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fortress Lauderdale, FL, Sept. 09, 2019 (GLOBE NEWSWIRE) -- by way of NEWMEDIAWIRE -- Veritas Farms, Inc. (OTCQB: VFRM) (“Veritas Farms” or the “enterprise”), these days supplied here Letter to Shareholders from the business's CEO and co-founder, Alexander M. Salgado:
dear Fellow Shareholders,
As I look returned on the past 5 years – a length of profound legislative and cultural shifts – it's stunning how lots Veritas Farms has accomplished, not best when it comes to operational and economic efficiency, but in our steadfast dedication to our valued distribution partners and customers around the nation. This persevered market construction and our unwavering dedication to nice has resulted in Veritas Farms™ full spectrum hemp oil items on the shelves at greater than four,500 retail places nationwide, including greater than three,500 countrywide chain pharmacy and grocery store shops. These combined boom factors helped propel Veritas Farms’ revenues by over 500% from Q2 2018 to Q2 2019.
additionally, Veritas Farms has implemented a few key infrastructure, human aid, and advertising investments throughout 2019, that not only helped facilitate our fresh increase, but are additionally anticipated to continue to positively have an effect on both brief and long-time period consequences.
breakthrough with countrywide Chain retailers
for the reason that the passage of the 2018 Farm invoice that legalized industrial hemp on a federal degree, one of the vital colossal developments for the Veritas Farms™ manufacturer in 2019 has been our successful penetration of the countrywide chain drug keep and supermarket channels. national chain agents now contain a good portion of our distribution network and are expected to proceed to force income and focus of Veritas Farms™ items for the foreseeable future. Chain sellers’ dedication to full spectrum hemp oil items signals the mainstream emergence and growth of this new product category for each consumers and distributors. we're confident this style will proceed as more and more American patrons add full spectrum hemp oil items to their day by day health and wellbeing routines.
Funding Future increase
To fund our recent and future increase, Veritas Farms efficaciously completed two deepest placement financings over the last 19 months which supplied us with in extra of $20 million. This capital infusion is currently being deployed to gas our persevered efforts to expand our retail distribution network, implement additional income and marketing courses, extend infrastructure, fill key management and administrative positions, and plan a number of entertaining new class product launches during the stability of 2019.
administration and Operations groups expansion
all over 2019, Veritas Farms introduced a couple of new members to its senior administration team. Michael D. Pelletier, our new full-time CFO, oversees corporate finance, accounting, audit, tax, and administrative features, and Spencer Fuller, our new of Agriculture, is in charge of enhancing and expanding our outside and indoor develop operations. Their addition to the Veritas Farms crew had a right away affect, which we agree with will help boost the productivity and efficiency of the total Veritas Farms corporation going forward.
income/marketing, ad Campaigns, and Social Media
past starting to be and producing the very best quality hemp extract items, the success of our Veritas Farms™ manufacturer depends upon reaching and influencing consumers with targeted advertising campaigns. due to this fact, we made massive investments in expansion of the Veritas Farms income and advertising groups, attended greater than a dozen industry tradeshows and expos, launched our first outdoor advertising campaign, and enormously expanded our social media influencer partnerships. recent company promoting coverage shifts have additionally allowed us to begin advertising on digital display networks and social media structures.
Veritas Farms lately garnered countrywide attention from centered media outlets like Fox company, The long island times, Denver put up, Miami Herald, and many more. moreover, our advertorial campaign with men’s health magazine proved valuable in using site visitors and online earnings. The combined courses resulted in establishing the Veritas Farms™ manufacturer with buyers and quite simply supports our starting to be retail distribution network in choose areas throughout the nation. We plan to proceed increasing these confirmed courses and explore new advertising opportunities as greater retail shops speak in confidence to carrying our product classes.
creation and Processing expansion
The coronary heart of Veritas Farms is our one hundred% owned and operated 140-acre farm and creation facility in Pueblo, Colorado. all the way through this current out of doors grow season, below the information of our new of Agriculture, Spencer Fuller, some key enhancements had been made to our farming infrastructure and approaches to expand and improve our hemp crop yields. This contains greater than doubling our complete planted enviornment, planting extremely productive proprietary hemp lines, amending our soil, and enforcing a subsurface irrigation equipment. These combined advancements are anticipated to enhance Veritas Farms’ typical hemp construction in 2019 by way of up to five instances our 2018 yields. Harvest of the Veritas Farms 2019 outside hemp crop is planned for early October.
