Canadian cannabis firm Pure Sunfarms delivers another profitable quarter

British Columbia-based Pure Sunfarms reported yet another profitable quarter as revenue rose substantially compared to the previous three-month period.

The cannabis producer saw net sales grow to 22.6 million Canadian dollars ($17 million) for the quarter ended Sept. 30.

Adjusted EBITDA – a measure of profitability – increased 125% from the previous quarter to CA$5.6 million.

Pure Sunfarms said its dried flower achieved 15.2% market share by kilograms sold last month in Ontario – Canada’s largest market.

Its year-to-date market share of that category with the Ontario Cannabis Store was 13.6% by kilograms sold, which Pure Sunfarms said is tops in the industry.

On Nov. 2, Vancouver, British Columbia-based Village Farms International completed the acquisition of Pure Sunfarms by buying all remaining shares from Emerald Health Therapeutics.

That gave Village Farms full control of Pure Sunfarms.

“With 75% sequential growth in dollar sales, Pure Sunfarms’ third quarter highlighted its strong sales momentum as its leading brand continues to resonate with consumers,” Village Farms CEO Michael DeGiglio said in a news release.

Concurrently, Village Farms reported its financial results for the three months ended Sept. 30.

Village Farms reported sales of $43 million in the quarter, along with adjusted EBITDA of $4.6 million.

Shares of Village Farms International are traded as VFF on the Nasdaq and Toronto Stock Exchange, respectively.