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citadel Lauderdale, FL, Sept. 09, 2019 (GLOBE NEWSWIRE) -- by way of NEWMEDIAWIRE -- Veritas Farms, Inc. (OTCQB: VFRM) (“Veritas Farms” or the “business”), these days supplied right here Letter to Shareholders from the company's CEO and co-founder, Alexander M. Salgado:
dear Fellow Shareholders,
As I seem to be lower back on the past 5 years – a period of profound legislative and cultural shifts – it is mind-blowing how plenty Veritas Farms has achieved, no longer handiest in terms of operational and fiscal efficiency, but in our steadfast dedication to our valued distribution partners and valued clientele around the nation. This persevered market development and our unwavering commitment to satisfactory has resulted in Veritas Farms™ full spectrum hemp oil products on the cabinets at greater than 4,500 retail locations nationwide, together with more than three,500 country wide chain pharmacy and supermarket outlets. These mixed growth factors helped propel Veritas Farms’ revenues via over 500% from Q2 2018 to Q2 2019.
moreover, Veritas Farms has carried out a number of key infrastructure, human useful resource, and marketing investments during 2019, that not only helped facilitate our fresh growth, however are also anticipated to continue to positively have an impact on both brief and lengthy-time period effects.
step forward with country wide Chain marketers
considering the fact that the passage of the 2018 Farm invoice that legalized industrial hemp on a federal level, one of the most giant trends for the Veritas Farms™ company in 2019 has been our successful penetration of the country wide chain drug shop and grocery store channels. country wide chain sellers now include a significant portion of our distribution network and are expected to continue to power sales and recognition of Veritas Farms™ products for the foreseeable future. Chain agents’ commitment to full spectrum hemp oil products indicators the mainstream emergence and boom of this new product category for each patrons and distributors. we are confident this trend will proceed as more and more American patrons add full spectrum hemp oil products to their daily health and health routines.
Funding Future growth
To fund our contemporary and future growth, Veritas Farms successfully achieved two deepest placement financings during the last 19 months which provided us with in extra of $20 million. This capital infusion is presently being deployed to gasoline our persisted efforts to expand our retail distribution network, put into effect further revenue and advertising and marketing courses, extend infrastructure, fill key management and administrative positions, and plan a couple of enjoyable new category product launches throughout the steadiness of 2019.
management and Operations teams enlargement
during 2019, Veritas Farms introduced a number of new members to its senior management group. Michael D. Pelletier, our new full-time CFO, oversees corporate finance, accounting, audit, tax, and administrative functions, and Spencer Fuller, our new of Agriculture, is in cost of enhancing and expanding our out of doors and indoor develop operations. Their addition to the Veritas Farms group had an instantaneous have an effect on, which we agree with will help increase the productivity and effectivity of the complete Veritas Farms organization going forward.
sales/advertising, ad Campaigns, and Social Media
past growing to be and producing the very very best quality hemp extract products, the success of our Veritas Farms™ company is dependent upon accomplishing and influencing consumers with focused marketing campaigns. subsequently, we made enormous investments in growth of the Veritas Farms income and advertising groups, attended more than a dozen business tradeshows and expos, launched our first outside advertising campaign, and drastically elevated our social media influencer partnerships. fresh company promoting policy shifts have additionally allowed us to begin advertising on digital display networks and social media systems.
Veritas Farms lately garnered national attention from centered media outlets like Fox enterprise, The long island times, Denver publish, Miami Herald, and a lot of greater. additionally, our advertorial crusade with men’s fitness journal proved helpful in driving site visitors and on-line income. The mixed courses resulted in organising the Veritas Farms™ brand with consumers and easily supports our turning out to be retail distribution community in select regions throughout the country. We plan to proceed expanding these proven classes and discover new advertising alternatives as extra retail outlets open up to carrying our product categories.
construction and Processing expansion
The heart of Veritas Farms is our 100% owned and operated a hundred and forty-acre farm and construction facility in Pueblo, Colorado. all the way through this current out of doors grow season, under the guidance of our new of Agriculture, Spencer Fuller, some key enhancements have been made to our farming infrastructure and techniques to extend and enhance our hemp crop yields. This contains more than doubling our complete planted area, planting incredibly productive proprietary hemp traces, amending our soil, and enforcing a subsurface irrigation equipment. These combined advancements are expected to enhance Veritas Farms’ average hemp creation in 2019 by means of 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
during the last year, Veritas Farms has spent appreciable time and materials to strengthen exciting and unique new products. These are not comfortably diversifications of our current lineup however represent total new product categories and Veritas Farms™ sub-brands for us. I predict them every to make up a substantial percent of our revenues next 12 months. although we are not somewhat able to make our launch bulletins yet, we are expecting to be able to achieve this very soon. I’m certain it might be price the wait.
The a success emergence and construction of the full spectrum hemp oil category requires tactful idea and coverage leadership that extends outward to ancillary verticals, executive regulators and patrons. Veritas Farms has and may continue to steer this important effort in main the national dialogue around the category. As such, Veritas Farms has taken energetic board member positions with The Hemp Roundtable and The Florida Hemp Council.
In conclusion, we are very excited for the growth, enhancements, and improvements we've made within the business over the last 9 months and our strategic plan for boom going ahead. i would like to truly thank all of the Veritas Farms shareholders and consumers for his or her ongoing aid ever seeing that we all started the company virtually 5 years ago. Our total team greatly appreciates the confidence you have shown in our mission, items, and operations. we are able to preserve you up-to-date on our development as traits unfold.
clearly,"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 sophisticated best, complete plant, full spectrum hemp oils and extracts containing naturally taking place cannabinoids. The business at the moment owns and operates a a hundred and forty-acre farm and production facilities in Pueblo, Colorado, and is registered with the Colorado branch of Agriculture to grow industrial hemp. The enterprise markets and sells items below its Veritas Farms™ company and manufactures deepest label items for a couple of leading distributors and dealers.
Veritas Farms™ manufacturer full spectrum hemp oil products consist of vegan tablets, tinctures, formulations for sublingual functions and infused edibles, lotions, salves, and oral syringes in a number of dimension formats and flavors. All Veritas Farms™ brand products are third-birthday celebration laboratory tested for electricity and purity. The enterprise info periodic reports with the Securities and exchange fee, which will also be viewed at align="start">For more information and on-line product buy, discuss 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 ahead-searching Statements
This press free up includes “ahead-looking statements” within the meaning of the protected harbor provisions of the private Securities Litigation Reform Act of 1995. All statements, apart from statements of historic reality, including these with appreciate to the enterprise’s mission observation and growth approach, are “forward-looking statements.” youngsters the company's management believes that such ahead-searching statements are within your means, it can not ensure that such expectations are, or will be, relevant. These ahead-looking statements contain many risks and uncertainties, which could cause the enterprise’s future outcomes to vary materially from those predicted. advantage risks and uncertainties encompass, among others, general economic situations and conditions affecting the industries by which the enterprise operates; the uncertainty of regulatory necessities and approvals; and the skill to obtain indispensable financing on ideal phrases or at all. additional info concerning the components that could cause precise effects to differ materially from these forward-looking statements is available in the enterprise’s filings with the Securities and alternate commission. The business assumes no responsibility to update any of the assistance contained or referenced during this press free up.