You also acknowledge that the submitted photographs are original work created solely by the submitter, that the photograph does not infringe on the copyrights, trademarks, moral rights, rights of privacy/publicity or intellectual property rights of any person or entity, and that no other party has any right, title, claim or interest in the photograph. However, even in the currently negative EBITDA environment, we maintain the highest conviction that our U.S. cultivation footprint is a powerhouse opportunity for legal recreational cannabis when we can participate. As of May 9, 2022, all of the Company's operations are operating normally, however, the extent to which COVID-19 and the related global economic crisis affect the Company's business, results of operations and financial condition, will depend on future developments that are highly uncertain and cannot be predicted, including the scope and duration of the pandemic and any recovery period, future actions taken by governmental authorities, central banks and other third parties (including new financial regulation and other regulatory reform) in response to the pandemic, and the effects on our produce, clients, vendors and employees. The foliar spray can be safely applied up until the day of harvest, leaving behind zero pollutants. All Rights Reserved. The land use applications are expected to increase, the grand jury noted in its report, for both residential and commercial development in the county, and since Prop. View More, Robert Eddy, Ryan Douglas Gevin Gros, Christine DeJesus: Hort How-To, Tom Schultz and Rino Ferrarese: Technically Speaking, Mojave Richmond and Robert C. Clarke: Growing Pains, https://villagefarms.com/financial-reports/, http://villagefarms.com/investor-relations/investor-calls, Humboldt County California Cannabis Growers, Massachusetts Cannabis Control Commission Regulations, Selling, general and administrative expenses, Less: net loss attributable to non-controlling interests, net of tax. Formulated with a blend of rosemary, clove and peppermint oils, it is proven to kill and repel common soft-bodied insects, including adult and nymph spider mites and russet mites. ", DeGiglio concluded, "Consumer takeaway trends during the first quarter further validated our brand and cultivation strategies. Balanced Health was acquired on Aug. 16, 2021 and their results are presented in the operations of our consolidated wholly-owned subsidiaries for the three months ended March 31, 2022. Credited with producing some of the most influential genetics in modern cannabis including Sunset Sherbert, Mochi, and Bacio Gelato, this partnership with Final Bell will expand the brands availability into new markets. Growers Ally Spider Mite Control is an insecticide, miticide and repellent for use on cannabis and hemp. The Company's financial statements for the three months ended March 31, 2022, as well as the comparative periods for 2021, have been prepared and presented under United States Generally Accepted Accounting Principals ("GAAP"). ET to discuss its financial results. The cannabis companies have entered into an agreement combining their expertise, ambitions and end-to-end supply chain scalability to expand into new markets. With our Canadian Cannabis business continuing to grow sales and market share domestically, we look forward to capitalizing on Pure Sunfarms' recent EU GMP certification to commence exportation to international markets. She also participated in Massachusetts initial efforts to implement the states adult-use cannabis law, which voters approved in 2016. Final Bell enables cannabis brands to seamlessly enter new categories and markets, allowing them to scale while eliminating key risks to expansion. Village Farms' management team will host a conference call today, Tuesday, May 10, 2022, at 8:30 a.m. To access the archived conference call by telephone, dial (416) 764-8677or (888) 390-0541and enter the passcode 334813 followed by the pound key. Designed and Developed by. Canadian Cannabis net sales increased 25% year-over-growth with a gross margin of 34% (within the Company's stated target range) and adjusted EBITDA of $2.1 million (C$2.7 million). Growers Ally Fungicide is formulated with food-grade citric acid and proven to kill and prevent common plant pathogens, including powdery mildew. In response to the COVID-19 pandemic, the Company implemented safety protocols and procedures to protect its employees, its subcontractors, and its customers. All figures are in U.S. dollars unless otherwise indicated. Our site uses cookies and other tracking technologies to assist with navigation and your ability to provide feedback, analyze your use of our products and services, assist with our promotional and marketing efforts. VANCOUVER, BC, May 10, 2022 /CNW/ - PRESS RELEASE - Village Farms International, Inc. today announced its financial results for the first quarter ended March 31, 2022. 