Village Farms International, Inc. (VFF): Modelo de negócios Canvas [Jan-2025 Atualizado]

A Village Farms International, Inc. (VFF) representa uma empresa agrícola inovadora que combina perfeitamente a produção de vegetais de estufa sustentável com o cultivo inovador de cannabis. Ao alavancar tecnologias ambientais controladas avançadas e parcerias estratégicas, essa empresa dinâmica se posicionou como líder em soluções agrícolas premium e ambientalmente conscientes na América do Norte. Desde produtos frescos a produtos de cannabis de alta qualidade, as fazendas da aldeia demonstram uma capacidade notável de transformar os paradigmas agrícolas tradicionais por meio de práticas agrícolas de ponta e um modelo de negócios com visão de futuro que atenda a crescentes demandas do consumidor por qualidade, sustentabilidade e inovação.

Village Farms International, Inc. (VFF) - Modelo de negócios: Parcerias -chave

Aliança Estratégica com Pure Sunfarms para produção de cannabis

A Village Farms possui 50.1% da Pure Sunfarms, uma parceria de produção de cannabis de joint venture. A partir do quarto trimestre 2023, o puro solar opera 2,2 milhões de pés quadrados do espaço de cultivo de estufa na Colúmbia Britânica, Canadá.

Detalhes da parceria	Métricas específicas
Participação de propriedade	50.1%
Espaço de Greenhouse	2,2 milhões de pés quadrados
Localização	Colúmbia Britânica, Canadá

Colaboração com os principais varejistas canadenses e americanos

As fazendas de vila distribuem produzir através de várias redes nacionais de supermercado, incluindo:

• Walmart
• Costco
• Kroger
• Sobeys
• Loblaws

Parceria com provedores de tecnologia agrícola

Parceiro de tecnologia	Área de foco
Vineland Research Center	Innovação de Greenhouse
Agricultura e Agri-Food Canada	Desenvolvimento de culturas

Joint venture com distribuidores de produtos

Village Farms mantém parcerias de distribuição com 4 principais distribuidores de produtos norte -americanos, permitindo o alcance do produto em todo o país.

• Distribuição anual total de produtos: 80 milhões de libras
• Regiões de distribuição primária: Canadá e Estados Unidos
• Especializado em tomates, pepinos e pimentos cultivados em estufa

Village Farms International, Inc. (VFF) - Modelo de negócios: Atividades -chave

Cultivo e produção de vegetais de estufa

A Village Farms opera 7 instalações de estufa na América do Norte, totalizando aproximadamente 5,7 milhões de pés quadrados de espaço em crescimento. Em 2022, a empresa produziu 51,8 milhões de libras de tomate, pepino e pimentão.

Tipo de colheita	Produção anual (LBS)	Locais de estufa
Tomate	27,3 milhões	Texas
Pepino	15,2 milhões	Colúmbia Britânica
Pimentão	9,3 milhões	Alberta

Cultivo e processamento de cannabis

Por meio da joint venture pura solar, as fazendas da aldeia cultivam cannabis em 1,1 milhão de pés quadrados de espaço de estufa na Colúmbia Britânica. Em 2022, o segmento de cannabis gerou US $ 94,3 milhões em receita.

• Capacidade de cultivo licenciado: 150.000 kg por ano
• Categorias de produtos de cannabis: flor seca, pré-rolls, extratos
• Presença de mercado: mercado de cannabis recreativo canadense

Desenvolvimento de Tecnologia Agrícola Sustentável

A Village Farms investe aproximadamente US $ 3,2 milhões anualmente em pesquisa e desenvolvimento de tecnologia agrícola. As principais áreas de foco incluem conservação de água, iluminação LED e técnicas de cultivo de precisão.

Área de tecnologia	Investimento anual ($)	Inovação chave
Gerenciamento da água	1,1 milhão	Sistemas hidropônicos de recirculação
Eficiência energética	1,3 milhão	Avançada LED Grow Lighting

Distribuição de produtos e expansão de mercado

A Village Farms distribui produtos por meio de principais redes de varejo em toda a América do Norte, com redes de distribuição cobrindo mais de 5.000 locais de varejo. Em 2022, a empresa alcançou US $ 234,7 milhões em receita total.

Pesquisa e inovação na agricultura do ambiente controlado

A empresa mantém instalações de pesquisa dedicadas, com foco na genética das culturas, otimização de rendimento e práticas de crescimento sustentável. Os investimentos em pesquisa totalizaram US $ 2,8 milhões em 2022.