New Product construction and Launches
during the last year, Veritas Farms has spent considerable time and materials to advance entertaining and unique new items. These don't seem to be with ease variations of our current lineup but signify entire new product classes and Veritas Farms™ sub-brands for us. I are expecting them each to make up a substantial percent of our revenues subsequent year. besides the fact that children we aren't reasonably able to make our launch announcements yet, we are expecting to be able to achieve this very quickly. I’m certain it may be price the wait.
The a success emergence and development of the total spectrum hemp oil category requires tactful notion and policy leadership that extends outward to ancillary verticals, executive regulators and consumers. Veritas Farms has and will continue to lead this vital effort in leading the national talk across the category. As such, Veritas Farms has taken active board member positions with The Hemp Roundtable and The Florida Hemp Council.
In conclusion, we are very excited for the development, enhancements, and enhancements we have made in the business during the last 9 months and our strategic plan for increase going forward. i would like to basically thank all the Veritas Farms shareholders and customers for their ongoing assist ever seeing that we began the company well-nigh five years in the past. Our whole crew enormously appreciates the self belief you've got shown in our mission, items, and operations. we are able to retain you updated on our progress as tendencies unfold.
in actual fact,"Alexander M. Salgado"CEO and co-Founder
About Veritas Farms, Inc.
Veritas Farms, Inc. (OTCQB: VFRM) is a vertically built-in agribusiness concentrated on producing advanced first-rate, total plant, full spectrum hemp oils and extracts containing naturally taking place cannabinoids. The enterprise presently owns and operates a a hundred and forty-acre farm and construction amenities in Pueblo, Colorado, and is registered with the Colorado branch of Agriculture to develop industrial hemp. The enterprise markets and sells items under its Veritas Farms™ brand and manufactures deepest label items for a few leading distributors and retailers.
Veritas Farms™ brand full spectrum hemp oil items consist of vegan pills, tinctures, formulations for sublingual functions and infused edibles, lotions, salves, and oral syringes in lots of measurement formats and flavors. All Veritas Farms™ manufacturer products are third-birthday celebration laboratory verified for electricity and purity. The business files periodic experiences with the Securities and exchange commission, which can be seen at align="start">For more information and online product purchase, consult with align="start">Veritas Farms, Inc. - Investor ContactToll-Free: (888) 549-7888E-mail: ir@ align="start">Veritas Farms, Inc. - Social MediaInstagram: LinkedIn:
Cautionary Language concerning forward-searching Statements
This press release carries “ahead-searching statements” within the that means of the safe harbor provisions of the deepest Securities Litigation Reform Act of 1995. All statements, other than statements of ancient fact, including these with respect to the business’s mission observation and increase strategy, are “ahead-searching statements.” however the enterprise's administration believes that such forward-looking statements are economical, it cannot ensure that such expectations are, or could be, appropriate. These forward-looking statements contain many risks and uncertainties, which could cause the company’s future consequences to vary materially from these expected. capabilities dangers and uncertainties encompass, amongst others, frequent economic situations and conditions affecting the industries in which the enterprise operates; the uncertainty of regulatory necessities and approvals; and the skill to gain fundamental financing on desirable phrases or in any respect. more information regarding the elements that could cause actual outcomes to vary materially from these ahead-looking statements is available in the business’s filings with the Securities and alternate commission. The company assumes no duty to update any of the assistance contained or referenced during this press liberate.