Record Net Sales and Income Growth
Consolidated net sales increased 21% year over year in Q3, and net income from continuing operations was $10.8 million or $0.09 a share, an increase of almost 10% sequentially.
Canadian Cannabis Success
The Canadian cannabis business delivered 29% year-over-year growth in net sales, reaching $64.1 million, driven by strong performance in targeted channels and an improvement in sales mix.
International Expansion and Market Share
The international medical export division grew more than 750% year over year, with Germany being a key driver. Village Farms is now the largest exporter of medical cannabis to Europe.
Strong Financial Performance
Adjusted EBITDA from continuing operations was $20.7 million, and cash flow from operations reached $24.4 million, setting new records for Village Farms International.
Share Repurchase Program and Strong Balance Sheet
The company closed the quarter with $88 million in cash, leading the Board to implement a share repurchase program in September.