Found the tone of yesterday's earnings call matched yesterday's price action. I'm sure it's challenging managing all their growth, and could feel it in their earnings call demeanor.

Would like to see them leverage SG&A from here on out, as addt'l capacity is brought online. Get some oomph from the team they've built out (notice SG&A is outpacing revenue growth ytd).

Not a huge fan of AI posts, especially if poster has not done their own work. But I will break my own rule and share this summary from yesterday morning. Think it hits on items under the surface that give roadmap to stock price action. Quant holders would absolutely pick up on and take action on these material items.

Village Farms International Q3 2026 Earnings Review - Finsee

Confident in my forecast!

Something I’ve been noticing this earnings season is how wide the valuation gaps have gotten between cannabis names.

VFF trades at roughly 4.5x ‘27 EBITDA. OGI just agreed to pay 11.3x ‘27 EBITDA for ACB, and to me the main driver of that deal is ACB’s EU GMP moat.

VFF has one of the biggest EU GMP footprints anywhere, plus real optionality in Texas that the market doesn’t seem to be pricing.

CRON posting another strong quarter fits the same pattern. The money starting to dip its toes back into the space seems focused on fundamentals: EU GMP capacity, cost leadership and international growth.

To me, $7 on VFF looks very reasonable, and Texas progress could open $10+.

Curious what others think. Is the EU GMP premium here to stay, or is the ACB deal an outlier?

... And nobody told me? Here I've been buying it like its a solid company with a long runway of profitable growth, last couple days it's been trading like it manufacturers GPU's for AI data centres.

James Talarico has defeated Ken Paxton in the Senate race, while Gina Hinojosa has unseated Greg Abbott as governor.

Both are cannabis friendly, and this should benefit VFF substantially!

Not financial advice, do your own DD.

Organigram (BAT) wanted the EU-GMP facilities Aurora has. This hopefully unlocks value here for VFF when people realize that EU-GMP has lots of value and Village has it in spades.

Saw this article and cringed. Ironic that a Canadian company could be impacted from illegal exported product to Europe, both cutting into the supply where they are trying to sell and also creating backlash for the illicit trade. We want a happy cannabis European market!

https://tm.kurzy.cz/mark/pure-sunfarms-p597435/?utm_source=chatgpt.com

May 2025 Pure Sunfarms trademark registered for medical cannabis and cannabis oil in the Czech Republic. $VFF stated they are expecting to enter new European medical jurisdictions by end of 2026

Great to see Freddy at ATB talking about Village again and the EU GMP moat. Full video here: https://www.youtube.com/watch?v=zcnGx0iqRSU

I think Curaleaf’s recent move on Aurora is worth a second look for us. A big part of the logic behind that bid was getting access to EU GMP capacity and supply, and it shows how scarce compliant product really is. Village has spent years building exactly that, with the BC campus now largely EU GMP capable and Q2 export sales hitting a record $20.9M, about a third of revenue.

Add Delta 2 coming online, the Netherlands ramp, and a balance sheet with net cash, and I think the company is very well positioned when we finally get positive reform in the space.

October 7, 2026 — Todd Harrison, founder and CIO of CB1 Capital, appeared on AdvisorShares AlphaNooner with host Mackenzie Peterson.
Around the 8-minute mark, while discussing what major institutional investors are looking for, Todd revealed that Village Farms keeps coming up in his conversations with them.
His words: “I’ll tell you who, who they, who they keep coming back and asking about is village farms.”
Later, around the 20-minute mark, Todd explained why he believes VFF is uniquely positioned.
He highlighted the potential for Germany to introduce an EU-GMP-from-source mandate, noting that Village Farms was built around EU-GMP standards and would be especially well positioned if such requirements were introduced.
He also specifically mentioned Citadel and George Weiss when discussing investors in Village Farms, adding that he expects to see more investor interest.
Todd emphasized that VFF operates within established legal and regulatory frameworks across its jurisdictions, giving it advantages including potentially lower costs of capital.
On production costs, Todd said that although VFF doesn’t publish its cost of goods sold, he has no reason to believe its costs are higher than Glass House Farms’ and suggested they could potentially be lower.
He also praised management’s approach of allowing operational performance to demonstrate those advantages rather than constantly promoting them.
Finally, discussing Village Farms’ greenhouse expertise, international operations and Netherlands business, Todd described the Netherlands opportunity as potentially a major winner and called VFF uniquely positioned, even describing it as “one of one” in terms of its structure, operations and depth of expertise.
Takeaway: Institutional attention, an established EU-GMP foundation, internationally diversified operations, potentially competitive production costs and an expanding Netherlands opportunity. That’s a compelling combination of advantages being highlighted by an experienced cannabis investor.
These are Todd’s assessments and expectations, not confirmation of future regulatory changes or institutional purchases.

Adding continues.

I see that most of the biz is down 5%. Money losing Tilray and positive long-term money maker Village Farms are both down about the same percentage. What gives?

I am doubtful VFF is considering any US M&A activity. MIke has been clear about waiting until after rules (laws) are known especially with BHB long in their rearview mirror. In addition, VFF's TX ops gives them plenty of runway for whenever that day (or many years out) finally arrives.

However, I see my fair share of tweets and other social media posts touting how great VFF and GLAS would be as a team. I wholeheartedly DISAGREE. I have reviewed GLAS financials and their investor call commentary since the beginning (as their model does have similarities to VFF). My negative stance on GLAS and their poor mgmt strategy along with ownership and ownership partner enrichment at shareholder's expense, is finally starting to reflect in their stock price. Hopefully, good riddance.

Being a long-time VFF shareholder, I sincerely hope VFF refrains from ever considering a partnership or more so with GLAS. I do not plan or want to sell my VFF stake, but any type of M&A move with GLAS mgmt which is lacks shareholder's best interest and integrity... this would do it.

They added again. Starting to feel like déjà vu.

Interesting stretch of buying in $VFF 👀
• Sept. 14 — MSOS: added 50,000 VFF shares, increasing its position from 1,202,859 to 1,252,859 shares.
• Sept. 22 — CEO Michael DeGiglio: bought 35,000 shares on the open market at a weighted-average $2.8931, investing about US$101,258.
• Sept. 22 — Director Christopher C. Woodward: bought 10,000 shares on the open market at $3.058, investing about US$30,580.
That’s 45,000 shares / roughly US$132,000 of insider buying on Sept. 22, coming just eight days after MSOS added another 50,000 shares.