2022 Earth's Ally. Rose launched 14 new cannabis SKUs and shipments of own brands increased 85% compared to the fourth quarter of 2021. Final Bell is responsible for the end-to-end manufacturing, compliance and go-to-market of SHERBINSKIS highly coveted cannabis products in the Canadian market. Village Farms continues to service its customers amid uncertainty and disruption linked to COVID-19 and is actively managing its business to respond to the impact. The OMRI Listed miticide, insecticide, and fungicide contain active ingredients from nature that are scientifically proven to kill powdery mildew, spider mites, russet mites, thrips, aphids, and other soft-bodied insects as well as their eggs on contact. All Rights Reserved. Pure Sunfarms received EU GMP certification for its 1.1 million square foot Delta 3 cannabis production facility, permitting Pure Sunfarms to export EU GMP-certified medical cannabis to importers and distributors in international markets that require EU GMP certification; Pure Sunfarms launched 29 new SKUs across four product categories and remained the top-selling brand of dried flower products in key markets of Ontario, Alberta and British Columbia*; Based on third-party data, it is estimated Rose LifeScience is a top-three Licensed Producer in Quebec; and. The Company acquired 70% of Rose LifeScience on Nov.15, 2021 and their results are presented in the operations of our consolidated wholly-owned subsidiaries and the minority interest is presented in Net Income (Loss) Attributable to Non-controlling Interests, Net of Tax for the three months ended March 31, 2022. Marijuana Venture 4000 Airport Way S. Seattle, WA 98108, @2020 - All Right Reserved. Having previously worked alongside Sarah, I know she will instantly hit the ground running and add tremendous talent to our dynamic team, CCC Executive Director Shawn Collins, was a senior aide to Goldberg before his role with the CCC, told The Daily News. Marijuana Venture is the leading B2B monthly publication for the cannabis industry. The telephone replay will be available until Tuesday, May 17, 2022 at midnight (ET). Cannabis Business Times interactive legislative map is another tool to help cultivators quickly navigate state cannabis laws and find news relevant to their markets. Designed and Developed by GuoWei Cheng, @2020 - All Right Reserved. Several countries as well as certain states and cities within the United States and Canada have enacted temporary closures of businesses, issued quarantine or shelter-in-place orders and taken other restrictive measures. We offer access to independent lab testing, acertificate of analysis on each of our formulas and all state registrations to help you make the best choices to protect your grow operation., The leading business magazine for the legal cannabis industry. The grand jurys assessment and recommendations are aimed at addressing the more than 900 cannabis-related permit applications that were pending in Humboldt County as of January, according to the Times-Standard. Host of @theradexpo @interchange_mv #legalweed. A new generation of disease control formulated from citric acid, Earth's Ally Disease Control is a fungicide and bactericide that leaves no harmful residues and can be used up until day of harvest. The CCC announced May 2 that Hoffman resigned April 25, roughly four months before his five-year inaugural term was set to expire, according to a WBUR report. The report recommends that the Board of Supervisors approve funding for the Planning and Building Department to upgrade Accela, the countys online permit submission system, to ensure that applicants can complete the application and pay the associated fees online, the Times-Standard reported. Growers Ally products are an integral part of leading IPM programs, controlling diseases and pests with formulas that are proven effective through rigorous independent laboratory testing. We expect continued momentum throughout 2022 and beyond as each of our cannabis businesses continues to launch innovative new products that address evolving consumer demand. The report also recommends that the Planning and Building Department act on all interim cannabis permits in Humboldt County upon receiving notice of the state provisional licenses approval or denial, the Times-Standard reported. Crop Defender 3 is a triple-action crop protection formula made with a synergistic blend of botanical oils and a surfactant. We caution that our results of operations for the three months ended March 