Village Farms International, Inc. (NASDAQ: VFF) reported third quarter 2020 earnings results today.
Sales amounted to $43 million compared to $38.2 million in the year-ago period.
The company reported a net income of $520,000, or $0.01 per share, compared to a loss of $704,000, or $0.01 per share last year.
For Pure Sunfarms, net sales increased 75% to CAD22.6 million while net income jumped 200% to CAD3.2 million.
Michael DeGiglio, CEO, Village Farms stated, “With 75% sequential growth in dollar sales, Pure Sunfarms’ third quarter highlighted its strong sales momentum as its leading brand continues to resonate with consumers. Importantly, this sales momentum was achieved with only a small contribution from Pure Sunfarms’ Cannabis 2.0 and bottled oil products, which were launched late in the quarter. Pure Sunfarms’ third quarter results are yet further evidence of its earnings power, based on our unique approach to the cannabis industry, with net income nearly tripling from the second quarter of this year, marking Pure Sunfarms seventh consecutive quarter of profitability.”