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citadel Lauderdale, FL, Sept. 09, 2019 (GLOBE NEWSWIRE) -- by means of NEWMEDIAWIRE -- Veritas Farms, Inc. (OTCQB: VFRM) (“Veritas Farms” or the “company”), these days provided here Letter to Shareholders from the company's CEO and co-founder, Alexander M. Salgado:
pricey Fellow Shareholders,
As I seem again on the past 5 years – a length of profound legislative and cultural shifts – it's incredible how a good deal Veritas Farms has completed, not only in terms of operational and economic performance, but in our steadfast dedication to our valued distribution companions and consumers across the nation. This persisted market building and our unwavering dedication to fine has resulted in Veritas Farms™ full spectrum hemp oil items on the cabinets at greater than 4,500 retail areas nationwide, together with more than 3,500 countrywide chain pharmacy and grocery store outlets. These mixed growth components helped propel Veritas Farms’ revenues by way of over 500% from Q2 2018 to Q2 2019.
additionally, Veritas Farms has applied a number of key infrastructure, human useful resource, and advertising and marketing investments all over 2019, that no longer simplest helped facilitate our contemporary boom, however are also expected to proceed to positively have an effect on each brief and lengthy-term results.
step forward with countrywide Chain sellers
when you consider that the passage of the 2018 Farm bill that legalized industrial hemp on a federal degree, one of the most big developments for the Veritas Farms™ brand in 2019 has been our a success penetration of the national chain drug shop and grocery store channels. country wide chain marketers now include a significant portion of our distribution network and are expected to proceed to power sales and consciousness of Veritas Farms™ items for the foreseeable future. Chain retailers’ commitment to full spectrum hemp oil items indicators the mainstream emergence and increase of this new product class for both patrons and distributors. we're confident this style will proceed as more and more American patrons add full spectrum hemp oil items to their every day health and well being routines.
Funding Future increase
To fund our fresh and future boom, Veritas Farms efficiently achieved two deepest placement financings over the past 19 months which supplied us with in extra of $20 million. This capital infusion is presently being deployed to fuel our continued efforts to extend our retail distribution network, put in force further income and marketing classes, expand infrastructure, fill key management and administrative positions, and plan a few entertaining new category product launches all through the balance of 2019.
administration and Operations teams expansion
throughout 2019, Veritas Farms introduced a number of new contributors to its senior administration team. Michael D. Pelletier, our new full-time CFO, oversees corporate finance, accounting, audit, tax, and administrative capabilities, and Spencer Fuller, our new of Agriculture, is in can charge of improving and increasing our outside and indoor grow operations. Their addition to the Veritas Farms group had an instantaneous affect, which we consider will support raise the productivity and effectivity of the entire Veritas Farms corporation going forward.
income/advertising, ad Campaigns, and Social Media
past turning out to be and producing the very highest quality hemp extract products, the success of our Veritas Farms™ brand depends on accomplishing and influencing buyers with focused marketing campaigns. in consequence, we made significant investments in growth of the Veritas Farms revenue and advertising groups, attended more than a dozen trade tradeshows and expos, launched our first out of doors promoting crusade, and vastly expanded our social media influencer partnerships. contemporary company advertising coverage shifts have additionally allowed us to begin promoting on digital screen networks and social media systems.
Veritas Farms these days garnered national attention from based media shops like Fox business, The new york times, Denver submit, Miami Herald, and a lot of extra. additionally, our advertorial campaign with guys’s fitness magazine proved beneficial in riding site visitors and on-line earnings. The mixed classes resulted in setting up the Veritas Farms™ brand with buyers and effortlessly helps our starting to be retail distribution community in select areas across the nation. We plan to proceed increasing these confirmed courses and discover new marketing opportunities as extra retail outlets open up to carrying our product categories.
construction and Processing expansion
The coronary heart of Veritas Farms is our a hundred% owned and operated a hundred and forty-acre farm and construction facility in Pueblo, Colorado. all over this current outdoor grow season, under the counsel of our new of Agriculture, Spencer Fuller, some key enhancements had been made to our farming infrastructure and methods to expand and enrich our hemp crop yields. This comprises greater than doubling our complete planted enviornment, planting particularly productive proprietary hemp lines, amending our soil, and implementing a subsurface irrigation equipment. These mixed improvements are expected to boost Veritas Farms’ overall hemp creation in 2019 by using as much as five times our 2018 yields. Harvest of the Veritas Farms 2019 outside hemp crop is planned for early October.