31, 2022 and 2021 may not be indicative of our future performance, particularly in light of the ongoing COVID-19 pandemic. Sales increased 19% to $41.4 million; and adjusted EBITDA was negative ($6.2 million). The integrations of Balanced Health Botanicals (acquired in the third quarter of 2021) and Rose LifeScience (acquired in the fourth quarter of 2021) are proceeding well. An industry-wide supply imbalance limited the producer's ability to pass along pricing to customers. Final Bells industry expertise, multi-geographical end-to-end supply chain for hardware and packaging, and seed-to-sale compliance infrastructure will allow SHERBINSKIS to provide the same high-end customer experience in Canada that established their brand in California, said Greg Boone, CEO of Final Bell Canada. It is trusted by large-scale growers for use in the vegetative and flowering stages and suitable for all grow environments and cultivation facilities. Strong revenue growth was more than offset by the inflationary impact of freight, labor, fertilizer, packaging and other cost increases. Former Chairman Steve Hoffman left his post April 25 and Deputy Treasurer Sarah Kim was sworn in last week. Goldberg has appointed Kim as the CCCs interim chairwoman as her team searches for a more permanent replacement for Hoffman, according to The Daily News. A key component to our continued success is ensuring were offering our discerning customers consistency and quality every time they interact with our brand, said Mario Guzman, founder of SHERBINSKIS. In independent lab testing, Crop Defender 3 was significantly better than competitors at controlling powdery mildew and eliminating mite populations after just one application.". Pure Sunfarms' products continue to resonate with consumers, as our continued focus on quality, innovation and new product launches strengthen what has become one of the most respected and trusted brands in the Canadian market. The active ingredients in the highly effective FIFRA 25(b) formula are thyme oil, rosemary oil, clove oil, and peppermint oil. There are no year-over-year comparisons since Balanced Health Botanicals was acquired by Village Farms on Aug. 16, 2021. The Planning and Building Department should also notify applicants of the corrective actions required to get their applications approved for applications pending more than 30 days, according to the grand jurys recommendations, and by Dec. 31, Public Works employees should verify that a roadway that is part of the permitting application meets the applicable requirements, the news outlet reported. Total Cannabis segment adjusted EBITDA increased 9% year-over-year to $2.7 million. stores nationwide. The Massachusetts Cannabis Control Commission (CCC) recently underwent a change in leadership, with former Chairman Steve Hoffman resigning and Deputy Treasurer Sarah Kim appointed as the interim chairwoman. ", (All comparable periods are for First Quarter, 2021), Canadian Cannabis (Pure Sunfarms and Rose LifeScience) Financial Summary for the Three Months Ended March 31, 2022 and March 31, 2021, Canadian Cannabis' Percent of Sales by Product Group1, U.S. Cannabis (Balanced Health Botanicals and VF Hemp), Strategic Growth and Operational Highlights. We are evaluating new initiatives, including marketing partnerships to build more scale, spread costs and diversify product offerings. In addition, the grand jury recommended that the Planning and Building Department provide instructions for the public to search a location without creating an Accela account or contacting department staff, according to the news outlet. (In thousands of U.S. dollars, except per share amounts, and unless otherwise noted). In Quebec, we estimate that Rose is now a top three Licensed Producer by sales following strong market share gains since retail launch early last year. The first highly anticipated product launch, Orange Sherbs Live Resin All-in-One Vape, quickly sold out upon release in Ontario. In March 2020, the World Health Organization declared the outbreak of the COVID-19 virus a global pandemic. document.getElementById( "ak_js_1" ).setAttribute( "value", ( new Date() ).getTime() ); In sending your photos and stories you agree to our terms and conditions. The conference call will also be archived on Village Farms' website at http://villagefarms.com/investor-relations/investor-calls. "Crop Defender 3 is an exceptional product for controlling common cannabis pests. These protocols take into consideration guidance from state and local government agencies as well as the Centers for Disease Control and Prevention and other public health authorities. Our focus is to provide transparency to cultivators, Growers Ally CEO Scott Allshouse