Here are a few analogies for Village Farms International (VFF):

1. Imagine a major produce company like Dole, but they're also one of Canada's top cannabis producers.

2. Think of a leading Canadian cannabis company like Canopy Growth, but one that also runs a large traditional fresh produce farm.

• Fresh Produce: Greenhouse-grown tomatoes, bell peppers, and cucumbers supplied to North American retailers.
• Cannabis Products: A diverse portfolio of recreational cannabis products, including dried flower, pre-rolls, vapes, and edibles, primarily under the Pure Sunfarms brand.
• Hemp-Derived CBD Products: Wellness products such as tinctures, topicals, and edibles infused with CBD, also marketed under the Pure Sunfarms brand.

Village Farms International (VFF) operates in multiple segments (fresh produce, cannabis, and CBD), and its sales are primarily business-to-business (B2B). The company explicitly states in its financial reports (e.g., Form 10-K) that no single customer accounts for more than 10% of its consolidated revenue. Therefore, specific individual public company names cannot be listed as "major customers" in the traditional sense of a single, dominant client.

However, VFF primarily sells to other companies and institutions through the following major categories of customers:

• Retail Grocery Chains and Club Stores: For its fresh produce (tomatoes, cucumbers, and peppers), VFF sells to large retail grocery chains and club stores across North America. These types of businesses represent their primary produce customers. While VFF does not disclose specific customer names, examples of such public companies that operate in North America include:
  • Walmart Inc. (NYSE: WMT)
  • The Kroger Co. (NYSE: KR)
  • Costco Wholesale Corporation (NASDAQ: COST)
  • Loblaw Companies Limited (TSX: L)
• Foodservice Distributors: VFF's produce is also sold to large foodservice distributors that supply restaurants, institutions, and other food service operations across North America. These are typically large B2B supply companies.
• Provincial Government Cannabis Boards/Distributors: For its cannabis products (under the Pure Sunfarms brand), VFF sells directly to provincial government-run wholesalers and distributors in Canada. These entities manage cannabis distribution within their respective provinces (e.g., Ontario Cannabis Store (OCS), BC Liquor Distribution Branch (BCLDB), Alberta Gaming, Liquor & Cannabis (AGLC)). These are government agencies rather than publicly traded companies.
• Wholesale and Retail Partners (for CBD): For its CBD products (under the CBDistillery brand), VFF sells to a network of wholesalers and independent and chain retailers across the U.S. These range from small independent stores to larger retail chains.

While the CBD segment also engages in direct-to-consumer (DTC) sales to individuals via its e-commerce platform, the overall revenue structure of Village Farms International, particularly its produce and cannabis segments, is predominantly B2B.

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Michael A. DeGiglio, President & Chief Executive Officer

Michael A. DeGiglio founded Village Farms in 1989 and has served as its Chief Executive Officer since inception. He also founded Agro Dynamics, Inc. (ADI) in 1984, where he was CEO, introducing new greenhouse technologies to the North American market. After ADI was acquired by EcoScience, a NASDAQ-listed agricultural biotechnology company, DeGiglio became CEO of EcoScience in 1992 until it was privately acquired by Village Farms in 2001. Prior to his business career, he served as an officer and tactical carrier jet aviator in the U.S. Navy. He has been instrumental in Village Farms' strategic evolution and its focus on sustainable agriculture practices, including the founding of Village Farms Clean Energy.

Stephen Ruffini, Executive Vice President, Chief Financial Officer

Stephen Ruffini joined Village Farms in January 2009. He has been key in developing proprietary brands for the company's produce division and was instrumental in its expansion into the Canadian cannabis market. Before joining Village Farms, Mr. Ruffini held the positions of Chief Operating Officer and Chief Financial Officer at Performing Brands, a small-cap U.S. publicly traded consumer packaged goods company in the energy drinks sector.

Ann Gillin Lefever, Chief Operating Officer

Ann Gillin Lefever became Chief Operating Officer for Village Farms in 2024. She initially served as an external consultant to the company starting in 2020, and in 2022, she joined as Executive Vice President, Corporate Affairs, where she oversaw communications, strategy, governmental affairs, and capital markets. Her previous experience includes being Head of the Institutional Sales team at Barclays and a Senior Equity Research analyst specializing in the Consumer Products sector at two prominent Wall Street firms.

Paul Furfaro, President, Global Medical Cannabis

Paul Furfaro joined Village Farms in 2023 as Senior Vice President, Strategy, where he focused on assessing international cannabis opportunities before taking on the role of President, Global Medical Cannabis. Prior to Village Farms, he was the Vice President of Operations and Interim President and Chief Executive Officer at the Société Québécoise du Cannabis (SQDC), Quebec's provincial cannabis board, where he was responsible for establishing operations infrastructure and opening numerous dispensaries. He also served as Director of Business Development for British American Tobacco Canada.

