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Most of Village Farms International’s revenue comes from its Canadian cannabis businesses, Pure Sunfarms and Rose LifeScience. They grow cannabis and sell branded products to provincial distributors for the legal adult-use market, alongside wholesale sales and medical exports to overseas importers and distributors. Branded adult-use products account for most Canadian cannabis sales, and those sales depend heavily on the largest provincial purchasing boards. Keeping access to these buyers requires meeting their supplier standards and maintaining cannabis licenses; Canadian rules also restrict packaging and promotion, while excise duties are a major cost.
In the Netherlands, the subsidiary formerly called Leli Holland, now Village Farms International B.V., supplies cannabis to designated coffee shops that sell it to consumers. It operates within a government-controlled experiment rather than an unrestricted national market. Its license depends on that program, whose current phase is scheduled to end in April 2029.
In the United States, Balanced Health Botanicals sells hemp-derived CBD and other cannabinoid wellness products, mainly directly to consumers through CBDistillery online. Unclear CBD regulation limits access to large retail chains. A federal law scheduled to take effect in November 2026 would classify most of its current products as Schedule I marijuana unless changed or delayed, sharply restricting this business.
Village Farms also grows greenhouse tomatoes in British Columbia after selling most of its U.S. produce operations in 2025. Vanguard is its sole produce customer and markets the tomatoes to supermarkets and food distributors. Village Farms receives a price based on Vanguard’s customer receipts, less Vanguard’s marketing fee, so this business depends on that partner’s ability to sell the crop.
The risk section is the longest, dullest part of the filing. This keeps only what can really hurt you: where it hits, how hard, when it plays out.
Every company claims an edge. Each one is checked against hard numbers like margins and returns: which hold, and which line gives way first.
Village Farms' results hinge mainly on Canadian cannabis pricing and international medical exports, while its remaining tomato business depends on sole customer Vanguard Produce Canada.
Organigram Global competes with Village Farms' Pure Sunfarms for Canadian consumers buying dried cannabis flower and pre-rolls. Watch sales of its national brands such as SHRED and Big Bag O’ Buds for signs of competition for those customers.
Canopy Growth competes with Village Farms for Canadian adult-use cannabis consumers and medical cannabis customers in Germany and Australia. Its medical sales in those two countries are worth watching against Village Farms' export ambitions, which management expects to improve profitability.
Aurora Cannabis competes with Village Farms to supply medical cannabis customers, with dried flower and production meeting required standards supporting international sales for both. Watch Aurora's international medical business for competition in the export markets Village Farms is pursuing, rather than its separate direct-to-patient Canadian business.
Tilray Brands competes with Village Farms to sell adult-use cannabis in Canada and medical cannabis internationally. Its beverage business makes company-wide results a less direct guide to the cannabis competition Village Farms faces.
Cronos Group and Village Farms compete to sell flower, pre-rolls and other cannabis products to Canadian provincial distributors, and both serve Israel's medical market. Watch Cronos' Spinach and Lord Jones sales for competition in Canadian adult-use products; in Saskatchewan, Cronos sells to private retailers rather than provincial authorities.
Sundial Growers, operating as SNDL, competes with Village Farms by growing and selling cannabis into Canada's adult-use and medical markets. Its cannabis operations are the relevant business to watch, since substantial sales of wine, beer and spirits to retail customers also shape SNDL's overall results.
InterCure explicitly names Village Farms as a competitor in medical cannabis and sells dried flower and oils through Israeli distributors and pharmacies. Its sales through those pharmacies offer a view of competition in Israel, one of Village Farms' medical export markets.
High Tide's Canadian cannabis stores share Village Farms' exposure to adult-use consumer spending, though High Tide sells through shops while Village Farms produces cannabis. Its NuLeaf and FABCBD brands also compete with Village Farms' CBDistillery for U.S. consumers buying CBD wellness products online.
cbdMD competes with Village Farms' CBDistillery for U.S. consumers buying hemp-derived CBD wellness products, mainly online. Watch cbdMD's e-commerce sales rather than its wholesale growth, which it attributed in fiscal 2025 to international distributors and the Oasis distribution network.
Fed Interest Rate Decision
For Village Farms, the Fed’s decision on its benchmark interest rate matters because higher rates can raise interest costs on its variable-rate FCC loan and reduce income.
Expected4.0%Last release4.0%
If it comes in above expectations
If the Fed sets rates higher than expected, interest costs on the variable-rate FCC loan may rise, leaving less income after borrowing costs.
If it comes in below expectations
If the Fed sets rates lower than expected, interest costs on the variable-rate FCC loan may fall, leaving more income after borrowing costs.
Cronos Group Inc. earningsCRON
Cronos Group's Spinach and Lord Jones sales will show how strongly its brands compete with Village Farms for Canadian adult-use cannabis customers.
Focus on Spinach and Lord Jones sales in Canada's adult-use market, not Cronos Group's total results, which also include its Israeli medical cannabis business. If those brands gain sales, rival brands are drawing more consumer spending and competition for Pure Sunfarms remains firm. If they lose sales, pressure may ease—but that helps Village Farms only if demand across the market is not weakening too.
Canopy Growth Corporation earningsCGC
Canopy Growth's medical cannabis sales in Germany and Australia will show how strongly suppliers compete in two export markets Village Farms is also pursuing.
Read Canopy Growth's medical cannabis sales in Germany and Australia separately, rather than using its company-wide results or Canadian adult-use business as a proxy. If those sales rise, buyers are active, but Village Farms also faces a rival with traction in those markets; that alone does not show Village Farms has lost customers. If sales fall, competition may ease, or demand there may be weakening. The takeaway is whether these export markets offer demand and how firmly a rival is competing for it.
Village Farms International, Inc. earningsThis company
Village Farms' report will show whether international cannabis sales can keep offsetting weaker branded sales in Canada and supporting Canadian Cannabis margins.
Compare Canadian Cannabis international sales with branded sales, then check gross margin—the share of sales left after production costs. If exports rise, branded sales remain weak and margins hold, international and bulk sales are filling the gap, but the business is becoming more dependent on exports and product mix. If exports slow without a recovery in branded sales, a recent source of margin support is fading. Keep in mind that the 2025 margin improvement also reflected higher bulk-flower exports and no repeat of the 2024 inventory impairment; the question is whether the sales mix can keep supporting profitability.
cbdMD, Inc. earningsYCBD
cbdMD's online sales will show how strong U.S. e-commerce demand is for CBD wellness products, the main channel for Village Farms' CBDistillery.
Focus on cbdMD's e-commerce sales, not wholesale growth: the overlap is online shoppers buying CBD wellness products, and e-commerce accounted for 94% of Village Farms' U.S. Cannabis gross sales in 2025. If cbdMD's online sales strengthen, the channel still has demand, but CBDistillery faces a capable online rival. If they weaken, rivalry may ease—or the category may be losing buyers. One competitor's decline alone cannot show that customers have shifted to Village Farms.
