<SEC-DOCUMENT>0001193125-23-270095.txt : 20231207
<SEC-HEADER>0001193125-23-270095.hdr.sgml : 20231207
<ACCEPTANCE-DATETIME>20231103112925
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0001193125-23-270095
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20231103

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Village Farms International, Inc.
		CENTRAL INDEX KEY:			0001584549
		STANDARD INDUSTRIAL CLASSIFICATION:	AGRICULTURE PRODUCTION - CROPS [0100]
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			Z4
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		CORRESP

	BUSINESS ADDRESS:	
		STREET 1:		4700 - 80TH STREET
		CITY:			DELTA, BRITISH COLUMBIA
		STATE:			Z4
		ZIP:			V4K 3N3
		BUSINESS PHONE:		732-676-3008

	MAIL ADDRESS:	
		STREET 1:		4700 - 80TH STREET
		CITY:			DELTA, BRITISH COLUMBIA
		STATE:			Z4
		ZIP:			V4K 3N3
</SEC-HEADER>
<DOCUMENT>
<TYPE>CORRESP
<SEQUENCE>1
<FILENAME>filename1.htm
<TEXT>
<HTML><HEAD>
<TITLE>CORRESP</TITLE>
</HEAD>
 <BODY BGCOLOR="WHITE" STYLE="line-height:Normal">

<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt;margin-bottom:0pt" ALIGN="justify">


<IMG SRC="g896098g1103023654631.jpg" ALT="LOGO">
 </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">November&nbsp;3, 2023 </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>VIA EDGAR </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Ms.&nbsp;Jeanne Baker </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Mr.&nbsp;Terrence O&#146;Brien </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">United States Securities and
Exchange Commission </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Division of Corporation Finance </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Office
of Industrial Applications and Services </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">100 F Street, NE </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Washington, D.C. 20549 </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left"><B>Re:</B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="justify"><B>Village Farms International, Inc. </B></P></TD></TR></TABLE>
<P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman" ALIGN="justify"><B>Form <FONT STYLE="white-space:nowrap">10-K</FONT> for the Year Ended December&nbsp;31, 2022 </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman" ALIGN="justify"><B>Filed March&nbsp;9, 2023 </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman" ALIGN="justify"><B>Item&#8201;2.02 Form <FONT STYLE="white-space:nowrap">8-K</FONT> filed March&nbsp;9, 2023 </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman" ALIGN="justify"><B>Response dated May&nbsp;17, 2023 </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman" ALIGN="justify"><B>Response dated August&nbsp;11, 2023 </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman" ALIGN="justify"><B>Form <FONT STYLE="white-space:nowrap">10-Q</FONT> for the Quarter Ended June&nbsp;30, 2023 </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman" ALIGN="justify"><B>Filed August&nbsp;9, 2023 </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman" ALIGN="justify"><B>File <FONT STYLE="white-space:nowrap">No.&nbsp;001-38783</FONT> </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="justify">Dear Ms.&nbsp;Baker and Mr.&nbsp;O&#146;Brien, </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="justify">This letter is in response to your letter dated October&nbsp;13, 2023 and our phone call on October&nbsp;11, 2023. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="justify">For your convenience, each response is prefaced by the text of the Staff&#146;s corresponding comment. Dollar amounts presented herein are in
thousands, consistent with the Company&#146;s financial statements and periodic reports, and unless otherwise stated, are in United States dollars (C$ = Canadian dollars). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>Form <FONT STYLE="white-space:nowrap">10-K</FONT> for the Year Ended December&nbsp;31, 2022 </U></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>Management&#146;s Discussion and Analysis </U></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U><FONT
STYLE="white-space:nowrap">Non-GAAP</FONT> Measures </U></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>Reconciliation of Net Income to Adjusted EBITDA, page 61 </U></P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">-1- </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </p>
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

