Cover Page
Cover Page - shares | 3 Months Ended | |
Mar. 31, 2024 | May 06, 2024 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Mar. 31, 2024 | |
Document Fiscal Year Focus | 2024 | |
Document Fiscal Period Focus | Q1 | |
Trading Symbol | VFF | |
Entity Registrant Name | VILLAGE FARMS INTERNATIONAL, INC. | |
Entity Central Index Key | 0001584549 | |
Current Fiscal Year End Date | --12-31 | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Shell Company | false | |
Entity Small Business | true | |
Entity Emerging Growth Company | false | |
Security Exchange Name | NASDAQ | |
Entity Address, Country | CA | |
Title of 12(b) Security | Common Shares, without par value | |
Entity File Number | 001-38783 | |
Entity Incorporation State Country Code | A6 | |
Entity Tax Identification Number | 98-1007671 | |
Entity Address, State or Province | BC | |
Entity Address, Address Line One | 4700-80th Street | |
Entity Address, City or Town | Delta | |
Entity Address, Postal Zip Code | V4K 3N3 | |
City Area Code | 604 | |
Local Phone Number | 940-6012 | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Entity Common Stock, Shares Outstanding | 110,248,929 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Financial Position - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Current assets | ||
Cash and cash equivalents | $ 26,685 | $ 30,291 |
Restricted cash | 5,000 | 5,000 |
Trade receivables | 38,826 | 30,561 |
Inventories | 74,029 | 78,472 |
Other receivables | 115 | 294 |
Prepaid expenses and deposits | 6,197 | 7,150 |
Total current assets | 150,852 | 151,768 |
Non-current assets | ||
Property, plant and equipment | 201,020 | 205,613 |
Investments | 2,656 | 2,656 |
Goodwill | 54,942 | 55,918 |
Intangibles | 30,778 | 32,275 |
Deferred tax asset | 4,201 | 4,201 |
Right-of-use assets | 11,944 | 12,596 |
Other assets | 2,046 | 1,962 |
Total assets | 458,439 | 466,989 |
Current liabilities | ||
Line of credit | 4,000 | 4,000 |
Trade payables | 19,935 | 21,753 |
Current maturities of long-term debt | 8,866 | 9,133 |
Accrued sales taxes | 21,331 | 15,941 |
Accrued loyalty program | 1,668 | 1,773 |
Accrued liabilities | 12,024 | 15,076 |
Lease liabilities - current | 2,243 | 2,112 |
Income tax payable | 47 | 28 |
Other current liabilities | 2,561 | 2,340 |
Total current liabilities | 72,675 | 72,156 |
Non-current liabilities | ||
Long-term debt | 37,217 | 38,925 |
Deferred tax liability | 23,553 | 23,730 |
Lease liabilities - non-current | 10,534 | 11,335 |
Other liabilities | 2,044 | 1,902 |
Total liabilities | 146,023 | 148,048 |
Commitments and contingencies | ||
MEZZANINE EQUITY | ||
Redeemable non-controlling interest | 15,627 | 15,667 |
SHAREHOLDERS’ EQUITY | ||
Common stock, no par value per share - unlimited shares authorized; 110,248,929 shares issued and outstanding at March 31, 2024 and December 31, 2023. | 386,719 | 386,719 |
Additional paid in capital | 26,016 | 25,611 |
Accumulated other comprehensive loss | (7,503) | (3,540) |
Retained earnings | (109,017) | (106,165) |
Total Village Farms International, Inc. shareholders' equity | 296,215 | 302,625 |
Non-controlling interest | 574 | 649 |
Total shareholders' equity | 296,789 | 303,274 |
Total liabilities, mezzanine equity and shareholders’ equity | $ 458,439 | $ 466,989 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Financial Position (Parenthetical) - $ / shares | 3 Months Ended | 12 Months Ended |
Mar. 31, 2024 | Dec. 31, 2023 | |
Assets [Abstract] | ||
Common stock, no par value | $ 0 | $ 0 |
Common stock, unlimited shares, authorized | Unlimited | Unlimited |
Common stock, shares, issued | 110,248,929 | 110,248,929 |
Common stock, shares, outstanding | 110,248,929 | 110,248,929 |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Operations and Comprehensive Income (Loss) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Income Statement [Abstract] | ||
Sales | $ 78,077 | $ 64,656 |
Cost of sales | (62,564) | (52,356) |
Gross profit | 15,513 | 12,300 |
Selling, general and administrative expenses | (16,387) | (17,405) |
Interest expense | (917) | (1,133) |
Interest income | 206 | 196 |
Foreign exchange loss, net | (878) | (69) |
Other income (expense) | 104 | 30 |
Loss before taxes | (2,359) | (6,081) |
Provision for income taxes | (320) | (634) |
Loss including non-controlling interests | (2,679) | (6,715) |
Less: net (income) loss attributable to non-controlling interests, net of tax | (173) | 79 |
Net loss attributable to Village Farms International, Inc. shareholders | $ (2,852) | $ (6,636) |
Basic loss per share attributable to Village Farms International, Inc. shareholders | $ (0.03) | $ (0.06) |
Diluted loss per share attributable to Village Farms International, Inc. shareholders | $ (0.03) | $ (0.06) |
Weighted average number of common shares used in the computation of net loss per share (in thousands): | ||
Basic | 110,249 | 104,097 |
Diluted | 110,249 | 104,097 |
Loss including non-controlling interests | $ (2,679) | $ (6,715) |
Other comprehensive (loss) income: | ||
Foreign currency translation adjustment | (4,251) | 862 |
Comprehensive loss including non-controlling interests | (6,930) | (5,853) |
Comprehensive loss (income) attributable to non-controlling interests | 115 | (42) |
Comprehensive loss attributable to Village Farms International, Inc. shareholders | $ (6,815) | $ (5,895) |
Condensed Consolidated Statem_4
Condensed Consolidated Statements of Changes in Shareholders' Equity and Mezzanine Equity - USD ($) shares in Thousands, $ in Thousands | Total | Common Stock [Member] | Additional Paid-in Capital [Member] | Accumulated Other Comprehensive (Loss) Income [Member] | Retained Earnings [Member] | Noncontrolling Interest [Member] |
Beginning Balance at Dec. 31, 2022 | $ 303,830 | $ 372,429 | $ 13,372 | $ (8,371) | $ (74,367) | $ 767 |
Beggining Balance (in shares) at Dec. 31, 2022 | 91,789 | |||||
Mezzanine Equity, Beginning balance at Dec. 31, 2022 | 16,164 | |||||
Proceeds from issuance of common stock / Shares issued in public offering, net of issuance costs | 14,207 | $ 14,207 | ||||
Proceeds from issuance of common stock / Shares issued in pubic offering, net of issuance costs (in shares) | 18,350 | |||||
Warrants issued in public offering | 9,128 | 9,128 | ||||
Shares issued on exercise of stock options | 83 | $ 83 | ||||
Shares issued on exercise of stock options (in shares) | 100 | |||||
Share-based compensation | 1,732 | 1,732 | ||||
Cumulative translation adjustment | 862 | 862 | ||||
Net (loss) Income | (6,685) | (6,636) | (49) | |||
Mezzanine Equity, Net loss | (30) | |||||
Ending Balance at Mar. 31, 2023 | 323,157 | $ 386,719 | 24,232 | (7,509) | (81,003) | 718 |
Ending Balance (in shares) at Mar. 31, 2023 | 110,239 | |||||
Mezzanine Equity, Ending balance at Mar. 31, 2023 | 16,134 | |||||
