EMHTF - Village Farms International: Majority Owner Of A Great Cannabis Company But Doubts Remain
Source: Author, based on company filings.
Summary
Village Farms International (VFF) is a greenhouse tomato grower which owns a majority stake in one of the best-run Canadian cannabis companies. Pure Sunfarms is a very successful cannabis business, with terrific gross margins and very low operating costs. It has 44% net margins over the first three quarters of 2019, which is phenomenal when other Canadian cannabis companies are losing money. If Pure Sunfarms was publicly traded, they would be very attractive.
However, Village Farms' core business appears to have been unprofitable since mid-2017. This