<Center><DIV STYLE="width:8.5in" align="left">

<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left"><B>1.</B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="justify"><B></B><B><I>We note your response to prior comment 1 regarding your adjustments to remove the loss on the
write down of inventory to net realizable value and the share of loss on JV inventory impairment. Notwithstanding your rationale for excluding these inventory losses from your <FONT STYLE="white-space:nowrap">non-GAAP</FONT> adjusted EBITDA measure,
these adjustments appear to be part of the normal course of your operations and therefore inconsistent with Question 100.01 of the Compliance and Disclosure Interpretations on <FONT STYLE="white-space:nowrap">Non-</FONT> GAAP Financial Measures.
Please confirm you will no longer exclude these inventory losses from your adjusted EBITDA measure. This comment is also applicable to prior comments 13, 14 and 16 from our letter dated April</I></B><B></B><B><I></I></B><B></B><B><I>&nbsp;5, 2023.
Please also confirm that you will no longer exclude these inventory losses from presentation of costs of sales, gross margin and/or gross margin %.</I></B><B> </B></P></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman" ALIGN="justify"><U>Response:</U> </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">The Company acknowledges the Staff&#146;s comment and although the Company believes that its inventory adjustments in its
presentation of <FONT STYLE="white-space:nowrap">non-GAAP</FONT> financial measures were appropriate under the circumstances and not misleading (for the reasons discussed in the Company&#146;s prior response letters dated May&nbsp;17, 2023 and
August&nbsp;11, 2023), the Company confirms that in future filings, the Company will no longer exclude these inventory losses in its presentation of adjusted EBITDA and will not present cost of sales, gross margin and/or gross margin % on a basis
that excludes similar inventory adjustments. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">In furtherance of the above, in the Company&#146;s quarterly report on Form <FONT
STYLE="white-space:nowrap">10-Q</FONT> for the quarter ended September&nbsp;30, 2023 (and in its Q3 2023 earnings press release), when presenting its comparison of nine-months 2023 adjusted EBITDA to nine-months 2022 adjusted EBITDA, the Company
will revise its <FONT STYLE="white-space:nowrap">non-GAAP</FONT> adjustment for &#147;JV exit-related costs&#148; for the nine months ended September&nbsp;30, 2022 to exclude the portion attributable to the inventory of the joint venture that was
written down in connection with exiting the joint venture, with an explanatory footnote as follows: </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="14%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="2%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">&#147;For the nine months ended September&nbsp;30, 2022, we previously included an adjustment for $2,284 of
obsolete inventory associated with the JV exit that is now being excluded in response to comments from and discussions with the Staff of the U.S. Securities and Exchange Commission.&#148; </P></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">In addition, in the Company&#146;s annual report on Form <FONT STYLE="white-space:nowrap">10-K</FONT> for the year ended
December&nbsp;31, 2023 (and in its <FONT STYLE="white-space:nowrap">Q4/year-end</FONT> earnings press release), when presenting its comparison of 2023 adjusted EBITDA to 2022 adjusted EBITDA, the Company will revise its 2022 adjusted EBITDA to
remove its <FONT STYLE="white-space:nowrap">non-GAAP</FONT> adjustments for &#147;Loss on inventory write-down to net realizable value&#148; of $11,038 and &#147;Share of loss on JV inventory impairment&#148; of $2,284, with the following
explanatory footnote: </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="14%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="2%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">&#147;For the year ended December&nbsp;31, 2022, we previously included adjustments for (1) $11,038 of
inventory written down to net realizable value and (2) $2,284 of obsolete inventory associated with the JV exit, each of which is now being excluded in response to comments from and discussions with the Staff of the U.S. Securities and Exchange
Commission.&#148; </P></TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">-2- </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </p>
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">If the Company records any similar inventory write-downs in any future
periods, the Company confirms that it will not make any <FONT STYLE="white-space:nowrap">non-GAAP</FONT> adjustments for such write-downs in its future filings, to the extent necessary to comply with the Staff&#146;s guidance.&#8195; </P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left"><B>2.</B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="justify"><B></B><B><I>We note your disclosure on page 18 that other income (expense) for the three months ended
