Village Farms International, Inc. reported US$336.2 million in sales in 2024, an 18% increase from the year ended December 31, 2023, but a net annual loss of nearly US$35.9 million.

The company attributes most of this increase  to a US$34.8 million uptick in Canadian cannabis sales and an increase in VF Fresh sales of US$17.9 million. This was partially offset by a decrease in US cannabis sales of $2.9 million.

Village Farms is the parent company of Pure Sunfarms, a greenhouse cannabis grower based in BC, as well as the Rose LifeScience brand. (All figures in US dollars unless otherwise noted.) 

Rose LifeScience is the company’s Quebec-based operational brand of its Canadian cannabis business, located in Huntingdon, Quebec.

Village Farms’ Canadian cannabis sales for the year ended December 31, 2024, were $148.9 million. After cost of sales and other expenses, the company reported a net loss on Canadian cannabis sales of $3.2 million.

These figures represent a 31% increase in sales from the previous year’s $114 million but a decrease from that year’s $2.9 million net income. 

US cannabis sales were $17.4 million, but after expenses and other costs, showed a $13.3 million loss. This was a decrease in sales compared to 2023’s $20.3 million and a slight decrease in losses compared to a $13.8 million net loss in 2023. 

The company says the boost in Canadian cannabis sales was due to a 26% increase in branded sales, an 86% raise in non-branded, and a 33% increase in international sales, which was somewhat offset by an unfavourable impact of exchange rate fluctuations. 

The growth  in branded sales was due to market share gain across the flower, pre-roll and milled categories, which came with new product launches. The company says the increase in non-branded sales was from improved industry supply conditions and pricing supported by a shift of many producers toward asset-light models, as well as sales of non-brand-spec inventory.

For the year ended December 31, 2024, Village Farms incurred excise tax of $71,953 (C$98,442) versus $58,015 (C$78,315) for the year ended December 31, 2023. The 24%  bump in excise taxes was due to the increased kilograms sold in the branded channel. The company says the Canadian excise tax is its single largest cost of participating in Canada’s adult-use (branded) market.

For the year ended December 31, 2024, 75% of Village Farms’ Canadian cannabis net sales were generated from branded flower, pre-roll, and cannabis derivative products, net of excise tax. This was a decline from the previous year when 80% of Canadian cannabis net sales were generated from branded flower, pre-roll sales and cannabis derivative products, net of excise tax. 

Non-branded Canadian cannabis sales accounted for 19% and international accounted for 4% of Canadian Cannabis net sales in 2024, compared to non-branded sales of 14% and international sales of 4% in 2023. The increase in non-branded sales was driven by a rise in  demand for bulk flower products.

The average net selling price of Village Farms’s branded flower in the Canadian market decreased by 2% in 2024 due to a higher sales ratio for the company’s value brand, Fraser Valley Weed Co, and its milled and pre-roll branded products. 

The net average selling price of bulk non-branded flower and trim into the Canadian market increased by 45% in 2024, which the company says was primarily due to a surge  in bulk flower, which is  sold at a higher selling price, and higher demand for lower specification biomass which led to increased volumes and prices.

Branded Canadian cannabis sales in 2024 were $183.9 million, up from $149.9 the previous year. International cannabis sales from Canada in 2024 were $6.1 million, up from $4.6 million the previous year. The company currently sells internationally into the German, UK, Australian, and Israeli medical cannabis markets. In 2025, the company also began shipping to the New Zealand market through a supply agreement with Medleaf Therapeutics.

The company also holds one of only a handful of licenses to participate in the Dutch cannabis program and is currently building out a second facility in the Netherlands. 

Non-branded cannabis sales in the Canadian market nearly doubled from $15.5 million in 2023 to $28.8 million in 2024. 

“We remain pleased with our pace of international sales growth, which has been driven largely by continued strength of demand in Germany, as well as increased volumes in Australia and the UK,” said Village Farms President and CEO Michael DeGiglio. 

“We have now shipped to five international markets with the recent addition of New Zealand, and believe we have a strong pipeline of potential new customers and market opportunities which give us confidence in our ability to triple international medicinal export sales in 2025.”

“We are in the process of optimizing our Canadian Cannabis resources to improve operational efficiencies between our Pure Sunfarms and Rose subsidiaries in 2025, and we are also excited to announce that we have broken ground on a Phase II expansion at our Leli Holland subsidiary in the Netherlands. Our Phase II project in Groningen is a brand new, state-of-the-art indoor facility which we expect will be complete in Q4 of this year and quintuple our annual production capacity.”

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