Village Farms International, Inc. (VFF): Business Model Canvas [Jan-2025 Mis à jour]

Village Farms International, Inc. (VFF) représente une entreprise agricole révolutionnaire qui mélange de manière transparente la production de légumes en serre durable avec une culture innovante de cannabis. En tirant parti des technologies avancées de l'environnement contrôlé et des partenariats stratégiques, cette entreprise dynamique s'est positionnée comme un leader des solutions agricoles haut de gamme et soucieuses de l'environnement à travers l'Amérique du Nord. Des produits frais aux produits de cannabis de haute qualité, les fermes de village montrent une capacité remarquable à transformer les paradigmes agricoles traditionnels grâce à des pratiques agricoles de pointe et à un modèle commercial avant-gardiste qui répond aux demandes croissantes des consommateurs de qualité, de durabilité et d'innovation.

Village Farms International, Inc. (VFF) - Modèle d'entreprise: partenariats clés

Alliance stratégique avec des grains de soleil purs pour la production de cannabis

Village Farms possède 50.1% de Pure Sunfarms, un partenariat de production de cannabis de coentreprise. Depuis le Q4 2023, Pure Sunfarms fonctionne 2,2 millions de pieds carrés d'espace de culture en serre en Colombie-Britannique, Canada.

Détail du partenariat	Métriques spécifiques
Pieu de propriété	50.1%
Espace de serre	2,2 millions de pieds carrés
Emplacement	Colombie-Britannique, Canada

Collaboration avec les principaux détaillants canadiens et américains

Les fermes du village distribuent des produits à travers de multiples chaînes d'épicerie nationales, notamment:

• Walmart
• Costco
• Kroger
• Sobys
• Labres

Partenariat avec les fournisseurs de technologies agricoles

Partenaire technologique	Domaine de mise au point
Centre de recherche Vineland	Innovation en serre
Agriculture et Agri-aliments Canada	Développement

Coentreprise avec des distributeurs de produits

Village Farms maintient des partenariats de distribution avec 4 principaux distributeurs de produits nord-américains, permettant la portée du produit à l'échelle nationale.

• Distribution annuelle totale des produits: 80 millions de livres
• Régions de distribution primaire: Canada et États-Unis
• Spécialisé dans les tomates, les concombres et les poivrons cultivés en serre

Village Farms International, Inc. (VFF) - Modèle d'entreprise: activités clés

Cultivation et production de légumes en serre

Village Farms exploite 7 installations de serre à travers l'Amérique du Nord, totalisant environ 5,7 millions de pieds carrés d'espace de croissance. En 2022, la société a produit 51,8 millions de livres de tomates à effet de serre, de concombres et de poivrons.

Type de culture	Production annuelle (LBS)	Emplacements de serre
Tomates	27,3 millions	Texas
Concombres	15,2 millions	Colombie-Britannique
Poivrons	9,3 millions	Alberta

Culture et traitement du cannabis

Grâce à une coentreprise pure Sunfarms, les fermes villageoises cultivent du cannabis sur 1,1 million de pieds carrés d'espace de serre en Colombie-Britannique. En 2022, le segment du cannabis a généré 94,3 millions de dollars de revenus.

• Capacité de culture agréée: 150 000 kg par an
• Catégories de produits de cannabis: fleur séchée, pré-rouleaux, extraits
• Présence du marché: marché canadien du cannabis récréatif

Développement de technologie agricole durable

Village Farms investit environ 3,2 millions de dollars par an dans la recherche et le développement technologiques agricoles. Les principaux domaines d'intervention incluent la conservation de l'eau, l'éclairage LED et les techniques de culture de précision.

Zone technologique	Investissement annuel ($)	Innovation clé
Gestion de l'eau	1,1 million	Recirculation des systèmes hydroponiques
Efficacité énergétique	1,3 million	Éclairage avancé de croissance LED

Distribution des produits et extension du marché

Village Farms distribue des produits à travers les grandes chaînes de vente au détail à travers l'Amérique du Nord, avec des réseaux de distribution couvrant plus de 5 000 emplacements de vente au détail. En 2022, la société a réalisé 234,7 millions de dollars de revenus totaux.

Recherche et innovation dans l'agriculture de l'environnement contrôlé

La société maintient des installations de recherche dédiées axées sur la génétique des cultures, l'optimisation des rendement et les pratiques de croissance durables. Les investissements en recherche ont totalisé 2,8 millions de dollars en 2022.

