The Canadian cannabis arm of plant-based consumer packaged goods company Village Farms International saw rising sales in the second quarter ended June 30 on strong export growth.
Village’s Canadian cannabis segment saw gross sales rise to 56.5 million Canadian dollars ($42.1 million) in the quarter, up 8% over the same period last year, the company said Wednesday.
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The Vancouver, British Columbia, company’s Canadian cannabis segment consists of wholly owned producer Pure Sunfarms, based in B.C.., and 70% owned Rose LifeScience, a licensed cannabis producer headquartered in the province of Quebec.
Net sales, however, declined 1% in the quarter when taxes are factored in.
Canadian cannabis was Village Farms’ most profitable unit, with net income of CA$1.7 million in the quarter, down slightly from CA$2.3 million last year.
The company’s produce unit reported a $698,000 net loss.
Adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) for
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