Beginning Balance at Dec. 31, 2023 | 303,274 | $ 386,719 | 25,611 | (3,540) | (106,165) | 649 |
Beggining Balance (in shares) at Dec. 31, 2023 | 110,249 | |||||
Mezzanine Equity, Beginning balance at Dec. 31, 2023 | 15,667 | |||||
Share-based compensation | 405 | 405 | ||||
Cumulative translation adjustment | (3,984) | (3,963) | (21) | |||
Net (loss) Income | (2,906) | (2,852) | (54) | |||
Mezanine Equity, Cumulative translation adjustment | (267) | |||||
Mezzanine Equity, Net loss | 227 | |||||
Ending Balance at Mar. 31, 2024 | 296,789 | $ 386,719 | $ 26,016 | $ (7,503) | $ (109,017) | $ 574 |
Ending Balance (in shares) at Mar. 31, 2024 | 110,249 | |||||
Mezzanine Equity, Ending balance at Mar. 31, 2024 | $ 15,627 |
Condensed Consolidated Statem_5
Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Cash flows provided by (used in) operating activities: | ||
Net loss attributable to Village Farms International, Inc. shareholders | $ (2,852) | $ (6,636) |
Adjustments to reconcile net loss attributable to Village Farms International, Inc. shareholders to net cash provided by (used in) operating activities: | ||
Depreciation and amortization | 4,558 | 3,986 |
Amortization of deferred charges | 10 | 34 |
Net loss attributable to non-controlling interest | 173 | (79) |
Interest expense | 917 | 1,133 |
Interest paid on long-term debt | (1,062) | (1,511) |
Unrealized foreign exchange loss | 130 | (13) |
Loss on disposal of assets | 4 | |
Non-cash lease expense | 631 | (4) |
Share-based compensation | 405 | 1,732 |
Deferred income taxes | 330 | (734) |
Changes in non-cash working capital items | (3,290) | (1,580) |
Net cash used in operating activities | (50) | (3,668) |
Cash flows used in investing activities: | ||
Purchases of property, plant and equipment | (1,876) | (1,076) |
Net cash used in investing activities | (1,876) | (1,076) |
Cash flows (used in) provided by financing activities: | ||
Repayments on borrowings | (1,442) | (4,788) |
Proceeds from issuance of common stock and warrants | 24,772 | |
Issuance costs | (1,437) | |
Proceeds from exercise of stock options | 83 | |
Net cash (used in) provided by financing activities | (1,442) | 18,630 |
Effect of exchange rate changes on cash and cash equivalents | (238) | (678) |
Net (decrease) increase in cash, cash equivalents and restricted cash | (3,606) | 13,208 |
Cash, cash equivalents and restricted cash, beginning of period | 35,291 | 21,676 |
Cash, cash equivalents and restricted cash, end of period | $ 31,685 | $ 34,884 |
Pay vs Performance Disclosure
Pay vs Performance Disclosure - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Pay vs Performance Disclosure | ||
Net Income (Loss) | $ (2,852) | $ (6,636) |
Insider Trading Arrangements
Insider Trading Arrangements | 3 Months Ended |
Mar. 31, 2024 | |
Trading Arrangements, by Individual | |
Rule 10b5-1 Arrangement Adopted | false |
Non-Rule 10b5-1 Arrangement Adopted | false |
Rule 10b5-1 Arrangement Terminated | false |
Non-Rule 10b5-1 Arrangement Terminated | false |
Business, Basis Of Presentation
Business, Basis Of Presentation And Significant Accounting Policies | 3 Months Ended |
Mar. 31, 2024 | |
Accounting Policies [Abstract] | |
Business, Basis Of Presentation And Significant Accounting Policies | 1. BUSINESS, BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES Nature of Business Village Farms International, Inc. (“VFF” and, together with its subsidiaries, the “Company”, “we”, “us”, or “our”) is a corporation existing under the Ontario Business Corporations Act. VFF’s principal operating subsidiaries as of March 31, 2024 are Village Farms Canada Limited Partnership, Village Farms, L.P., Pure Sunfarms Corp. (“Pure Sunfarms”), and Balanced Health Botanicals, LLC (“Balanced Health”) and VF Clean Energy, Inc. ("VFCE"). VFF also owns a 70 % interest in Rose LifeScience Inc. (“Rose”) and an 85 % interest in Leli Holland B.V. ("Leli"). The address of the registered office of VFF is 4700-80th Street, Delta, British Columbia, Canada, V4K 3N3. The Company’s shares are listed on Nasdaq Capital Market (“Nasdaq”) under the symbol “VFF”. Village Farms owns and operates sophisticated, highly intensive agricultural greenhouse facilities in British Columbia and Texas, where it produces, markets and sells premium-quality tomatoes, bell peppers and cucumbers. Its wholly owned subsidiary, Pure Sunfarms, is a vertically integrated Licensed Producer ("LP") and supplier of cannabis products sold to customers throughout Canada and internationally. The Company’s wholly owned subsidiary, Balanced Health, develops and sells high-quality, cannabidiol (“CBD”) based products including ingestible, edible and topical applications within the US. Through its 70 % ownership of Rose, the Company has a substantial presence in the Province of Quebec as a cannabis supplier, producer and commercialization expert. Basis of Presentation The accompanying condensed consolidated financial statements are unaudited and have been prepared in accordance with accounting principles generally accepted in the United States (“U.S. GAAP”) for interim financial information and with the instructions for Form 10-Q and Rule 10-01 of Regulation S-X. Pursuant to these rules and regulations, certain information and footnote disclosures normally included in the annual audited consolidated financial statements prepared in accordance with U.S. GAAP have been condensed or omitted. The accompanying condensed consolidated statement of financial position as of December 31, 2023 is derived from the Company’s audited financial statements as of that date. Because certain information and footnote disclosures have been condensed or omitted, these condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto as of and for the year ended December 31, 2023 contained in the Company’s 2023 Annual Report on Form 10-K. In management’s opinion, all normal and recurring adjustments considered necessary for a fair presentation of the financial position, results of operations, and cash flows for the periods presented have been included. When necessary, certain prior year amounts have been reclassified to conform with the current period presentation. Interim period operating results do not necessarily indicate the results that may be expected for any other interim period or for the full fiscal year. The Company believes that the disclosures made in these consolidated financial statements are adequate to make the information not misleading. Principals of Consolidation The accompanying condensed consolidated financial statements include Village Farms International, Inc. and its subsidiaries and include the accounts of all majority-owned subsidiaries over which the Company exercises control and, when applicable, entities in which the Company has a controlling