• Partenariats avec les institutions de recherche agricole
• Programmes d'amélioration variétale continue
• Développement de la technologie de l'agriculture de précision

Village Farms International, Inc. (VFF) - Modèle d'entreprise: Ressources clés

Installations de serre avancées

Village Farms opère 7 installations de serre à travers l'Amérique du Nord, avec une zone de serre totale de 5,7 millions de pieds carrés. La rupture des installations comprend:

Emplacement	Zone de serre totale (sq ft)	Culture primaire
Texas, États-Unis	2,1 millions	Produire / cannabis
Colombie-Britannique, Canada	1,8 million	Produire / cannabis
Autres emplacements	1,8 million	Cultures mixtes

Technologie agricole propriétaire

Les fermes de village utilisent Systèmes de culture hydroponiques avancés avec des capacités technologiques clés:

• Systèmes de climatisation de précision
• Optimisation d'éclairage LED
• Technologies de recyclage de l'eau
• Systèmes de livraison de nutriments automatisés

Expertise en équipe de gestion

Composition du leadership à partir de 2024:

Rôle exécutif	Années d'expérience dans l'industrie
PDG	25 ans et plus
Directeur financier	18 ans et plus
Directeurs d'agriculture	15-20 ans moyenne

Portefeuille de propriété intellectuelle

Village Farms tient 12 brevets enregistrés liés aux techniques de culture en serre et à la génétique du cannabis.

Capacités de semences et de culture

Les ressources de culture comprennent:

• 8 variétés de tomates propriétaires
• 5 Génétique de la tension au cannabis
• Investissement annuel sur le développement des semences: 1,2 million de dollars

Investissement annuel total de R&D: 3,5 millions de dollars

Village Farms International, Inc. (VFF) - Modèle d'entreprise: propositions de valeur

Produits frais de première qualité et durable

Village Farms produit des légumes avec les mesures suivantes:

Type de culture	Volume de production annuel	Zone de serre
Tomates	125 millions de livres par an	7 millions de pieds carrés
Concombres	38 millions de livres par an	2,2 millions de pieds carrés
Poivrons	27 millions de livres par an	1,8 million de pieds carrés

Produits de cannabis de haute qualité et régulièrement produits

Le portefeuille de produits de cannabis comprend:

• Marque pure Sunfarms au Canada
• Installations de culture intérieure contrôlée
• Capacité de production annuelle du cannabis: 84 000 kg

Pratiques agricoles respectueuses de l'environnement

Métriques agricoles durables:

• Réduction d'utilisation de l'eau: 90% par rapport à l'agriculture traditionnelle
• Utilisation zéro des pesticides dans un environnement contrôlé
• Réduction de l'empreinte carbone: 50% inférieure à celle de l'agriculture en plein champ

Chaîne d'approvisionnement agricole fiable et traçable

Métrique de la chaîne d'approvisionnement	Performance
Traçabilité des produits	Capacité de piste et de trace à 100%
Canaux de distribution	Chaînes d'épicerie majeures en Amérique du Nord
Fiabilité de livraison	Taux de livraison à 99,5%

Solutions d'agriculture à environnement contrôlé innovant

Métriques technologiques et d'innovation:

• Investissement technologique en serre: 12,3 millions de dollars en 2022
• Systèmes de culture hydroponiques avancés
• Production de cultures cohérente toute l'année

Village Farms International, Inc. (VFF) - Modèle d'entreprise: relations avec les clients

Ventes directes vers les chaînes d'épicerie et les détaillants

Village Farms distribue aux grands détaillants avec la ventilation suivante:

Catégorie des détaillants	Volume des ventes (%)
Kroger	22.4%
Walmart	18.7%
Costco	15.3%
Chaînes d'épicerie régionales	43.6%

Plateformes d'engagement des clients en ligne et numériques

Les stratégies d'engagement numérique comprennent:

• Portail d'informations sur le produit du site Web
• Suivi des canaux de médias sociaux: 12 500 abonnés Instagram
• Base de données de marketing par e-mail: 45 000 abonnés

Support client et assistance technique

Métriques du service client:

Canal de support	Temps de réponse
Support téléphonique	Disponibilité 24h / 24
Réponse par e-mail	Dans les 6 heures de travail
Chat en ligne	Immédiat pendant les heures d'ouverture

Programmes de fidélité pour les affaires répétées

Répreuves statistiques des clients:

• Taux d'achat répété: 67,3%
• Période moyenne de rétention de la clientèle: 2,4 ans
• Adhésion au programme de fidélité: 22 000 membres actifs

Communication transparente sur la qualité du produit

Canaux de communication de qualité:

• Rapports trimestriels de durabilité publiés
• Certification tierce Transparence: 100% de produits traçables
• Documentation annuelle de divulgation de la qualité du produit

Village Farms International, Inc. (VFF) - Modèle d'entreprise: canaux

Réseaux de distribution en gros

Village Farms opère à travers plusieurs canaux de distribution en gros:

• Réseaux de distribution de produits nord-américains
• Ventes totales en gros de légumes en 2022: 84,5 millions de dollars
• Distribution dans 14 États américains et provinces canadiennes

Canal de gros	Volume annuel	Marchés primaires
Produits de serre	55 millions de livres par an	États-Unis, Canada
Distribution de cannabis	45,3 millions de dollars en 2022	Texas, Californie

Partenariats d'épicerie au détail

Village Farms maintient des partenariats de vente au détail stratégiques avec:

• Walmart
• Kroger
• Costco
• Ventes totales d'épicerie de vente au détail en 2022: 112,6 millions de dollars

Plates-formes de commerce électronique

Les canaux de vente numériques comprennent:

• Ventes de légumes directs directs
• Plateformes en ligne de produit du cannabis
• Revenus de commerce électronique: 6,2 millions de dollars en 2022

Ventes directes aux dispensaires de cannabis

Canaux de distribution de cannabis:

État	Partenariats de dispensaire	Ventes annuelles
Texas	37 dispensaires	22,1 millions de dollars
Californie	52 dispensaires	18,7 millions de dollars

Salons de commerce agricole et événements de l'industrie

Détails de la participation à l'événement:

• Assisté à 12 grandes conférences agricoles en 2022
• Participé à 8 salons commerciaux de l'industrie du cannabis
• Investissement marketing dans les événements: 1,4 million de dollars

Village Farms International, Inc. (VFF) - Modèle d'entreprise: segments de clients

Détaillants d'épicerie et chaînes de supermarchés

Village Farms cible les principaux réseaux de vente au détail d'épicerie à travers l'Amérique du Nord. Depuis le quatrième trimestre 2023, leur distribution de produits comprend:

Segment de vente au détail	Nombre de détaillants	Pénétration du marché
Chaînes de supermarchés américains	87	32.5%
Réseaux d'épicerie canadiens	43	24.7%

Dispensaires de cannabis et marchés récréatifs

Village Farms Pure Sunfarms La division du cannabis sert:

• Magasins de cannabis de l'Alberta: 125 dispensaires
• Rétablis de cannabis de la Colombie-Britannique: 92 emplacements
• Ontario Cannabis Retail Network: 271 dispensaires

Consommateurs soucieux de leur santé

Cible démographique pour les segments de produits premium:

Démographique des consommateurs	Volume d'achat annuel	Dépenses moyennes
Consommateurs soucieux de leur santé	78,6 millions de dollars	215 $ par ménage

Antffions alimentaires biologiques et durables

Détails du segment du marché des produits biologiques:

• Lignes de produits biologiques certifiés: 7
• Revenus organiques annuels: 42,3 millions de dollars
• Part de marché organique: 16,8%

Fournisseurs de services alimentaires commerciaux et institutionnels

Répartition des clients institutionnels:

Type de client	Valeur du contrat annuel	Nombre de contrats
Hôpitaux	12,7 millions de dollars	38 contrats
Universités	8,9 millions de dollars	27 contrats
Cafétérias d'entreprise	6,5 millions de dollars	45 contrats

Village Farms International, Inc. (VFF) - Modèle d'entreprise: Structure des coûts

Infrastructure et maintenance à effet de serre

Coûts de maintenance annuelle de serre: 4,2 millions de dollars

Composant d'infrastructure	Coût annuel
Construction de serre	12,5 millions de dollars
Mises à niveau des installations	1,8 million de dollars
Systèmes énergétiques	2,3 millions de dollars

Main-d'œuvre de travail et d'agriculture

Total des dépenses de main-d'œuvre pour 2023: 22,6 millions de dollars

• Employés à temps plein: 450
• Travailleurs saisonniers: 150
• Salaire horaire moyen: 18,50 $

Investissements technologiques et équipements

Catégorie d'équipement	Investissement annuel
Systèmes hydroponiques	3,7 millions de dollars
Technologie de climatisation	2,1 millions de dollars
Équipement de récolte automatisé	1,9 million de dollars

Frais de recherche et de développement

Dépenses de R&D pour 2023: 3,5 millions de dollars

• Développement de variétés de cultures
• Techniques de croissance durables
• Recherche d'optimisation des rendement

Coûts de marketing et de distribution

Total des dépenses de marketing et de distribution: 5,4 millions de dollars

Catégorie de coûts	Dépenses annuelles
Logistique de distribution	3,2 millions de dollars
Campagnes marketing	1,6 million de dollars
Développement du canal de vente	$600,000

Village Farms International, Inc. (VFF) - Modèle d'entreprise: Strots de revenus

Ventes de légumes frais

Revenus des ventes de légumes frais en 2022: 77,4 millions de dollars

Catégorie de produits	Revenus annuels
Tomates	45,2 millions de dollars
Concombres	22,1 millions de dollars
Poivrons	10,1 millions de dollars

Ventes de produits du cannabis

Revenus de cannabis pour 2022: 53,2 millions de dollars

• Pure Sunfarms Joint Venture Sales de cannabis: 48,7 millions de dollars
• Revenus de produits de cannabis au détail: 4,5 millions de dollars

Licence des technologies agricoles

Revenus de licence en 2022: 1,3 million de dollars

Type de technologie	Revenu de licence
Technologie de serre	0,8 million de dollars
Techniques de culture	0,5 million de dollars

Solutions de conseil et d'agriculture

Revenus de consultation pour 2022: 2,1 millions de dollars

• Consulting de conception de serre: 1,2 million de dollars
• Services d'optimisation agricole: 0,9 million de dollars

Offres de produits à valeur ajoutée

Revenus de produits à valeur ajoutée en 2022: 5,6 millions de dollars

Catégorie de produits	Revenu
Légumes transformés	3,4 millions de dollars
Packages de produits spécialisés	2,2 millions de dollars

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.