VFF · Village Farms International, Inc.

Stephen Ruffini’s departure as CFO represents a significant leadership inflection point for Village Farms, given his 17-year tenure beginning in 2009 — a period that encompassed the Company’s transformation from an income trust into a global leader in cannabinoid-based consumer packaged goods and sustainable agriculture. His stewardship directly enabled critical milestones: the NASDAQ uplisting, execution of multiple capital markets transactions, and strategic acquisitions that expanded the Company’s footprint across cannabis, CPG, and clean energy. The fact that Ruffini remains employed and transitions into a dedicated M&A leadership role underscores both continuity and strategic intent — signaling that the Company views accretive acquisitions as central to its growth strategy alongside organic expansion. Management explicitly links this move to a broader commitment to 'complement continued organic growth investments with accretive acquisitive opportunities globally.' Importantly, the filing affirms there is no underlying governance or financial reporting concern driving the change, mitigating reputational or control risk. Investors should monitor the timeline for appointing a new CFO, the scope and resourcing of the new M&A function, and whether this structural shift reflects an acceleration in deal activity — particularly given Village Farms’ existing international assets, EU-GMP certification, and branded portfolio across Canada, the Netherlands, and the U.S.