Yvonne Trupiano, Executive Vice President, Global Chief Human Resources Officer (CHRO)

Yvonne Trupiano holds the position of Executive Vice President, Global Chief Human Resources Officer (CHRO) at Village Farms International.

• The increasing development and investment in large-scale, tech-driven vertical farming operations poses an emerging threat to traditional greenhouse produce growers like Village Farms International. These facilities, often located closer to urban markets, could offer superior consistency, reduced transportation costs, and year-round local production across an expanding range of crops, potentially undermining the market position and cost advantages of VFF's conventional greenhouse produce business.
• Potential federal legalization or de-scheduling of cannabis in the U.S. represents an emerging threat to Village Farms International's smaller U.S. cannabis/CBD ventures (Balanced Health Botanicals, Vertical Wellness). While offering overall market growth, such a change could open the market to significantly larger, well-capitalized consumer packaged goods (CPG), tobacco, and pharmaceutical companies with extensive distribution networks, marketing budgets, and research & development capabilities, which could quickly outcompete smaller, less established brands in a federally legal, interstate commerce environment.

Village Farms International (VFF) operates across several key segments, with addressable markets primarily in North America and globally for certain products.

Cannabis

• Global Legal Cannabis Market: The global legal cannabis market was estimated at USD 69.78 billion in 2024 and is projected to reach USD 216.76 billion by 2033, growing at a Compound Annual Growth Rate (CAGR) of 13.49% from 2025 to 2033. Other estimates place the global market at USD 39.21 billion in 2024, potentially reaching USD 231.81 billion by 2035 with a CAGR of 17.1%.
• North America Legal Cannabis Market: This market was estimated at USD 44.83 billion in 2024 and is projected to reach USD 354.82 billion by 2033, exhibiting a CAGR of 24.55% from 2025 to 2033. Another report indicates a market size of USD 36.70 billion in 2023, expected to grow to USD 82.18 billion by 2030 with a CAGR of 11.95% from 2024 to 2030.
• U.S. Cannabis Market: The U.S. cannabis market size was estimated at USD 38.50 billion in 2024 and is expected to grow at a CAGR of 11.51% from 2025 to 2030, reaching USD 76.39 billion by 2030. Retail sales were projected to exceed $32 billion in 2024 and grow to $55 billion by 2030.
• Canadian Legal Cannabis Market: This market was valued at USD 3.25 billion in 2024 and is projected to grow at a CAGR of 12.0% from 2025 to 2030, reaching USD 5.79 billion by 2030. Canadian recreational cannabis sales specifically were approximately CAD 5.07 billion (around USD 3.8 billion) in 2023. The total cannabis production industry in Canada is estimated at $13.0 billion in 2025.
• U.S. CBD Market: Within the U.S. cannabis market, the CBD segment dominated with a 63.3% revenue share in 2024. Based on the U.S. cannabis market size of USD 38.50 billion in 2024, the CBD segment would represent approximately USD 24.37 billion in the U.S. for 2024.

Produce (Controlled Environment Agriculture and Fresh Produce)

• Global Controlled Environment Agriculture (CEA) Market: The global CEA market size was estimated at USD 96.1 billion in 2024 and is expected to reach approximately USD 507.3 billion by 2034, with a CAGR of 18.1%. Other estimates show the market at USD 110.69 billion in 2024, projected to reach USD 282.40 billion by 2032 with a CAGR of 12.42%.
• North America Fresh Fruits & Vegetables Market: This market was valued at USD 115.62 billion in 2024 and is projected to grow to USD 181.11 billion by 2034, with a CAGR of 4.60% from 2025 to 2034. Another source reported the market size at USD 145.05 billion in 2024, expected to reach USD 272.49 billion by 2032 with a CAGR of 3.90%. The fresh segment accounted for 80.8% of the North America market share in 2024.

Clean Energy (Renewable Natural Gas)

• Global Renewable Natural Gas Market: The global renewable natural gas market size is valued at USD 15.72 billion in 2025 and is predicted to increase to approximately USD 32.51 billion by 2034, expanding at a CAGR of 8.41% from 2025 to 2034. Another report indicates a market size of USD 15.5 billion in 2025, forecasted to reach around USD 31.37 billion by 2034 with a CAGR of 8.15%.
• North America Renewable Natural Gas Market: This market was valued at USD 6.01 billion in 2025 and is projected to surpass around USD 12.18 billion by 2034, with a CAGR of 8.16% from 2025 to 2034. North America held approximately 35% of the global renewable natural gas market in 2024.

