A longer version of this story appears at MJBizDaily.
Canadian marijuana and hemp producer Village Farms International reported a significant jump in adult-use marijuana revenue for the three months ended June 30, though its hemp division lost money.
British Columbia-based Pure Sunfarms, a Village Farms subsidiary, booked net sales of $24.8 million (31.2 million Canadian dollars) for the second quarter, a 42% increase over the previous quarter’s sales of $17.5 million.
Pure Sunfarms sells adult-use marijuana in five Canadian provinces.
Village Farms entered the U.S. hemp market in early 2019 by establishing the joint venture Village Fields Hemp USA for multistate outdoor hemp cultivation and cannabidiol extraction.
However, the company reported no hemp sales for the three months ended June 30, 2021.
The hemp business lost $86,000 in the second quarter.
Overseas, Village Farms sees “significant long-term potential” in nascent cannabis and CBD opportunities in the Asia-Pacific region.
Earlier this year, Village Farms increased its investment in Australia-based CBD platform Altum International Pty to just under 12%, representing “a capital efficient means for Village Farms to participate in opportunities in this region,” the company said in the same filing.
Cannabis is one of three revenue segments reported by Village Farms. The others are vegetable and energy production.