financial interest. All significant intercompany balances and transactions have been eliminated in consolidation. Other parties’ interests in entities that the Company consolidates are reported as non-controlling interests within equity, except for mandatorily redeemable non-controlling interests, which are recorded within mezzanine equity. Net income or loss attributable to non-controlling interests is reported as a separate line item below net income or loss. The Company applies the equity method of accounting for its investments in entities for which it does not have a controlling financial interest, but over which it has the ability to exert significant influence. For equity investees in which the Company has an undivided interest in the assets, liabilities and profits or losses of an unconsolidated entity, but does not exercise control over the entity, the Company consolidates its proportional interest in the accounts of the entity. Translations of Foreign Currencies The assets and liabilities of foreign subsidiaries with a functional currency other than the U.S. dollar are translated into U.S. dollars at period-end exchange rates, with resulting translation gains or losses included within other comprehensive income or loss. Revenue and expenses are translated into U.S. dollars at average rates of exchange during the applicable period. Substantially all of the Company’s foreign operations use their local currency as their functional currency. For foreign operations for which the local currency is not the functional currency, the operation’s non-monetary assets are remeasured into U.S. dollars at historical exchange rates. All other accounts are remeasured at current exchange rates. Gains or losses from remeasurement are included in foreign exchange loss, net. Currency gains or losses resulting from transactions executed in currencies other than the functional currency are included in foreign exchange gain (loss). In these condensed consolidated financial statements, “$” means U.S. dollars unless otherwise noted. General Economic, Regulatory and Market Conditions The Company has experienced, and may continue to experience, direct and indirect negative effects on its business and operations from negative economic, regulatory and market conditions, including recent inflationary effects on fuel prices, labor and materials costs, rising interest rates, potential recessionary impacts and supply chain disruptions that could negatively affect demand for new projects and/or delay existing project timing or cause increased project costs. The extent to which general economic, regulatory and market conditions could affect the Company’s business, operations and financial results is uncertain as it will depend upon numerous evolving factors that management may not be able to accurately predict, and, therefore, any future impacts on the Company’s business, financial condition and/or results of operations cannot be quantified or predicted with specificity. Recent Accounting Pronouncements No accounting pronouncements recently issued or newly effective have had, or are expected to have, a material impact on the Company’s condensed consolidated financial statements. |
Inventories
Inventories | 3 Months Ended |
Mar. 31, 2024 | |
Inventory Disclosure [Abstract] | |
Inventories | 2. INVENTORIES Inventories consisted of the following as of: Classification March 31, 2024 December 31, 2023 Cannabis: Raw materials $ 1,017 $ 985 Work-in-progress 8,014 6,543 Finished goods 38,058 47,084 Packaging 8,291 7,641 Produce: Crop inventory 18,057 15,492 Purchased produce inventory 592 727 Inventory $ 74,029 $ 78,472 |
Property Plant And Equipment
Property Plant And Equipment | 3 Months Ended |
Mar. 31, 2024 | |
Property, Plant and Equipment [Abstract] | |
Property Plant And Equipment | 3. PROPERTY, PLANT AND EQUIPMENT Property, plant and equipment consisted of the following as of: Classification March 31, 2024 December 31, 2023 Land $ 14,397 $ 14,641 Leasehold and land improvements 5,510 5,525 Buildings 214,838 217,384 Machinery and equipment 90,061 86,674 Construction in progress 11,289 13,619 Less: Accumulated depreciation ( 135,075 ) ( 132,230 ) Property, plant and equipment, net $ 201,020 $ 205,613 Depreciation expense on property, plant and equipment, was $ 3,728 and $ 3,204 for the three months ended March 31, 2024 and 2023 , respectively. |
Goodwill and Intangible Assets
Goodwill and Intangible Assets | 3 Months Ended |
Mar. 31, 2024 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Intangible Assets | 4. GOODWILL AND INTANGIBLE ASSETS Goodwill The following table presents the changes in the carrying value of goodwill by reportable segment for the three months ended March 31, 2024: Cannabis - Canada Cannabis - United States Total Balance as of January 1, 2024 $ 45,879 $ 10,039 $ 55,918 Foreign currency translation adjustment ( 976 ) — ( 976 ) Balance as of March 31, 2024 $ 44,903 $ 10,039 $ 54,942 Intangible Assets Intangibles consisted of the following as of: Classification March 31, 2024 December 31, 2023 Licenses $ 18,118 $ 18,540 Brand and trademarks* 12,720 12,795 Customer relationships 13,296 13,586 Computer software 1,955 1,974 Other* 144 144 Less: Accumulated amortization ( 8,105 ) ( 7,414 ) Less: Impairments ( 7,350 ) ( 7,350 ) Intangibles, net $ 30,778 $ 32,275 * Indefinite-lived intangible assets The expected future amortization expense for definite-lived intangible assets as of March 31, 2024 was as follows: Fiscal period Remainder of 2024 $ 2,480 2025 3,220 2026 3,131 2027 3,131 2028 1,880 Thereafter 11,422 Intangibles, net $ 25,264 Assessment for Indicators of Impairment During the three months ended March 31, 2024 and 2023, the Company considered qualitative factors in assessing for impairment indicators for the Company’s U.S. and Canadian Cannabis segments. As part of this assessment, the Company considered both external and internal factors, including overall financial performance and outlook. At March 31, 2024 , the Company concluded that no impairment indicators existed as no events or circumstances occurred that would, more likely than not, reduce the fair value of the reporting units to be below their carrying amounts. |
Line of Credit and Long-term De
Line of Credit and Long-term Debt | 3 Months Ended |
Mar. 31, 2024 | |
Debt Disclosure [Abstract] | |