said. Net loss attributable to Village Farms International Inc. Consolidated sales increased 34% year-over-year to $70.2 million from $52.4 million; Consolidated net loss was ($6.5 million), or ($0.07) per share, compared with ($7.4 million), or ($0.10) per share; and. Crop Defender 3 is a triple-action crop protection formula made with a synergistic blend of botanical oils and a surfactant. Consolidated revenue increased 34% year-over-year to $70.2 million; the company's net loss of $6.5 million is primarily due to inflationary pressures on produce business. Goldberg is responsible for appointing Hoffmans successor, who must have corporate management, finance or securities experience, the news outlet reported. Our Response to the Ongoing Coronavirus Pandemic. By managing critical supply chain, logistics and manufacturing, Final Bell allows brands to focus on what has made them successful, instead of what bogs them down. 2022 GIE Media, Inc. All Rights Reserved. Participants can access the conference call by telephone by dialing (416) 764-8659 or (888) 664-6392, or via the Internet at: https://bit.ly/3LwGlTM. Goldberg will accept applications for Hoffmans replacement until June 4, The Daily News reported. The grand jury gave the Public Works and Planning and Building Departments 60 days to respond to its recommendations, while the Board of Supervisors has 90 days to respond, according to the Times-Standard. That obviously goes for our cannabis but also the hardware and packaging we put it in. "The first quarter of 2022 once again demonstrated the strength and earnings power of both our Canadian and U.S. Cannabis businesses," said Michael DeGiglio, Chief Executive Officer, Village Farms International. We are currently unable to assess the ultimate impact of the COVID-19 pandemic on our business and our results of operations for future periods. Proudly made in the USA and sold at stores nationwide. "In what is a typically soft season for retail sales in Canada, both Pure Sunfarms and Rose gained share in their respective focus markets, and delivered a 14th consecutive quarter of positive adjusted EBITDA for Canadian Cannabis. RELATED: Sacramento Plans to Use State Funding to Help Cannabis Businesses Navigate Licensing Process. This outbreak continues to cause major disruptions to businesses and markets worldwide as the virus continues to spread. The grand jury released a report May 8 that summarizes the countys cannabis licensing process and issues seven recommendations for Humboldt Countys Public Works Department, Planning and Building Department and Board of Supervisors to change it, according to a Times-Standard report. The grand jury released a report summarizing the California countys cannabis permitting process and issued seven recommendations to change it. This field is for validation purposes and should be left unchanged. "As our Cannabis operations continued to deliver strong growth and profitability, Village Farms Fresh (Produce) faced one of the most difficult macro environments in its history. Chairman Hoffmans contributions over the past four and a half years were integral to the growth and maturation of the commission and the legal cannabis industry in Massachusetts, a CCC spokesperson told WBUR. Kim oversees the Alcoholic Beverages Control Commission and serves as general counsel to the Treasury, the news outlet reported. The integration of Balanced Health into the Village Farms family is progressing very well and confirms our belief in both the potential within the existing cannabinoid business and the significant near- and long-term opportunities in both the low-THC and high-THC product categories. The following table reflects a reconciliation of net income to Adjusted EBITDA, as presented by the Company: This press release is intended to be read in conjunction with the Company's Consolidated Financial Statements ("Financial Statements") and Management's Discussion & Analysis ("MD&A") for the three months and year ended March 31, 2022 in the Company Form 10-Q, which will be filed on (www.sec.gov/edgar.shtml) and SEDAR (www.sedar.com) and will be available at www.villagefarms.com. Use for all plants and trees: vegetables, fruits, flowers, ornamentals, trees and shrubs. *Based on OCS market data for the quarter ended March 31, 2022 and sales information provided by Buddi retail store data from over 300 retailers across Alberta and British Columbia as of March 31, 2022. This will mark the first time SHERBINSKIS products are available outside of California and Michigan, and its successful foray into Canada sets expectation of continued acceleration of sales. LOS ANGELES, May 10, 2022 PRESS RELEASE Final Bell, a provider of end-to-end supply chain solutions for cannabis brands, and SHERBINSKIS, a California-based cannabis company, have partnered to bring SHERBINSKIS products to new geographies, beginning with Canada. 