Village Farms And TerrAscend Report Strong Q2 2024 Earnings
The TDR Key Takeaways on Village Farms and TerrAscend Q2 2024 earnings
- Village Farm’s total sales grew 19% YOY to $92.1 million. Net sales increased 45% to $40.7 million in Canada and decreased slightly to $4.3 million from $5.3 million in the US.
- In the Q2 2024 earnings report, TerrAscend reported that net revenue hit $77.5 million, marking a 7.5% year-over-year increase from $72.1 million. Adjusted EBITDA increased 21.9% to $15.6 million.
The Dales Report welcomes you to the Friday, August 9, 2024 episode of the Trade To Black podcast as we continue to talk about cannabis earnings. Michael DeGiglio, CEO of Village Farms (NASDAQ: VFF), and CFO Keith Strachan and Jason Wild, Chairman of Terrascend (TSX: TSND) join the show to talk about their latest numbers—some of the strongest earnings reported in the cannabis industry.
Village Farm had a solid first quarter in 2024 and a surge in cannabis sales in Canada. That trend continued into Q2 with a 45% increase in net sales to a total of $40.7m USD. Michael DeGiglio goes over his numbers with the team and what is helping Canadian momentum. He also explains why he believes that while the EU will eventually be a lucrative market, it will take time to develop.
It’s been just over a year since TerrAscend listed on the TSX. Not only has this paved the way for other cannabis companies, Keith Strachan feels that this step has helped business in Europe. Despite a small dip in gross profit margin, net revenue was a 7.5% year-over-year increase in Q2 at $77.5 million. Jason Wild, Executive Chairman of TerrAscend, commented, “For the second quarter, revenue and EBITDA increased materially year-over-year, and we delivered another quarter of positive free cash flow.”
Hosts Shadd Dales and Anthony Varrell also discuss the latest actions of Donald Trump, and the impact he’s having on marijuana stocks and the rescheduling discussions. Is he a supporter, and is it possible that he’ll steal the issue from the Democrats? We’ll share our thoughts on this Friday’s episode.
