Village Farms' New CEO Employment Agreement Amid Business Expansion And Cannabis Sales Surge

Village Farms International, Inc. VFF, a key player in the greenhouse produce and cannabis sectors, has filled a new contract for president and CEO Michael A. DeGiglio, ensuring leadership stability. Effective August 15, 2024, this agreement extends DeGiglio’s tenure until August 15, 2027.

Read Also: Canadian Cannabis Co. Village Farms Targets Dutch Market, Plans To Begin Production In Netherlands By Q4 2024

The new contract is offering an annual base salary of $1,022,880, with room for increases at the company's discretion. Additionally, the CEO will benefit from the company’s annual bonus program and other executive perks. Standard business protection clauses, such as non-competition and confidentiality agreements, are also part of the contract.

Financial Momentum And Upcoming Investor Presentation

This leadership announcement comes on the heels of Village Farms International’s strong financial performance in the second quarter, which ended June 30, 2024.

The Vancouver-based company reported a 19% year-over-year increase in total sales, reaching $92.1 million. Notably, Canadian cannabis net sales surged by 45%, while retail branded sales grew by 35% over the same period. The company also recorded another quarter of positive adjusted EBITDA and operating cash flow, further reinforcing its market position.

Last week, Village Farms confirmed the company will be part of Investor Summit Summer 2024 Virtual MicroCap Forum on August 20, 2024.

DeGiglio, will deliver a live presentation at 11:30 a.m. ET, which will be available to the public on the Company’s website with an archived version for those unable to attend.

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