Line of Credit and Long-term Debt | 5. LINE OF CREDIT AND LONG-TERM DEBT The following table provides details for the carrying values of debt as of: March 31, 2024 December 31, 2023 Term Loan - ("FCC Loan") - repayable by monthly principal payments of $ 164 and accrued interest at a rate of 8.84 %; matures May 3, 2027 $ 22,296 $ 22,788 Term Loan - Pure Sunfarms - C$ 19.0 M - Canadian prime interest rate plus an applicable margin, repayable in quarterly payments equal to 2.50 % of the outstanding principal amount, interest rate of 8.95 %; matures February 7, 2026 7,752 8,298 Term loan - Pure Sunfarms - C$ 25.0 M - Canadian prime interest rate plus an applicable margin, repayable in quarterly payments equal to 2.50 % of the outstanding principal amount starting June 30, 2021 , interest rate of 8.95 %; matures February 7, 2026 12,458 13,201 BDC Facility - Pure Sunfarms - non-revolving demand loan repayable by monthly principal payments of C$ 52 and accrued interest at a rate of 10.95 %, matures December 31, 2031 3,577 3,771 Total $ 46,083 $ 48,058 The Company’s line of credit ("Operating Loan") had $ 4,000 amount drawn on the facility as of March 31, 2024 and December 31, 2023. The carrying value of the assets and securities pledged as collateral for the FCC Loan as of March 31, 2024 and December 31, 2023 was $ 97,614 and $ 117,293 , respectively. The carrying value of the assets pledged as collateral for the Operating Loan as of March 31, 2024 and December 31, 2023 was $ 30,032 and $ 28,034 , respectively. The Pure Sunfarms line of credit had a balance of $ 0 as of March 31, 2024 and December 31, 2023, respectively. The Company is required to comply with financial covenants, measured either quarterly or annually depending on the covenant. The Company was in compliance with all its credit facility covenants as of March 31, 2024. The weighted average annual interest rate on short-term borrowings as of March 31, 2024 and December 31, 2023 was 9.73 % and 9.44 % , respectively. Accrued interest payable on all long-term debt as of March 31, 2024 and December 31, 2023 was $ 442 and $ 390 , respectively, and these amounts are included in accrued liabilities in the Condensed Consolidated Statements of Financial Position. The aggregate annual principal maturities of long-term debt for the remainder of 2024 and thereafter are as follows: Remainder of 2024 $ 4,313 2025 5,751 2026 16,825 2027 17,347 2028 461 Thereafter 1,386 Total $ 46,083 |
Financial Instruments
Financial Instruments | 3 Months Ended |
Mar. 31, 2024 | |
Investments, All Other Investments [Abstract] | |
Financial Instruments | 6. FINANCIAL INSTRUMENTS The Company’s financial instruments include cash and cash equivalents, trade receivables, minority investments, line of credit, trade payables, accrued liabilities, lease liabilities, note payables and debt. The carrying value of cash and cash equivalents, trade receivables, trade payables, and accrued liabilities approximate their fair values due to the short-term maturity of these financial instruments. The carrying value of line of credit, lease liabilities, notes payable, and debt approximate their fair values due to insignificant changes in credit risk. For its investments, the Company has selected the practicability election to fair value measurement, under which the investment is measured at cost, less impairment, plus or minus observable price changes of an identical or similar investment. |
Related Party Transactions And
Related Party Transactions And Balances | 3 Months Ended |
Mar. 31, 2024 | |
Related Party Transactions [Abstract] | |
Related Party Transaction And Balances | 7. RELATED PARTY TRANSACTIONS AND BALANCES The Company leases its Rose office building from a company employee who also owns a minority interest in Rose. For the three months ended March 31, 2024 and 2023, the Company paid C$ 39 and C$ 45 , respectively, to lease this office space. One of the Company’s employees is related to a member of the Company’s executive management team and received approximately $ 30 in salary and benefits during the three months ended March 31, 2024 and 2023 , respectively. |
Income Taxes
Income Taxes | 3 Months Ended |
Mar. 31, 2024 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | 8. INCOME TAXES The Company has recorded a provision for income taxes of ($ 320 ) for the three months ended March 31, 2024, compared with a provision for income taxes of ($ 634 ) for the same period last year. The Company’s income tax provision is based on management’s estimate of the effective tax rate for the full year. The tax (provision) benefit in any period will be affected by, among other things, permanent, as well as temporary, differences in the deductibility of certain items, changes in the valuation allowance related to net deferred tax assets, in addition to changes in tax legislation. As a result, the Company may experience significant fluctuations in the effective book tax rate (that is, tax expense divided by pre-tax book income) from period to period. In order to fully utilize the net deferred tax assets, the Company will need to generate sufficient taxable income in future years. The Company analyzed all positive and negative evidence to determine if, based on the weight of available evidence, it is more likely than not to realize the benefit of the net deferred tax assets. The recognition of the net deferred tax assets and related tax benefits is based upon the Company’s conclusions regarding, among other considerations, estimates of future earnings based on information currently available and current and anticipated customers, contracts, and product introductions, as well as historical operating results and certain tax planning strategies. Based on the analysis of all available evidence, both positive and negative, the Company has concluded that it does not have the ability to generate sufficient taxable income in the necessary period to utilize the entire benefit for the deferred tax assets. Accordingly, the Company established a valuation allowance of $ 40,203 as of March 31, 2024 and $ 39,530 as of December 31, 2023. The Company cannot presently estimate what, if any, changes to the valuation of its deferred tax assets may be deemed appropriate in the future. If the Company incurs future losses, it may be necessary to record additional valuation allowance related to the deferred tax assets recognized as of March 31, 2024. As of March 31, 2024 , the Company’s net deferred tax assets totaled approximately $ 4,201 and were primarily derived from net operating loss carryforwards. |
Segment and Geographic Informat
Segment and Geographic Information | 3 Months Ended |
Mar. 31, 2024 | |
Segment Reporting [Abstract] | |
