Village Farms International Files 2023 Annual Report on Form 10-K

TL;DR

<b>Village Farms International, Inc. has filed its 2023 annual report (10-K) detailing its operations across cannabis and produce segments.</b>

AI Summary

Village Farms International, Inc. (VFF) filed a Annual Report (10-K) with the SEC on March 13, 2024. Village Farms International, Inc. filed its 2023 Form 10-K on March 13, 2024. The filing covers the fiscal year ending December 31, 2023. Key segments include Cannabis Canada, Cannabis United States, and Produce and Energy. The company's business address is in Delta, British Columbia, Canada. The SIC code for the company is AGRICULTURE PRODUCTION - CROPS [0100].

Why It Matters

For investors and stakeholders tracking Village Farms International, Inc., this filing contains several important signals. This 10-K filing provides a comprehensive overview of Village Farms' financial performance, operational strategies, and risk factors for the fiscal year 2023, crucial for investors to assess the company's current standing and future prospects. The detailed segment information, including cannabis operations in Canada and the US, is vital for understanding the company's revenue drivers and growth potential in these evolving markets.

Risk Assessment

Risk Level: medium — Village Farms International, Inc. shows moderate risk based on this filing. The company operates in the highly regulated cannabis industry, facing potential shifts in legal frameworks and market access, as indicated by various segment and risk factor disclosures.

Analyst Insight

Investors should review the detailed segment performance, particularly in the cannabis sector, and assess the company's debt structure and cash flow generation in light of ongoing market developments.

Key Numbers

• 2023-12-31 — Fiscal Year End (Conformed Period of Report)
• 2024-03-13 — Filing Date (Filed as of Date)
• 0000950170-24-030499 — Accession Number (SEC Filing Identifier)
• 001-38783 — SEC File Number (SEC Filing Identifier)

Key Players & Entities

• Village Farms International, Inc. (company) — Filer name
• 0000950170-24-030499 (other) — Accession Number
• 20231231 (date) — Conformed Period of Report
• 20240313 (date) — Filed as of Date
• Delta, British Columbia (location) — Business Address City, State
• 732-676-3008 (phone) — Business Phone
• 0001584549 (company) — Central Index Key
• AGRICULTURE PRODUCTION - CROPS [0100] (industry) — Standard Industrial Classification

FAQ

Industry Context

Village Farms International operates within the agriculture sector, with a significant focus on the cultivation and sale of cannabis and produce.

Regulatory Implications

The company's operations, particularly in the cannabis sector, are subject to evolving regulations in Canada and the United States.

What Investors Should Do

1. Analyze the financial statements for revenue breakdown by segment (Cannabis Canada, Cannabis US, Produce & Energy).
2. Review management's discussion and analysis for insights into operational performance and strategic initiatives.
3. Assess the company's debt obligations and liquidity position as detailed in the financial footnotes.

Key Dates

• 2023-12-31: Fiscal Year End — End of the reporting period for the 10-K filing.
• 2024-03-13: Filing Date — Date the 10-K was officially filed with the SEC.

Year-Over-Year Comparison

This filing represents the annual report for the fiscal year ended December 31, 2023, providing updated financial and operational data compared to previous filings.

Key Financial Figures

• $20 m — the joint venture. Emerald contributed C$20 million, which was paid in installments,
• $79.9 million — acquired for a total purchase price of C$79.9 million (US$60.0 million), satisfied through a
• $60.0 million — tal purchase price of C$79.9 million (US$60.0 million), satisfied through a C$60.0 million (U
• $45.0 million — , satisfied through a C$60.0 million (US$45.0 million) cash payment and a C$19.9 million (US$
• $19.9 million — n (US$45.0 million) cash payment and a C$19.9 million (US$15.0 million) secured promissory no
• $15.0 million — n) cash payment and a C$19.9 million (US$15.0 million) secured promissory note, which was pai