64 passed in 2016 to legalize adult-use cannabis, most of the permit applications submitted to the Planning and Building Department have been related to cannabis cultivation. The agency thanks the chair for his commitment to ensuring a safe, effective and accessible marketplace in our state.. We remain focused on seizing opportunities to continue to deliver top-tier profitability and market share in the high-growth global cannabis market. Each company expanded its product offerings in the first quarter of 2022: Balanced Health's brand, CBDistillery, launched its hemp extract in more than 1,000 Pet Smart stores in the U.S. through its partnership with leading pet supplement brand, Zesty Paws; and. For those unable to participate in the conference call at the scheduled time, it will be archived for replay both by telephone and via the Internet beginning approximately one hour following completion of the call. Consolidated adjusted EBITDA was negative ($6.1 million) compared with positive adjusted EBITDA of $0.4 million. Final Bell brings best-in-class industry know-how in extraction, manufacturing, logistics and scalability to help carry our vision forward to a much wider audience of cannabis connoisseurs.. The brands legendary Gelato was deemed, The Worlds Most Sought-After Cannabis Strain by streetwear and culture authority Highsnobiety. Reconciliation of Net Income to Adjusted EBITDA. SARASOTA, Florida, May 10, 2022 - PRESS RELEASE -Grower's Ally, a producer of safe and effective pesticides for cannabis and hemp, announced the release of its newest addition to the Grower's Ally product family. The report also suggests that the Board of Supervisors should approve enough funding for the Public Works Department for fiscal year 2022-2023 to implement Accela to meet the departments specific needs, the Times-Standard reported. The grand jury also recommended that the Public Works Department determine the funding needed and submit a budget request to build out Accela modules for Planning and Building Department referrals for (1) encroachment permitting, (2) legal document review, (3) map review, (4) a drainage fee calculator, (5) encroachment violation and tracking, (6) reporting tools for each module and other modules determined to be necessary, according to the news outlet. This partnership solidifies a long-standing relationship, born from a shared vision to provide a consistent, high-end cannabis brand experience that begins with incredible product.. "We committed to launching a 3-in-1 product that makes no compromises," said Scott Allshouse, Grower's Ally CEO and president. Rose is well positioned to continue this momentum throughout 2022, further benefitting from the many opportunities for collaboration with Pure Sunfarms. Total Cannabis segment net sales increased 65% year-over-year to $28.8 million, representing 41% of total Village Farms sales; and. "Our U.S. Cannabis segment delivered a solid performance, highlighted by a strong gross margin and positive adjusted EBITDA contribution. 2021 Earth's Ally. SHERBINSKIS will utilize Final Bells end-to-end solution to quickly bring its product to new audiences while maintaining the quality and experience their customers demand. The Humboldt County Civil Grand Jury has recommended tweaks to the California countys cannabis permitting process. Developed with active ingredients from nature, Growers Ally formulas are OMRI Listed for use in organic gardening. Treats and controls: powdery mildew, downy mildew, blight, canker, black spot and leaf spot. Hoffman, a retired business executive and former Bain and Company partner, was appointed as chairman in 2017 by Massachusetts Treasurer Deborah Goldberg, according to the news outlet. U.S. Cannabis net sales were $7.0 million, with a gross margin of 67% and adjusted EBITDA of $0.6 million. He had been the only original member left on the commission for nearly a year and a half. By submitting your photos to Earths Ally, you consent and authorize SARASOTA GREEN GROUP, LLC to use the photograph in connection with the marketing and advertising of Earths Ally Weed & Grass Killer. A detailed discussion of our consolidated and segment results can be found in the 10Q MD&A on the Village Farms website under Financial Reports (https://villagefarms.com/financial-reports/) within the Investors section. Have you picked up a copy of the June 2022 Issue, Every year the Marijuana Venture staff compiles a, Looking forward to celebrating the sun and craft c. 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