Segment and Geographic Information | 9. SEGMENT AND GEOGRAPHIC INFORMATION Segment reporting is prepared on the same basis that the Company’s Chief Executive Officer, who is the Company’s Chief Operating Decision Maker, manages the business, makes operating decisions and assesses performance. As of March 31, 2024 , the Company’s four segments are as follows: Segment Description Produce The Produce segment produces, markets, and sells premium quality tomatoes, bell peppers and cucumbers. Cannabis – Canada The Cannabis – Canada segment produces and supplies cannabis products to be sold to other licensed providers and provincial governments across Canada and internationally. Cannabis – United States The Cannabis – United States segment develops and sells high-quality, CBD-based health and wellness products including ingestible, edible and topical applications. Energy The Energy business produces renewable natural gas that it sells per a long-term contract to one customer. The Company’s primary operations are in the United States and Canada. Segment information is summarized below: Three months ended March 31, 2024 2023 Sales Produce $ 36,094 $ 34,567 Cannabis - Canada 37,446 25,112 Cannabis - United States 4,537 4,977 $ 78,077 $ 64,656 Gross profit Produce $ 3,310 $ 614 Cannabis - Canada 9,508 8,455 Cannabis - United States 2,695 3,238 Energy — ( 7 ) $ 15,513 $ 12,300 |
Loss Per Share
Loss Per Share | 3 Months Ended |
Mar. 31, 2024 | |
Earnings Per Share [Abstract] | |
Loss Per Share | 10. LOSS PER SHARE Basic and diluted net loss per common share is calculated as follows: Three months ended March 31, 2024 2023 Numerator: Net loss attributable to Village Farms International, Inc. shareholders $ ( 2,852 ) $ ( 6,636 ) Denominator: Weighted average number of common shares - basic 110,249 104,097 Effect of dilutive securities- share-based employee options and awards — — Weighted average number of common shares - diluted 110,249 104,097 Antidilutive options and awards 6,572 6,157 Net loss per ordinary share: Basic $ ( 0.03 ) $ ( 0.06 ) Diluted $ ( 0.03 ) $ ( 0.06 ) |
Shareholders' Equity and Share
Shareholders' Equity and Share Based Compensation | 3 Months Ended |
Mar. 31, 2024 | |
Share-Based Payment Arrangement [Abstract] | |
Shareholders' Equity and Share Based Compensation | 11. SHAREHOLDERS’ EQUITY AND SHARE-BASED COMPENSATION Share-based compensation expense for the three months ended March 31, 2024 was $ 405 , and $ 1,732 for the three months ended March 31, 2023, respectively. Stock option activity for the three months ended March 31, 2024 was as follows: Number of Weighted Weighted Aggregate Outstanding at January 1, 2023 6,946,576 $ 3.50 7.54 $ 83 Granted 50,000 $ 0.83 9.80 $ 3 Forfeited/expired ( 424,167 ) $ 3.43 Outstanding at March 31, 2024 6,572,409 $ 3.49 7.64 $ 1,061 Exercisable at March 31, 2024 3,392,739 $ 5.44 6.32 $ 141 |
Changes in Non-Cash Working Cap
Changes in Non-Cash Working Capital Items | 9 Months Ended |
Sep. 30, 2023 | |
Disclosure Of Changes In Non Cash Working Capital Items [Abstract] | |
Changes in Non Cash Working Capital Items | 12. CHANGES IN NON-CASH WORKING CAPITAL ITEMS Three Months Ended March 31, 2024 2023 Trade receivables $ ( 7,095 ) $ 1,193 Inventories 3,216 ( 4,169 ) Other receivables ( 1 ) 8 Prepaid expenses and deposits 836 63 Trade payables ( 2,993 ) ( 5,971 ) Accrued liabilities 3,431 3,869 Lease liabilities ( 664 ) — Other assets, net of other liabilities ( 20 ) 3,427 $ ( 3,290 ) $ ( 1,580 ) |
Business, Basis Of Presentati_2
Business, Basis Of Presentation And Significant Accounting Policies (Policies) | 3 Months Ended |
Mar. 31, 2024 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation The accompanying condensed consolidated financial statements are unaudited and have been prepared in accordance with accounting principles generally accepted in the United States (“U.S. GAAP”) for interim financial information and with the instructions for Form 10-Q and Rule 10-01 of Regulation S-X. Pursuant to these rules and regulations, certain information and footnote disclosures normally included in the annual audited consolidated financial statements prepared in accordance with U.S. GAAP have been condensed or omitted. The accompanying condensed consolidated statement of financial position as of December 31, 2023 is derived from the Company’s audited financial statements as of that date. Because certain information and footnote disclosures have been condensed or omitted, these condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto as of and for the year ended December 31, 2023 contained in the Company’s 2023 Annual Report on Form 10-K. In management’s opinion, all normal and recurring adjustments considered necessary for a fair presentation of the financial position, results of operations, and cash flows for the periods presented have been included. When necessary, certain prior year amounts have been reclassified to conform with the current period presentation. Interim period operating results do not necessarily indicate the results that may be expected for any other interim period or for the full fiscal year. The Company believes that the disclosures made in these consolidated financial statements are adequate to make the information not misleading. |
Principals of Consolidation | Principals of Consolidation The accompanying condensed consolidated financial statements include Village Farms International, Inc. and its subsidiaries and include the accounts of all majority-owned subsidiaries over which the Company exercises control and, when applicable, entities in which the Company has a controlling financial interest. All significant intercompany balances and transactions have been eliminated in consolidation. Other parties’ interests in entities that the Company consolidates are reported as non-controlling interests within equity, except for mandatorily redeemable non-controlling interests, which are recorded within mezzanine equity. Net income or loss attributable to non-controlling interests is reported as a separate line item below net income or loss. The Company applies the equity method of accounting for its investments in entities for which it does not have a controlling financial interest, but over which it has the ability to exert significant influence. For equity investees in which the Company has an undivided interest in the assets, liabilities and profits or losses of an unconsolidated entity, but does not exercise control over the entity, the Company consolidates its proportional interest in the accounts of the entity. |
Translations of Foreign Currencies | Translations of Foreign Currencies The assets and liabilities of foreign subsidiaries with a functional currency other than the U.S. dollar are translated into U.S. dollars at period-end exchange rates, with resulting translation gains or losses included within other comprehensive income or loss. Revenue and expenses are translated into U.S. dollars at average rates of exchange during the applicable period. Substantially all of the Company’s foreign operations use their local currency as their functional currency. For foreign operations for which the local currency is not the functional currency, the operation’s non-monetary assets are remeasured into U.S. dollars at historical exchange rates. All other accounts are remeasured at current exchange rates. Gains or losses from remeasurement are included in foreign exchange loss, net. Currency gains or losses resulting from transactions executed in currencies other than the functional currency are included in foreign exchange gain (loss). In these condensed consolidated financial statements, “$” means U.S. dollars unless otherwise noted. |
