Village Farms International (NYSE/TSX: VFF) is a controlled environment agriculture company that produces cannabis and greenhouse vegetables across Canada, the United States, and the Netherlands. Revenue comes from selling branded and wholesale cannabis products through Canadian adult-use recreational and international medical export channels, CBD products in the U.S. under the Balanced Health Botanicals brand, cannabis in the Netherlands through Village Farms International B.V. (formerly Leli Holland), and hydroponically grown tomatoes distributed via a sales, marketing, and distribution agreement with Vanguard. The Canadian Cannabis segment, operated through Pure Sunfarms Corp., is the largest profit contributor, generating segment net income of $26.2 million in FY2025, against a total company net income from continuing operations of $21.0 million in FY2025. Adjusted EBITDA from continuing operations was $49.9 million in FY2025, up from $7.4 million in FY2024. The company does not pay dividends and has stated it does not intend to do so for the foreseeable future.

Revenue model

Transactional sales of cannabis flower, pre-rolls, and packaged products to provincial buyers and international medical markets; CBD product sales in the U.S. under the Balanced Health Botanicals brand; greenhouse tomato sales priced net of a marketing fee paid to distributor Vanguard; and clean energy operations through VF Clean Energy, Inc.

Products and services

Dried cannabis flower, pre-rolls, and packaged cannabis products under Pure Sunfarms and Rose LifeScience brands (Canada); CBD and cannabinoid products under the Balanced Health Botanicals brand (U.S.); cannabis products through Village Farms International B.V. (Netherlands); hydroponically grown tomatoes from British Columbia greenhouse facilities; clean energy generation through VF Clean Energy, Inc.

Customers and end markets

Canadian adult-use recreational cannabis consumers served through provincial distribution channels; international medical cannabis export markets; U.S. CBD consumers; Netherlands cannabis consumers; Canadian grocery and food retail for hydroponically grown tomatoes distributed through Vanguard.

Value-chain role

Vertically integrated cultivator and brand owner. Converts large-scale greenhouse facilities to cannabis production, handles cultivation, branding, and packaging, and sells through provincial wholesalers and distributors. Tomato production at the British Columbia Delta 1 facility is sold and distributed by Vanguard under a Sales, Marketing and Distribution Agreement; Delta 2 facility ceased tomato production as of December 31, 2025.

Geographic exposure

Canada (primary, greenhouse operations in British Columbia via Village Farms Canada Limited Partnership and Pure Sunfarms); United States (CBD products via Balanced Health Botanicals); Netherlands (cannabis via Village Farms International B.V., formerly Leli Holland); international medical cannabis export markets.

Source: SEC 10-K, filed 2026-03-12

Industry: Agricultural Production-Crops Peers: AVAX One Technology Ltd