New Product construction and Launches
over the last 12 months, Veritas Farms has spent appreciable time and materials to enhance interesting and enjoyable new products. These don't seem to be with no trouble adaptations of our existing lineup but signify complete new product categories and Veritas Farms™ sub-brands for us. I predict them each and every to make up a considerable percentage of our revenues next 12 months. despite the fact we aren't rather able to make our launch announcements yet, we are expecting to be ready to do so very soon. I’m definite it should be value the wait.
The a success emergence and building of the total spectrum hemp oil class requires tactful thought and coverage leadership that extends outward to ancillary verticals, govt regulators and buyers. Veritas Farms has and will continue to lead this vital effort in main the countrywide dialogue around the category. As such, Veritas Farms has taken lively board member positions with The Hemp Roundtable and The Florida Hemp Council.
In conclusion, we are very excited for the progress, enhancements, and enhancements we've made within the business over the last 9 months and our strategic plan for increase going forward. i want to basically thank all the Veritas Farms shareholders and purchasers for his or her ongoing aid ever seeing that we begun the business nearly five years ago. Our complete crew vastly appreciates the self assurance you have shown in our mission, products, and operations. we can retain you up to date on our growth as trends unfold.
sincerely,"Alexander M. Salgado"CEO and co-Founder
About Veritas Farms, Inc.
Veritas Farms, Inc. (OTCQB: VFRM) is a vertically built-in agribusiness focused on producing sophisticated high-quality, whole plant, full spectrum hemp oils and extracts containing naturally happening cannabinoids. The business at the moment owns and operates a one hundred forty-acre farm and construction amenities in Pueblo, Colorado, and is registered with the Colorado branch of Agriculture to develop industrial hemp. The business markets and sells products below its Veritas Farms™ brand and manufactures inner most label items for a couple of leading distributors and retailers.
Veritas Farms™ company full spectrum hemp oil items include vegan pills, tinctures, formulations for sublingual purposes and infused edibles, lotions, salves, and oral syringes in a variety of dimension codecs and flavors. All Veritas Farms™ brand items are third-birthday party laboratory tested for electricity and purity. The company data periodic stories with the Securities and trade commission, which will also be seen at align="start">For additional information and online product buy, talk over with align="start">Veritas Farms, Inc. - Investor ContactToll-Free: (888) 549-7888E-mail: ir@ align="start">Veritas Farms, Inc. - Social MediaInstagram: LinkedIn:
Cautionary Language regarding ahead-searching Statements
This press unlock includes “forward-looking statements” inside the that means of the protected harbor provisions of the private Securities Litigation Reform Act of 1995. All statements, aside from statements of old reality, including these with appreciate to the business’s mission statement and increase method, are “forward-searching statements.” however the business's administration believes that such forward-searching statements are good value, it cannot guarantee that such expectations are, or might be, proper. These ahead-looking statements involve many dangers and uncertainties, which might cause the company’s future results to differ materially from these predicted. knowledge hazards and uncertainties encompass, amongst others, ordinary financial situations and conditions affecting the industries in which the business operates; the uncertainty of regulatory necessities and approvals; and the skill to attain essential financing on appropriate terms or in any respect. more information involving the elements that could cause actual outcomes to vary materially from these ahead-searching statements is accessible in the company’s filings with the Securities and trade commission. The enterprise assumes no responsibility to update any of the information contained or referenced during this press unencumber.