General Economic, Regulatory and Market Conditions | General Economic, Regulatory and Market Conditions The Company has experienced, and may continue to experience, direct and indirect negative effects on its business and operations from negative economic, regulatory and market conditions, including recent inflationary effects on fuel prices, labor and materials costs, rising interest rates, potential recessionary impacts and supply chain disruptions that could negatively affect demand for new projects and/or delay existing project timing or cause increased project costs. The extent to which general economic, regulatory and market conditions could affect the Company’s business, operations and financial results is uncertain as it will depend upon numerous evolving factors that management may not be able to accurately predict, and, therefore, any future impacts on the Company’s business, financial condition and/or results of operations cannot be quantified or predicted with specificity. |
Recent Accounting Pronouncements | Recent Accounting Pronouncements No accounting pronouncements recently issued or newly effective have had, or are expected to have, a material impact on the Company’s condensed consolidated financial statements. |
Inventories (Tables)
Inventories (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Inventory Disclosure [Abstract] | |
Schedule of Inventory, Current | Inventories consisted of the following as of: Classification March 31, 2024 December 31, 2023 Cannabis: Raw materials $ 1,017 $ 985 Work-in-progress 8,014 6,543 Finished goods 38,058 47,084 Packaging 8,291 7,641 Produce: Crop inventory 18,057 15,492 Purchased produce inventory 592 727 Inventory $ 74,029 $ 78,472 |
Property Plant And Equipment (T
Property Plant And Equipment (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Property, Plant and Equipment [Abstract] | |
Summary of Property, Plant and Equipment | Property, plant and equipment consisted of the following as of: Classification March 31, 2024 December 31, 2023 Land $ 14,397 $ 14,641 Leasehold and land improvements 5,510 5,525 Buildings 214,838 217,384 Machinery and equipment 90,061 86,674 Construction in progress 11,289 13,619 Less: Accumulated depreciation ( 135,075 ) ( 132,230 ) Property, plant and equipment, net $ 201,020 $ 205,613 Depreciation expense on property, plant and equipment, was $ 3,728 and $ 3,204 for the three months ended March 31, 2024 and 2023 , respectively. |
Goodwill and Intangible Assets
Goodwill and Intangible Assets (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Changes in Carrying Value of Goodwill by Reportable Segment | The following table presents the changes in the carrying value of goodwill by reportable segment for the three months ended March 31, 2024: Cannabis - Canada Cannabis - United States Total Balance as of January 1, 2024 $ 45,879 $ 10,039 $ 55,918 Foreign currency translation adjustment ( 976 ) — ( 976 ) Balance as of March 31, 2024 $ 44,903 $ 10,039 $ 54,942 |
Schedule of Acquired Intangible Assets | Intangibles consisted of the following as of: Classification March 31, 2024 December 31, 2023 Licenses $ 18,118 $ 18,540 Brand and trademarks* 12,720 12,795 Customer relationships 13,296 13,586 Computer software 1,955 1,974 Other* 144 144 Less: Accumulated amortization ( 8,105 ) ( 7,414 ) Less: Impairments ( 7,350 ) ( 7,350 ) Intangibles, net $ 30,778 $ 32,275 * Indefinite-lived intangible assets |
Schedule of Expected Future Amortization Expense for Definite-Lived Intangible Assets | The expected future amortization expense for definite-lived intangible assets as of March 31, 2024 was as follows: Fiscal period Remainder of 2024 $ 2,480 2025 3,220 2026 3,131 2027 3,131 2028 1,880 Thereafter 11,422 Intangibles, net $ 25,264 |
Line of Credit and Long-term _2
Line of Credit and Long-term Debt (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Debt Disclosure [Abstract] | |
Schedule of Carrying Values of Debt | The following table provides details for the carrying values of debt as of: March 31, 2024 December 31, 2023 Term Loan - ("FCC Loan") - repayable by monthly principal payments of $ 164 and accrued interest at a rate of 8.84 %; matures May 3, 2027 $ 22,296 $ 22,788 Term Loan - Pure Sunfarms - C$ 19.0 M - Canadian prime interest rate plus an applicable margin, repayable in quarterly payments equal to 2.50 % of the outstanding principal amount, interest rate of 8.95 %; matures February 7, 2026 7,752 8,298 Term loan - Pure Sunfarms - C$ 25.0 M - Canadian prime interest rate plus an applicable margin, repayable in quarterly payments equal to 2.50 % of the outstanding principal amount starting June 30, 2021 , interest rate of 8.95 %; matures February 7, 2026 12,458 13,201 BDC Facility - Pure Sunfarms - non-revolving demand loan repayable by monthly principal payments of C$ 52 and accrued interest at a rate of 10.95 %, matures December 31, 2031 3,577 3,771 Total $ 46,083 $ 48,058 |
Schedule of principal maturities of long term debt | The aggregate annual principal maturities of long-term debt for the remainder of 2024 and thereafter are as follows: Remainder of 2024 $ 4,313 2025 5,751 2026 16,825 2027 17,347 2028 461 Thereafter 1,386 Total $ 46,083 |
Segment and Geographic Inform_2
Segment and Geographic Information (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Segment Reporting [Abstract] | |
Summary of Net Sales by the Countries and Business | The Company’s primary operations are in the United States and Canada. Segment information is summarized below: Three months ended March 31, 2024 2023 Sales Produce $ 36,094 $ 34,567 Cannabis - Canada 37,446 25,112 Cannabis - United States 4,537 4,977 $ 78,077 $ 64,656 Gross profit Produce $ 3,310 $ 614 Cannabis - Canada 9,508 8,455 Cannabis - United States 2,695 3,238 Energy — ( 7 ) $ 15,513 $ 12,300 |
Loss Per Share (Tables)
Loss Per Share (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Income Per Share [Abstract] | |
Summary of Basic and Diluted Net Loss per Common Share | Basic and diluted net loss per common share is calculated as follows: Three months ended March 31, 2024 2023 Numerator: Net loss attributable to Village Farms International, Inc. shareholders $ ( 2,852 ) $ ( 6,636 ) Denominator: Weighted average number of common shares - basic 110,249 104,097 Effect of dilutive securities- share-based employee options and awards — — Weighted average number of common shares - diluted 110,249 104,097 Antidilutive options and awards 6,572 6,157 Net loss per ordinary share: Basic $ ( 0.03 ) $ ( 0.06 ) Diluted $ ( 0.03 ) $ ( 0.06 ) |