Here are 3-5 expected drivers of future revenue growth for Village Farms International (VFF) over the next 2-3 years:

1. Expansion in International Cannabis Markets: Village Farms International is experiencing substantial growth in its international cannabis operations, particularly through medical cannabis exports and expansion in the Netherlands. International medical exports surged over 750% in Q3 2025 and 758% year-over-year, with net revenue from international sales increasing by 771.9%. The company has expanded exports to several countries, including Germany, the United Kingdom, Israel, Australia, and New Zealand, and is actively pursuing new market opportunities. In the Netherlands, the Drachten facility has reached full operating capacity, and a second, larger facility in Groningen is on track to be operational in Q1 2026, which is expected to quintuple production capacity.
2. Canadian Cannabis Market Growth via Higher-Margin SKUs and Capacity Expansion: The company's Canadian cannabis segment demonstrated robust performance with a 29% year-over-year growth in net sales in Q3 2025. This growth is largely attributed to a strategic shift towards higher-margin product offerings within its portfolio. Furthermore, Village Farms is undertaking a 40-metric-ton capacity expansion project, anticipated to boost Canadian production by 33% starting in Q2 2026. Plans are also in place for the conversion of the Delta 2 greenhouse to cannabis cultivation, targeting full production by the first quarter of 2027.
3. Strategic Positioning for Entry into the U.S. THC Cannabis Market: Village Farms is strategically positioned to enter the U.S. THC cannabis market, leveraging its extensive Texas-based greenhouse assets, which include 2.2 million square feet of existing greenhouse capacity and 950 acres of owned, unoccupied land for future expansion. This move is contingent upon compliance with all applicable U.S. federal and state laws and stock exchange regulations, but the company views this as a significant potential growth avenue as cannabis regulations evolve.
4. Innovation and Optimization in the Fresh Produce Segment: Despite the privatization of certain fresh produce assets, Village Farms retains ownership of Canadian cultivation assets, including the Delta 1, Delta 2, and Delta 3 greenhouses, and will maintain service and supply agreements for fresh produce production. The company continues to invest in innovative greenhouse technology, such as AI-powered climate control, to enhance sustainable farming practices, optimize yields, and ensure consistent, year-round production. This focus on efficiency and premium hydroponic produce is expected to drive continued revenue.
5. Contribution from the Clean Energy Segment: The Clean Energy segment, operating through a partnership that converts landfill gas into renewable natural gas, is expected to continue contributing to revenue growth through royalty payments. While it currently represents a smaller portion of the overall business, management views this segment as having meaningful potential for additional upside.

Share Repurchases

• On September 29, 2025, Village Farms' Board of Directors approved a US$10 million share repurchase authorization for up to 5,687,000 common shares, representing 5% of outstanding shares.
• The company expects to fund share repurchases from existing cash on hand and future cash generated from operations.
• Village Farms anticipates closing Q3 2025 with approximately $75 million in cash, which supports this buyback initiative and ongoing growth investments.

Share Issuance

• On September 10, 2020, Village Farms completed a registered direct offering, issuing 9,396,226 units for gross proceeds of approximately US$49.8 million.
• Each unit issued in the 2020 offering consisted of one common share and a one-half warrant to purchase a common share.
• As of May 5, 2025, 112,337,049 common shares of the registrant were outstanding.

Inbound Investments

• In May 2025, Village Farms entered into a definitive agreement to privatize certain assets of its Fresh Produce segment by forming Vanguard Food LP, a new holding company backed by private investment firms.
• As part of this transaction, Village Farms expects to receive $40 million in cash proceeds and will hold a 37.9% equity ownership interest in Vanguard Food LP.

Outbound Investments

• On September 8, 2020, Village Farms acquired all remaining common shares of Pure Sunfarms Corp. it did not already own, resulting in 100% ownership of Pure Sunfarms.
• The company is making select investments in international production assets and expanding its export business into new countries and customers, particularly in nascent legal cannabis markets in the Asia-Pacific region and Europe.
• Village Farms holds a 37.9% equity ownership interest in Vanguard Food LP, a private joint venture created to acquire other North American produce brands and assets.

Capital Expenditures

• In August 2025, Village Farms announced a CAD$10 million expansion project to convert 550,000 square feet of its Delta 2 greenhouse in British Columbia to cannabis production, adding 40 metric tonnes of annual capacity.
• This expansion project is slated to begin in November 2025, with first plantings in spring 2026 and full operational ramp-up expected by Q1 2027.
• The capital expenditures for this expansion will primarily occur in 2026 and will be funded through existing cash reserves.