• Parcerias com instituições de pesquisa agrícola
• Programas contínuos de melhoria varietal
• Desenvolvimento de tecnologia agrícola de precisão

Village Farms International, Inc. (VFF) - Modelo de negócios: Recursos -chave

Instalações avançadas de estufa

A Village Farms opera 7 instalações de estufa em toda a América do Norte, com uma área total de estufa de 5,7 milhões de pés quadrados. O colapso da instalação inclui:

Localização	Área total de estufa (pés quadrados)	Colheita primária
Texas, EUA	2,1 milhões	Produzir/cannabis
Colúmbia Britânica, Canadá	1,8 milhão	Produzir/cannabis
Outros locais	1,8 milhão	Culturas mistas

Tecnologia agrícola proprietária

As fazendas da aldeia utilizam Sistemas de crescimento hidropônico avançado Com os principais recursos tecnológicos:

• Sistemas de controle climático de precisão
• Otimização de iluminação LED
• Tecnologias de reciclagem de água
• Sistemas automatizados de entrega de nutrientes

Especialização da equipe de gerenciamento

Composição de liderança em 2024:

Papel executivo	Anos de experiência no setor
CEO	Mais de 25 anos
Diretor Financeiro	Mais de 18 anos
Diretores da Agricultura	15-20 anos em média

Portfólio de propriedade intelectual

A Village Farms detém 12 patentes registradas Relacionados às técnicas de cultivo de estufa e genética de cannabis.

Capacidades de sementes e cultivo

Os recursos de cultivo incluem:

• 8 variedades de tomate proprietárias
• 5 cepa de cannabis genética
• Investimento anual de desenvolvimento de sementes: US $ 1,2 milhão

Investimento anual de P&D anual: US $ 3,5 milhões

Village Farms International, Inc. (VFF) - Modelo de negócios: proposições de valor

Produtos frescos premium e cultivados de forma sustentável

A Village Farms produz vegetais com as seguintes métricas:

Tipo de colheita	Volume anual de produção	Área de estufa
Tomate	125 milhões de libras por ano	7 milhões de pés quadrados
Pepino	38 milhões de libras por ano	2,2 milhões de pés quadrados
Pimentão	27 milhões de libras por ano	1,8 milhão de pés quadrados

Produtos de cannabis produzidos consistentemente produzidos de alta qualidade

O portfólio de produtos de cannabis inclui:

• Marca pura solar no Canadá
• Instalações de cultivo interno controlado
• Capacidade anual de produção de cannabis: 84.000 kg

Práticas agrícolas ecológicas

Métricas de agricultura sustentável:

• Redução do uso de água: 90% em comparação com a agricultura tradicional
• Zero uso de pesticidas em ambiente controlado
• Redução da pegada de carbono: 50% menor que a agricultura de campo aberto

Cadeia de suprimentos agrícolas confiáveis ​​e rastreáveis

Métrica da cadeia de suprimentos	Desempenho
Rastreabilidade do produto	100% de capacidade de rastreamento e rastreamento
Canais de distribuição	Principais redes de supermercado na América do Norte
Confiabilidade da entrega	99,5% de taxa de entrega no tempo

Soluções Agrícolas Ambientais Controladas Inovadoras

Métricas de tecnologia e inovação:

• Greenhouse Technology Investment: US $ 12,3 milhões em 2022
• Sistemas de crescimento hidropônico avançado
• Produção agrícola consistente o ano todo

Village Farms International, Inc. (VFF) - Modelo de Negócios: Relacionamentos do Cliente

Vendas diretas para redes de compras e varejistas

A Village Farms distribui para os principais varejistas com a seguinte quebra de vendas:

Categoria de varejista	Volume de vendas (%)
Kroger	22.4%
Walmart	18.7%
Costco	15.3%
Cadeias regionais de supermercado	43.6%

Plataformas de engajamento de clientes online e digital

As estratégias de engajamento digital incluem:

• Portal de informações do produto do site
• Rastreamento de canais de mídia social: 12.500 seguidores do Instagram
• Banco de dados de marketing por email: 45.000 assinantes

Suporte ao cliente e assistência técnica

Métricas de atendimento ao cliente:

Canal de suporte	Tempo de resposta
Suporte telefônico	Disponibilidade de 24 horas
Resposta por e -mail	Dentro de 6 horas úteis
Chat online	Imediato durante o horário comercial

Programas de fidelidade para negócios repetidos

Repetir estatísticas de clientes:

• Repita taxa de compra: 67,3%
• Período médio de retenção de clientes: 2,4 anos
• Associação do Programa de Fidelidade: 22.000 membros ativos

Comunicação transparente sobre a qualidade do produto

Canais de comunicação de qualidade:

• Relatórios trimestrais de sustentabilidade publicados
• Transparência de certificação de terceiros: produtos 100% rastreáveis
• Documentação anual de divulgação da qualidade do produto

Village Farms International, Inc. (VFF) - Modelo de Negócios: Canais

Redes de distribuição por atacado

A Village Farms opera através de vários canais de distribuição por atacado:

• Redes de distribuição de produtos norte -americanos
• Vendas de vegetais por atacado totais em 2022: US $ 84,5 milhões
• Distribuição em 14 estados dos EUA e províncias canadenses

Canal por atacado	Volume anual	Mercados primários
Produção de estufa	55 milhões de libras anualmente	Estados Unidos, Canadá
Distribuição de cannabis	US $ 45,3 milhões em 2022	Texas, Califórnia

Parcerias de supermercado de varejo

A Village Farms mantém parcerias estratégicas de varejo com:

• Walmart
• Kroger
• Costco
• Vendas totais de supermercado de varejo em 2022: US $ 112,6 milhões

Plataformas de comércio eletrônico

Os canais de vendas digitais incluem:

