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VT- village farms . Village Farms International Reports First Quarter 2021 Financial Results : Pure Sunfarms Achieves Third Consecutive Quarter of Sequential Growth in Retail Branded Sales of 20 % or Greater May 10 , 2021 12:00 PM EDT - Pure Sunfarms Continues its Record of Positive Adjusted EBITDA in Each of the Ten Quarters Since Commencing Sales - Pure Sunfarms Once Again the Top Selling Dried Flower Brand with OCS for First Quarter- VANCOUVER , BC , May 10 , 2021 / CNW / - Village Farms International , Inc. ( " Village Farms " or the " Company " ) ( NASDAQ : VFF ) ( TSX : VFF ) today announced its financial results for the first quarter ended March 31 , 2021. All figures are in U.S. dollars unless otherwise indicated . The Company's financial statements for the three months ended March 31 , 2021 , as well as the comparative periods for 2020 , have been prepared and presented under United States Generally Accepted Accounting Principals ( " GAAP " ) . On March 31 , 2021 , Village Farms owned 100 % of Pure Sunfarms Corp. ( " Pure Sunfarms " ) , as the full acquisition of the remaining interest in Pure Sunfarms occurred November 2 , 2020. Accordingly , for the three months ended March 31 , 2021 , Pure Sunfarms ' financial results are consolidated with Village Farms ' results . For the three months ended March 31 , 2020 , Pure Sunfarms is accounted for on a proportionate basis within " Equity Earnings from Unconsolidated Entities " . Pure Sunfarms ' First Quarter and Other Recent Highlights ( Dollar Amounts are Before Village Farms ' Proportionate Share ) • Achieved its third consecutive quarter of sequential growth in its priority sales channel , Retail Branded Sales , of 20 % or greater ; • Achieved its tenth consecutive quarter of positive Adjusted EBITDA ; and , • Was the top selling brand of dried flower products with the Ontario Cannabis Store ( OCS ) ( by kilograms sold and dollars sold ) for the quarter ended March 31 , 2021 and remained the top - selling brand of dried flower products with the OCS ( by kilograms sold and dollars sold ) since retail branded sales launch in October 2019 . * Market share performance and data cited has been calculated by Pure Sunfarms from sales information provided by OCS . Village Farms ' Consolidated Financial Summary for the Three Months Ended March 31 , 2021 and March 31 , 2020 and Corporate Highlights ( $ US millions except per share metric ) Three Months Ended March 31 . 2021 2020 Change Sales1 $ 52.4 $ 32.1 + 63 % Produce $ 34.9 $ 32.0 + 9 % Cannabis $ 17.4 $ 0.0 N / A Village Farms Clean Energy $ 0.1 $ 0.1 0 % Net ( Loss ) Income1 ( $ 7.4 ) $ 4.2 -276 % ( Loss ) Income Per Share1 ( $ 0.10 ) $ 0.08 -225 % Adjusted EBITDA12 $ 0.4 $ 1.1 -63 % Produce ( $ 0.6 ) ( $ 0.4 ) -50 % Cannabis $ 2.5 $ 2.8 -9 % Village Farms Clean Energy Corporate $ 0.0 ( $ 1.5 ) $ 0.0 ( $ 1.3 ) 0 % -15 % 1. Sales , Net Income , Income ( Loss ) per share and Adjusted EBITDA includes results from Pure Sunfarms pursuant to the Company's statutory reporting requirements . 2. Adjusted EBITDA is not a recognized earnings measure and does not have a standard meaning prescribed by GAAP . See " Non - GAAP Measures " below . • • Produce sales increased 9 % , however , Produce Adjusted EBITDA decreased 50 % as a result of lower pricing as the tomato industry is experiencing one of the lowest pricing environments for tomatoes - on - the - vine and beefsteak varieties in the past ten years ; Completed a registered direct offering with certain institutional investors for the purchase and sale of an aggregate of 10,887,097 common shares at a purchase price of US $ 12.40 ( approximately C $ 15.70 ) per Common Share for gross proceeds of approximately US $ 135 million ( approximately C $ 171 million ) ;