June</I></B><B></B><B><I></I></B><B></B><B><I>&nbsp;30, 2023 was $5,602 as compared to ($30) for the three months ended June</I></B><B></B><B><I></I></B><B></B><B><I>&nbsp;30, 2022. The increase in other income was primarily attributable to a
favorable legal settlement in the three months ended June</I></B><B></B><B><I></I></B><B></B><B><I>&nbsp;30, 2023. Please tell us the nature of the legal settlement. Quantify the amount of the legal settlement and address whether or not the gain is
included in the determination of your segment&#146;s net income (loss). In addition, address the following:</I></B><B> </B></P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="14%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="2%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt"><B><I>We note that you do not exclude the legal settlement gain from your
<FONT STYLE="white-space:nowrap">non-GAAP</FONT> adjusted EBITDA measure. Tell us how you considered the guidance in Question 100.03 of the Compliance and Disclosure Interpretations on <FONT STYLE="white-space:nowrap">Non-GAAP</FONT> Measures;
and</I></B> </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="14%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="2%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt"><B><I>Notwithstanding the above, we note that your press release dated
August</I></B><B><I></I></B><B><I>&nbsp;9, 2023 includes a prominent bullet point on the improvement in operation loss and highlights certain sequential and/or consecutive improvements in segment adjusted EBITDA. Please address the extent of which
the legal settlement gain impacted operating loss and segment adjusted EBITDA comparisons period to period. If the legal settlement gain </I></B><B><I>contributed to the sequential and/or consecutive improvements</I></B><B><I>, please explain why
you did not highlight and discuss the legal settlement gain </I></B> </P></TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman" ALIGN="justify"><U>Response:</U> </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">The settlement relates to the partial recovery by the Company from third-party suppliers of prior and current year operational
losses arising out of the recurring impact of the Tomato Brown Rugose Fruit Virus (ToBRFV), which has caused significant operational losses for the Company over the past several years and continues to negatively impact the Company&#146;s produce
operations (as described on pages 24, 47 and <FONT STYLE="white-space:nowrap">55-56</FONT> of the Company&#146;s Annual Report on Form <FONT STYLE="white-space:nowrap">10-K</FONT> for the year ended December&nbsp;31, 2022). The Company regularly
monitors the quality of its supply inputs and routinely seeks compensation from its suppliers for any defects, and accordingly views any damages recovered in connection therewith as being within the ordinary course of its operations. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">In connection with this settlement, the Company recognized net settlement income of $5,585. The settlement was included within
Other Income, in both the Company&#146;s consolidated operating income ($5,602) and net income for the three- and <FONT STYLE="white-space:nowrap">six-months</FONT> period ended June&nbsp;30, 2023, as well as within the Company&#146;s VF Fresh
(Produce) segment other income ($5,135) and net income. Similarly, the operational losses caused by ToBRFV have been reflected in the Company&#146;s current consolidated and Produce segment operational losses as well as the past several years. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">-3- </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </p>
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">The Company acknowledges the Staff&#146;s guidance in Question 100.03 of the
Compliance and Disclosure Interpretations on <FONT STYLE="white-space:nowrap">Non-GAAP</FONT> Measures (&#147;Question 100.03&#148;) and respectfully believes that Question 100.01 of the Compliance and Disclosure Interpretations on <FONT
STYLE="white-space:nowrap">Non-GAAP</FONT> Measures (&#147;Question 100.01&#148;) would prohibit the Company from making adjustments to Adjusted EBITDA for such normal, recurring cash gains that are directly related to the Company&#146;s operations
and correspond to the Company&#146;s operational losses for ToBRFV as reported in its financial statements.&nbsp;By the contrast, the Company has historically made <FONT STYLE="white-space:nowrap">non-GAAP</FONT> adjustments for settlements that
were outside of the ordinary course of business and unrelated to the Company&#146;s underlying operations.&nbsp;For example, in 2020, the Company made a <FONT STYLE="white-space:nowrap">non-GAAP</FONT> adjustment for a gain on its settlement
agreement with the Company&#146;s joint venture partner for its Canadian cannabis business until the Company bought out the remaining JV share in November 2020.&nbsp;Unlike the 2023 supply product settlement, the 2020 JV settlement related to a
corporate-level agreement and the gain thereon was not recorded as an operational gain and as such the Company appropriately reduced its reported Adjusted EBITDA by $(4,681). The Company respectfully submits that Question 100.03 does not require the
