, though it's structured differently now, involving a commission arrangement. This segment contributes to the overall financial picture, but it's not the primary growth focus.

For the continuing produce operations:

• Sales from continuing operations were $12.8 million, essentially flat year-over-year due to the commission structure.
• Net income from continuing operations improved to $1.3 million, up from $0.3 million in the prior year.
• Adjusted EBITDA from continuing operations improved to $2.5 million from $1.7 million.

Finally, there's a passive income stream tied to renewable energy. Village Farms Clean Energy (VFCE) is involved in creating renewable natural gas at its Delta RNG facility.

VFCE receives royalties on all revenue generated from the Delta RNG facility through its partnership with Terreva Renewables. Specific Q3 2025 royalty amounts weren't detailed in the primary financial highlights, but the structure is a defined revenue source.