Village Farms International Reports First Quarter 2021 Financial Results: Pure Sunfarms Achieves Third Consecutive Quarter of Sequential Growth in Retail Branded Sales of 20% or Greater

May 10, 2021

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Pure Sunfarms Continues its Record of Positive Adjusted EBITDA in Each of the Ten Quarters Since Commencing Sales – Pure Sunfarms Once Again the Top Selling Dried Flower Brand with OCS for First Quarter

VANCOUVER, BC, - Village Farms International, Inc. ("Village Farms" or the "Company") today announced its financial results for the first quarter ended March 31, 2021.  All figures are in U.S. dollars unless otherwise indicated. 

The Company's financial statements for the three months ended March 31, 2021, as well as the comparative periods for 2020, have been prepared and presented under United States Generally Accepted Accounting Principals ("GAAP"). On March 31, 2021, Village Farms owned 100% of Pure Sunfarms Corp. ("Pure Sunfarms"), as the full acquisition of the remaining interest in Pure Sunfarms occurred November 2, 2020.  Accordingly, for the three months ended March 31, 2021, Pure Sunfarms' financial results are consolidated with Village Farms' results.  For the three months ended March 31, 2020, Pure Sunfarms is accounted for on a proportionate basis within "Equity Earnings from Unconsolidated Entities".

Pure Sunfarms' First Quarter and Other Recent Highlights
(Dollar Amounts are Before Village Farms' Proportionate Share)

  • Achieved its third consecutive quarter of sequential growth in its priority sales channel, Retail Branded Sales, of 20% or greater;
  • Achieved its tenth consecutive quarter of positive Adjusted EBITDA; and,
  • Was the top selling brand of dried flower products with the Ontario Cannabis Store (OCS) (by kilograms sold and dollars sold) for the quarter ended March 31, 2021 and remained the top-selling brand of dried flower products with the OCS (by kilograms sold and dollars sold) since retail branded sales launch in October 2019.

*Market share performance and data cited has been calculated by Pure Sunfarms from sales information provided by OCS.

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