Filing Documents

• vff-20231231.htm (10-K) — 4123KB
• vff-ex10_6.htm (EX-10.6) — 89KB
• vff-ex19_1.htm (EX-19.1) — 55KB
• vff-ex21_1.htm (EX-21.1) — 27KB
• vff-ex23_1.htm (EX-23.1) — 5KB
• vff-ex31_1.htm (EX-31.1) — 14KB
• vff-ex31_2.htm (EX-31.2) — 14KB
• vff-ex32_1.htm (EX-32.1) — 9KB
• vff-ex32_2.htm (EX-32.2) — 11KB
• vff-ex97_1.htm (EX-97.1) — 11KB
• img27913717_0.jpg (GRAPHIC) — 4KB
• 0000950170-24-030499.txt (&nbsp;) — 14239KB
• vff-20231231.xsd (EX-101.SCH) — 1885KB
• vff-20231231_htm.xml (XML) — 2401KB

Business

Business 1 Item 1A.

Risk Factors

Risk Factors 16 Item 1B. Unresolved Staff Comments Risk Factors 40 Item 1C. Cybersecurity 40 Item 2.

Properties

Properties 42 Item 3.

Legal Proceedings

Legal Proceedings 42 Item 4. Mine Safety Disclosures 42 PART II 43 Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 43 Item 6. [Reserved] 45 Item 7.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 45 Item 7A.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 72 Item 8.

Financial Statements and Supplementary Data

Financial Statements and Supplementary Data 72 Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 72 Item 9A.

Controls and Procedures

Controls and Procedures 72 Item 9B. Other Information 73 Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 73 PART III 74 Item 10. Directors, Executive Officers and Corporate Governance 74 Item 11.

Executive Compensation

Executive Compensation 74 Item 12.

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 74 Item 13. Certain Relationships and Related Transactions, and Director Independence 74 Item 14. Principal Accounting Fees and Services 74 PART IV. 75 Item 15. Exhibits, Financial Statement Schedules 75 Item 16. Form 10-K Summary 78 i As used in this report, the terms "Village Farms," "Village Farms International," the "Company," "we," "us," "our" and similar references refer to Village Farms International, Inc. and our consolidated subsidiaries, and the term "Common Shares" refers to our Common Shares, no par value. Our financial information is presented in U.S. dollars and all references in this prospectus to "

B USINESS

ITEM 1. B USINESS Our Mission and Brands Our mission is simple—to improve life's journey for the wellbeing of humankind, and the earth on which we live. This is no empty promise. It's the mantra that we live by every day as we build upon over three decades of agricultural and marketing experience to build a great company. The human touch is evident in everything we do and that will never change. We are building a family of brands across different products that encompass that mission. We are united by our shared core values: integrity, fairness, quality, inclusion, sustainability and hard work along with an unwavering desire to do what's right. Village Farms Fresh, our produce business, has pioneered Controlled Environment Agriculture ("CEA") in North America and helped feed a hungry planet with sustainable greenhouse growing for over three decades. We produce and distribute fresh, premium-quality produce with consistency, 365 days a year, from more than eight million square feet of CEA greenhouses in British Columbia ("B.C.") and Texas, as well as from our partner greenhouses in B.C., Ontario, and Mexico. We have leveraged this expertise as a pioneer in the development of the global legal cannabis industry. Pure Sunfarms Corp. ("Pure Sunfarms" or "PSF") and Rose LifeScience Inc. ("Rose LifeScience" or "Rose") comprise our Canadian cannabis businesses. Pure Sunfarms is one of the largest and most respected cannabis growers in the world and a best-selling flower brand in Canada. Rose is a leading vertically integrated, branded cannabis producer, supplier and commercialization expert in the Province of Quebec. Balanced Health Botanicals, LLC ("Balanced Health" or "BHB") is our U.S. Cannabis business. Balanced Health owns and operates one of the leading brands in the hemp-derived cannabidiol ("CBD") and other cannabinoids markets, produces high quality health and wellness products and distributes primarily through its top-ranked e-commerce platform, CBDistil

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View this 10-K filing on SEC EDGAR