Shareholders' Equity and Shar_2
Shareholders' Equity and Share Based Compensation (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Share-Based Payment Arrangement [Abstract] | |
Summary of fair value of stock option valuation assumptions | Stock option activity for the three months ended March 31, 2024 was as follows: Number of Weighted Weighted Aggregate Outstanding at January 1, 2023 6,946,576 $ 3.50 7.54 $ 83 Granted 50,000 $ 0.83 9.80 $ 3 Forfeited/expired ( 424,167 ) $ 3.43 Outstanding at March 31, 2024 6,572,409 $ 3.49 7.64 $ 1,061 Exercisable at March 31, 2024 3,392,739 $ 5.44 6.32 $ 141 |
Changes in Non-Cash Working C_2
Changes in Non-Cash Working Capital Items (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Disclosure Of Changes In Non Cash Working Capital Items [Abstract] | |
Summary of Changes in Non Cash Working Capital Items | Three Months Ended March 31, 2024 2023 Trade receivables $ ( 7,095 ) $ 1,193 Inventories 3,216 ( 4,169 ) Other receivables ( 1 ) 8 Prepaid expenses and deposits 836 63 Trade payables ( 2,993 ) ( 5,971 ) Accrued liabilities 3,431 3,869 Lease liabilities ( 664 ) — Other assets, net of other liabilities ( 20 ) 3,427 $ ( 3,290 ) $ ( 1,580 ) |
Business, Basis Of Presentati_3
Business, Basis Of Presentation And Significant Accounting Policies - Additional Information (Detail) | Mar. 31, 2024 |
Rose LifeScience Inc. [Member] | |
Nature Of Operations [Line Items] | |
Equity ownership percentage | 70% |
Leli Holland B.V. [Member] | |
Nature Of Operations [Line Items] | |
Equity ownership percentage | 85% |
Inventories - Summary of Invent
Inventories - Summary of Inventory Current (Detail) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Inventory [Line Items] | ||
Inventories | $ 74,029 | $ 78,472 |
Raw Materials [Member] | Cannabis Business [Member] | ||
Inventory [Line Items] | ||
Inventories | 1,017 | 985 |
Work-In-Progress [Member] | Cannabis Business [Member] | ||
Inventory [Line Items] | ||
Inventories | 8,014 | 6,543 |
Finished Goods [Member] | Cannabis Business [Member] | ||
Inventory [Line Items] | ||
Inventories | 38,058 | 47,084 |
Packaging [Member] | Cannabis Business [Member] | ||
Inventory [Line Items] | ||
Inventories | 8,291 | 7,641 |
Crop Inventory [Member] | Produce And Energy | ||
Inventory [Line Items] | ||
Inventories | 18,057 | 15,492 |
Purchased Produce Inventory [Member] | Produce And Energy | ||
Inventory [Line Items] | ||
Inventories | $ 592 | $ 727 |
Property Plant And Equipment -
Property Plant And Equipment - Summary of Property, Plant and Equipment (Detail) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Property Plant And Equipment [Line Items] | ||
Less: Accumulated depreciation | $ (135,075) | $ (132,230) |
Property, plant and equipment, net | 201,020 | 205,613 |
Land [Member] | ||
Property Plant And Equipment [Line Items] | ||
Property, Plant and Equipment, Gross | 14,397 | 14,641 |
Leaseholds and Leasehold Improvements [Member] | ||
Property Plant And Equipment [Line Items] | ||
Property, Plant and Equipment, Gross | 5,510 | 5,525 |
Buildings [Member] | ||
Property Plant And Equipment [Line Items] | ||
Property, Plant and Equipment, Gross | 214,838 | 217,384 |
Machinery and Equipment [Member] | ||
Property Plant And Equipment [Line Items] | ||
Property, Plant and Equipment, Gross | 90,061 | 86,674 |
Construction in Progress [Member] | ||
Property Plant And Equipment [Line Items] | ||
Property, Plant and Equipment, Gross | $ 11,289 | $ 13,619 |
Property Plant And Equipment _2
Property Plant And Equipment - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Property, Plant and Equipment [Abstract] | ||
Depreciation on property, plant and equipment | $ 3,728 | $ 3,204 |
Goodwill and Intangible Asset_2
Goodwill and Intangible Assets - Schedule of Changes in Carrying Value of Goodwill by Reportable Segment (Detail) $ in Thousands | 3 Months Ended |
Mar. 31, 2024 USD ($) | |
Goodwill [Line Items] | |
Beginning Balance | $ 55,918 |
Foreign currency translation adjustment | (976) |
Ending Balance | 54,942 |
Cannabis Business [Member] | Canada [Member] | |
Goodwill [Line Items] | |
Beginning Balance | 45,879 |
Foreign currency translation adjustment | (976) |
Ending Balance | 44,903 |
Cannabis Business [Member] | United States [Member] | |
Goodwill [Line Items] | |
Beginning Balance | 10,039 |
Ending Balance | $ 10,039 |
Goodwill and Intangible Asset_3
Goodwill and Intangible Assets - Schedule of Acquired Intangible Assets (Detail) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Finite Lived Intangible Assets [Line Items] | ||
Less: Accumulated amortization | $ (8,105) | $ (7,414) |
Less: Impairments | (7,350) | (7,350) |
Intangibles, net | 30,778 | 32,275 |
Licenses [Member] | ||
Finite Lived Intangible Assets [Line Items] | ||
Intangibles, gross | 18,118 | 18,540 |
Brand and Trademarks [Member] | ||
Finite Lived Intangible Assets [Line Items] | ||
Intangibles, gross | 12,720 | 12,795 |
Customer Relationships [Member] | ||
Finite Lived Intangible Assets [Line Items] | ||
Intangibles, gross | 13,296 | 13,586 |
Computer Software [Member] | ||
Finite Lived Intangible Assets [Line Items] | ||
Intangibles, gross | 1,955 | 1,974 |
Other [Member] | ||
Finite Lived Intangible Assets [Line Items] | ||
Intangibles, gross | $ 144 | $ 144 |
Goodwill and Intangible Asset_4
Goodwill and Intangible Assets - Schedule of Expected Future Amortization Expense for Definite-Lived Intangible Assets (Detail) $ in Thousands | Mar. 31, 2024 USD ($) |
Fiscal period | |
Remainder of 2024 | $ 2,480 |
2025 | 3,220 |
2026 | 3,131 |
2027 | 3,131 |
2028 | 1,880 |
Thereafter | 11,422 |
Intangibles, net | $ 25,264 |
Line of Credit and Long-term _3
Line of Credit and Long-term Debt - Schedule of Debt (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended |
Mar. 31, 2024 | Dec. 31, 2023 | |
Debt Instrument [Line Items] | ||
Term Loan | $ 46,083 | $ 48,058 |
Term Loan (FCC Loan) [Member] | ||
Debt Instrument [Line Items] | ||
Term Loan | 22,296 | 22,788 |
Term Loan One [Member] | Pure Sunfarms [Member] | ||
Debt Instrument [Line Items] | ||
Term Loan | 7,752 | 8,298 |
Term Loan Two [Member] | Pure Sunfarms [Member] | ||
Debt Instrument [Line Items] | ||
Term Loan | 12,458 | 13,201 |
BDC Facility [Member] | Pure Sunfarms [Member] | ||
Debt Instrument [Line Items] | ||
Term Loan | $ 3,577 | $ 3,771 |
Line of Credit and Long-term _4
Line of Credit and Long-term Debt - Schedule of Debt (Parenthetical) (Detail) - 3 months ended Mar. 31, 2024 $ in Millions, $ in Millions | USD ($) | CAD ($) |
Term Loan (FCC Loan) [Member] | ||
Debt Instrument [Line Items] | ||
