VFF - Village Farms plunges after mixed Q1 results
Village Farms (NASDAQ:VFF) slips more than 21% after mixed Q1 results. Revenue grew ~34% Y/Y but adjusted EBITDA was negative -$6.1M vs. $0.04M year ago due to inflationary pressures on produce business. Total Cannabis segment net sales increased 65% Y/Y to $28.8M. Adjusted EBITDA margin rate for Canadian Cannabis segment squeezed 400 bps to 10%. CEO comment: "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. 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. Rose is well positioned to continue this momentum throughout 2022, further benefitting from the many opportunities for collaboration with Pure Sunfarms. With our Canadian Cannabis business continuing to grow sales and market share domestically, we look forward
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Village Farms plunges after mixed Q1 results