Company to make an adjustment to Adjusted EBITDA to reflect the gain on settlements relating to its <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">day-to-day</FONT></FONT> operations, including the aforementioned gain that was
recognized in the second quarter of 2023. Instead, the Company submits that Question 100.01 would actually prohibit the Company from doing so. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">While the June 2023 settlement did materially contribute to the Company&#146;s improved results in its VF Fresh (Produce)
segment, even without the settlement, the Company&#146;s three- and <FONT STYLE="white-space:nowrap">six-</FONT> month results for 2023 substantially improved from the Company&#146;s prior year three- and
<FONT STYLE="white-space:nowrap">six-month</FONT> results, on a VF Fresh (Produce) segment basis. The net (loss) from VF Fresh (Produce) for the three months ended June&nbsp;30, 2022 was $(9,350), as compared to $(698) for the three months ended
June&nbsp;30, 2023, and for the six months ended June&nbsp;30, 2022 was $(15,095), as compared to $(3,317) for the six months ended June&nbsp;30, 2023, with an adjusted EBITDA loss of $(10,282) and $(16,483) for the three and six months ended
June&nbsp;30, 2022, as compared to positive adjusted EBITDA of $1,330 and $335 for the three and six months ended June&nbsp;30, 2023, respectively. The net and adjusted EBITDA losses in the 2022 periods were due in large part to the negative impact
of ToBRFV on the Company&#146;s Texas crop cycle that ended in June&nbsp;30, 2022, as mentioned in the Company&#146;s second quarter 2022 earnings release dated August&nbsp;9, 2022 in the Management commentary on page 1 (&#147;&#133;..which has been
exacerbated by the continued impact of the Brown Rugose virus that has impacted the global tomato industry&#148;). Even absent the 2023 product supply settlement, the results of the VF Fresh (Produce) segment in the 2023 three- and <FONT
STYLE="white-space:nowrap">six-month</FONT> periods improved substantially as compared to the 2022 three- and <FONT STYLE="white-space:nowrap">six-month</FONT> results. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman" ALIGN="justify">The Company did not highlight the settlement gain in the Company&#146;s second quarter 2023 earnings release both because
organic improvements in the VF Fresh (Produce) were substantial and because the terms of the settlement were highly confidential pursuant to the terms of the settlement agreement entered into with the relevant supplier. Nevertheless, the Company
acknowledges the Staff&#146;s comment, and in the future filings and earnings releases, the Company will ensure that it discusses the material factors that drive the operating results of the Company and its segments, where appropriate. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">-4- </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </p>
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">*&#8195;&#8195;*&#8195;&#8195;
*&#8195;&#8195;*&#8195;&#8195;*&#8195;&#8195;*&#8195;&#8195;*&#8195;&#8195;*&#8195;&#8195;*&#8195;&#8195;*&#8195;&#8195;*&#8195;&#8195;* </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="justify">If you have any questions or would like to discuss any of the above, please do not hesitate to contact the undersigned (Stephen Ruffini, Chief
Financial Officer of the Company) at (407) <FONT STYLE="white-space:nowrap">936-1190</FONT> or Chris Bornhorst of Torys LLP at (212) <FONT STYLE="white-space:nowrap">880-6047.</FONT> </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="justify">Very Truly Yours, </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="40%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt">


<TR>

<TD WIDTH="100%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman" ALIGN="justify">/s/ Stephen C. Ruffini</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P ALIGN="justify" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">Stephen C. Ruffini</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="justify">Executive Vice President and Chief</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman" ALIGN="justify">Financial Officer</P></TD></TR>
</TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">cc:</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="justify">Christopher R. Bornhorst Esq., Torys LLP </P></TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">-5- </P>

</DIV></Center>

</BODY></HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>2
<FILENAME>g896098g1103023654631.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 g896098g1103023654631.jpg
M_]C_X  02D9)1@ ! 0$ 8 !@  #_VP!#  @&!@<&!0@'!P<)"0@*#!0-# L+
M#!D2$P\4'1H?'AT:'!P@)"XG("(L(QP<*#<I+# Q-#0T'R<Y/3@R/"XS-#+_
MVP!# 0D)"0P+#!@-#1@R(1PA,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C(R
M,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C+_P  1"  O +0# 2(  A$! Q$!_\0
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7/:_:RQGV?,6(+8[9(XSC&<=Z*@H__]D!

end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