Debt instrument, periodic principal payment | $ 164 | |
Debt instrument, interest rate during period | 8.84% | 8.84% |
Debt instrument maturity date | May 03, 2027 | May 03, 2027 |
Term Loan One [Member] | Pure Sunfarms [Member] | ||
Debt Instrument [Line Items] | ||
Debt instrument, periodic principal payment | $ 19 | |
Debt instrument, interest rate during period | 8.95% | 8.95% |
Debt instrument maturity date | Feb. 07, 2026 | Feb. 07, 2026 |
Debt Instrument Quarterly Payments Interest Rate | 2.50% | 2.50% |
Term Loan Two [Member] | Pure Sunfarms [Member] | ||
Debt Instrument [Line Items] | ||
Debt instrument, periodic principal payment | $ 25 | |
Debt instrument, interest rate during period | 8.95% | 8.95% |
Debt instrument maturity date | Feb. 07, 2026 | Feb. 07, 2026 |
Debt Instrument Quarterly Payments Interest Rate | 2.50% | 2.50% |
Debt instrument maturity date | Jun. 30, 2021 | Jun. 30, 2021 |
BDC Facility [Member] | Pure Sunfarms [Member] | ||
Debt Instrument [Line Items] | ||
Debt instrument, periodic principal payment | $ 52 | |
Debt instrument, interest rate during period | 10.95% | 10.95% |
Debt instrument maturity date | Dec. 31, 2031 | Dec. 31, 2031 |
Line of Credit and Long-term _5
Line of Credit and Long-term Debt - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended |
Mar. 31, 2024 | Dec. 31, 2023 | |
Disclosure Of Borrowings [Line Items] | ||
Line of credit | $ 4,000 | $ 4,000 |
Weighted average interest rate | 9.73% | 9.44% |
Accounts Payable and Accrued Liabilities [Member] | ||
Disclosure Of Borrowings [Line Items] | ||
Accrued interest payable | $ 442 | $ 390 |
Non-Revolving Variable Rate Term Loan 2021 [Member] | FCC Loan [Member] | ||
Disclosure Of Borrowings [Line Items] | ||
Securities pledged as collateral | 97,614 | 117,293 |
Revolving Operating Loan [Member] | ||
Disclosure Of Borrowings [Line Items] | ||
Amounts drawn on facility | 4,000 | 4,000 |
Securities pledged as collateral | 30,032 | 28,034 |
Revolving Operating Loan [Member] | Pure Sunfarms [Member] | ||
Disclosure Of Borrowings [Line Items] | ||
Total outstanding amount | $ 0 | $ 0 |
Line of Credit and Long-term _6
Line of Credit and Long-term Debt - Summary of Aggregate Annual Principal Maturities of Long-Term Debt (Detail) $ in Thousands | Mar. 31, 2024 USD ($) |
Debt Disclosure [Abstract] | |
Remainder of 2024 | $ 4,313 |
2025 | 5,751 |
2026 | 16,825 |
2027 | 17,347 |
2028 | 461 |
Thereafter | 1,386 |
Total | $ 46,083 |
Related Party Transactions An_2
Related Party Transactions And Balances - Additional Information (Detail) $ in Thousands, $ in Thousands | 3 Months Ended | |||
Mar. 31, 2024 CAD ($) | Mar. 31, 2024 USD ($) | Mar. 31, 2023 CAD ($) | Mar. 31, 2023 USD ($) | |
Employees | ||||
Related Party Transaction [Line Items] | ||||
Salary and benefits to employee | $ 30 | $ 30 | ||
Rose | ||||
Related Party Transaction [Line Items] | ||||
Salary and benefits to employee | $ 39 | $ 45 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2024 | Mar. 31, 2023 | Dec. 31, 2023 | |
Income Tax Disclosure [Abstract] | |||
Provision for income taxes | $ (320) | $ (634) | |
Valuation allowance | 40,203 | $ 39,530 | |
Total deferred tax assets | $ 4,201 |
Segment and Geographic Inform_3
Segment and Geographic Information - Additional Information (Detail) | 3 Months Ended |
Mar. 31, 2024 Segment | |
Segment Reporting [Abstract] | |
Number of operating segments | 4 |
Segment and Geographic Inform_4
Segment and Geographic Information - Summary of net sales by the countries and business (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Sales [Abstract] | ||
Sales | $ 78,077 | $ 64,656 |
Gross profit [Abstract] | ||
Gross profit | 15,513 | 12,300 |
Produce Business [Member] | ||
Sales [Abstract] | ||
Sales | 36,094 | 34,567 |
Gross profit [Abstract] | ||
Gross profit | 3,310 | 614 |
Cannabis Canada Business [Member] | ||
Sales [Abstract] | ||
Sales | 37,446 | 25,112 |
Gross profit [Abstract] | ||
Gross profit | 9,508 | 8,455 |
Cannabis United States Business [Member] | ||
Sales [Abstract] | ||
Sales | 4,537 | 4,977 |
Gross profit [Abstract] | ||
Gross profit | $ 2,695 | 3,238 |
Energy Business [Member] | ||
Gross profit [Abstract] | ||
Gross profit | $ (7) |
Loss Per Share - Summary of Bas
Loss Per Share - Summary of Basic and Diluted Net Loss per Common Share (Detail) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Numerator: | ||
Net loss attributable to Village Farms International, Inc. shareholders | $ (2,852) | $ (6,636) |
Denominator: | ||
Weighted average number of common shares - basic | 110,249 | 104,097 |
Weighted average number of common shares - diluted | 110,249 | 104,097 |
Antidilutive options and awards | 6,572 | 6,157 |
Net loss per ordinary share: | ||
Basic | $ (0.03) | $ (0.06) |
Diluted | $ (0.03) | $ (0.06) |
Shareholders' Equity and Shar_3
Shareholders' Equity and Share Based Compensation - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||
Share based compensation expense | $ 405 | $ 1,732 |
Shareholders' Equity and Shar_4
Shareholders' Equity and Share Based Compensation - Summary of Stock Option (Detail) - Stock Option [Member] - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended |
Mar. 31, 2024 | Dec. 31, 2023 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Number of Options, Beginning balance | 6,946,576 | |
Number of Options, Granted | 50,000 | |
Number of Options, Forfeited/expired | (424,167) | |
Number of Options, Ending balance | 6,572,409 | 6,946,576 |
Number of Options, Exercisable | 3,392,739 | |
Weighted Average Exercise Price, Beginning balance | $ 3.5 | |
Weighted Average Exercise Price, Granted | 0.83 | |
Weighted Average Exercise Price, Forfeited/expired | 3.43 | |
Weighted Average Exercise Price, Ending balance | 3.49 | $ 3.5 |
Weighted Average Exercise Price, Exercisable | $ 5.44 | |
Weighted Average Remaining Contractual Term (years) | 7 years 7 months 20 days | 7 years 6 months 14 days |
Weighted Average Remaining Contractual Term (years), Granted | 9 years 9 months 18 days | |
Weighted Average Remaining Contractual Term (years), Exercisable | 6 years 3 months 25 days | |
Aggregate Intrinsic Value | $ 1,061 | $ 83 |
Aggregate Intrinsic Value, Granted | 3 | |
Aggregate Intrinsic Value, Excercisable | $ 141 |
Changes in Non Cash Working Cap
Changes in Non Cash Working Capital Items - Summary of Changes in Non Cash Working Capital Items (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Share-Based Payment Arrangement [Abstract] | ||
Trade receivables | $ (7,095) | $ 1,193 |
Inventories | 3,216 | (4,169) |
Other receivables | (1) | 8 |
Prepaid expenses and deposits | 836 | 63 |
Trade payables | (2,993) | (5,971) |
Accrued liabilities | 3,431 | 3,869 |
Lease liabilities | (664) | |
Other assets, net of other liabilities | (20) | 3,427 |
Total | $ (3,290) | $ (1,580) |