• Vendas de vegetais online diretos
• Plataformas on -line de produtos de cannabis
• Receita de comércio eletrônico: US $ 6,2 milhões em 2022

Vendas diretas para dispensários de cannabis

Canais de distribuição de cannabis:

Estado	Parcerias de dispensários	Vendas anuais
Texas	37 dispensários	US $ 22,1 milhões
Califórnia	52 dispensários	US $ 18,7 milhões

Feiras agrícolas e eventos da indústria

Detalhes da participação do evento:

• Participou de 12 grandes conferências agrícolas em 2022
• Participou de 8 feiras de cannabis da indústria
• Investimento de marketing em eventos: US $ 1,4 milhão

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

Varejistas de supermercados e cadeias de supermercados

A Village Farms tem como alvo as principais redes de varejo de supermercado em toda a América do Norte. A partir do quarto trimestre 2023, sua distribuição de produtos inclui:

Segmento de varejo	Número de varejistas	Penetração de mercado
Correntes de supermercados dos EUA	87	32.5%
Redes de compras canadenses	43	24.7%

Dispensários de cannabis e mercados recreativos

A Village Farms Pure Sunfarms Cannabis Division serve:

• Alberta Cannabis Stores: 125 dispensários
• Varejistas de cannabis da Colúmbia Britânica: 92 locais
• Rede de varejo de cannabis de Ontário: 271 dispensários

Consumidores preocupados com a saúde

Demografia -alvo para segmentos de produção premium:

Consumidor demográfico	Volume de compra anual	Gasto médio
Consumidores preocupados com a saúde	US $ 78,6 milhões	US $ 215 por família

Entusiastas de alimentos orgânicos e sustentáveis

Detalhes do segmento de mercado de produtos orgânicos:

• Linhas de produtos orgânicos certificados: 7
• Receita orgânica anual: US $ 42,3 milhões
• Participação de mercado orgânico: 16,8%

Provedores de serviços de alimentação comerciais e institucionais

Redução institucional do cliente:

Tipo de cliente	Valor anual do contrato	Número de contratos
Hospitais	US $ 12,7 milhões	38 contratos
Universidades	US $ 8,9 milhões	27 contratos
Cafeterias corporativas	US $ 6,5 milhões	45 contratos

Village Farms International, Inc. (VFF) - Modelo de negócios: estrutura de custos

Infraestrutura e manutenção de estufa

Custos anuais de manutenção de estufa: US $ 4,2 milhões

Componente de infraestrutura	Custo anual
Construção de estufa	US $ 12,5 milhões
Atualizações da instalação	US $ 1,8 milhão
Sistemas de energia	US $ 2,3 milhões

Força de trabalho trabalhista e agrícola

Despesas totais de mão -de -obra para 2023: US $ 22,6 milhões

• Funcionários em tempo integral: 450
• Trabalhadores sazonais: 150
• Salário médio por hora: US $ 18,50

Investimentos de tecnologia e equipamentos

Categoria de equipamento	Investimento anual
Sistemas hidropônicos	US $ 3,7 milhões
Tecnologia de controle climático	US $ 2,1 milhões
Equipamento de colheita automatizada	US $ 1,9 milhão

Despesas de pesquisa e desenvolvimento

Gastos de P&D para 2023: US $ 3,5 milhões

• Desenvolvimento de variedades de culturas
• Técnicas de crescimento sustentável
• Pesquisa de otimização de rendimento

Custos de marketing e distribuição

Despesas totais de marketing e distribuição: US $ 5,4 milhões

Categoria de custo	Despesas anuais
Logística de distribuição	US $ 3,2 milhões
Campanhas de marketing	US $ 1,6 milhão
Desenvolvimento de canais de vendas	$600,000

Village Farms International, Inc. (VFF) - Modelo de negócios: fluxos de receita

Vendas de vegetais frescos

Receita de vendas de vegetais frescos em 2022: US $ 77,4 milhões

Categoria de produto	Receita anual
Tomate	US $ 45,2 milhões
Pepino	US $ 22,1 milhões
Pimentão	US $ 10,1 milhões

Vendas de produtos de cannabis

Receita de cannabis para 2022: US $ 53,2 milhões

• VENDAS PURAS DE MUNBIS DE MUNBIS DE VENDAÇÃO PURANTES: US $ 48,7 milhões
• Receita do produto de cannabis de varejo: US $ 4,5 milhões

Licenciamento de tecnologias agrícolas

Receita de licenciamento em 2022: US $ 1,3 milhão

Tipo de tecnologia	Renda de licenciamento
Tecnologia de Greenhouse	US $ 0,8 milhão
Técnicas de cultivo	US $ 0,5 milhão

Soluções de consultoria e agricultura

Receita de consultoria para 2022: US $ 2,1 milhões

• Greenhouse Design Consulting: US $ 1,2 milhão
• Serviços de otimização agrícola: US $ 0,9 milhão

Ofertas de produtos de valor agregado

Receita de produto de valor agregado em 2022: US $ 5,6 milhões

Categoria de produto	Receita
Vegetais processados	US $ 3,4 milhões
Pacotes de produtos especiais	US $ 2,2 milhões

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.