Village Farms International (VFF) Planet MicroCap Showcase: Toronto 2026 summary

Business profile and financial position

• Top-10 global cannabis operator; $310 million U.S. market capitalization as of Monday’s close, $23 million trailing 12-month net income and $33 million net cash. About 40% of sales come from high-growth international markets.

• Became a standalone global cannabis pure play after divesting the legacy produce business in April 2025; retained nearly 38% ownership of Verdexa Holdings.

• Production platform spans 7.2 million square feet; holds top-five share in Canada and has an international business approaching a $100 million U.S. revenue run rate.

Markets and competitive position

• Canadian market is growing at a single-digit rate, with 70%–75% of sales in the legal channel; stricter enforcement against illicit sales could benefit legal operators.

• Largest exporter of medical cannabis to Europe; current export markets include Germany, Australia, New Zealand and the U.K., with additional European jurisdictions expected in coming months.

• International demand could feasibly double the addressable market for Delta output over the next few years; U.S. participation remains dependent on a permissible regulatory environment.

• Texas assets total 2.2 million square feet and represent an estimated $400 million U.S. revenue opportunity if regulatory conditions permit participation.

• EU GMP certification can take up to two years; low production costs, consistent quality and affordable products support a durable competitive position, with EU GMP pricing expected relatively stable for the foreseeable future.

• U.S. state-legal sales exceed $30 billion, while the hemp-derived intoxicating THC market is roughly the same size; a pending December 11 ban could affect market growth and dynamics.

Capacity and operations

• Delta is now the world’s largest EU GMP-certified production facility following upgrades; the Groningen facility is expected to be fully ramped by the end of Q1 next year.

• Delta 2 conversion is expected to finish around year-end and fully ramp by mid-next year, adding about 40 metric tons of dried, trimmed flower; total campus capacity is about 160 metric tons.

• Netherlands capacity is expected to increase about fivefold early next year, reaching roughly 10 metric tons of production.

• About 100 metric tons of new production capacity is planned through calendar 2028; Canadian supply is being expanded by about 33%.

• Delta 1 is a 60-acre greenhouse under a produce supply agreement with Verdexa; up to 25% could be converted annually in coming years at management’s election.