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castle Lauderdale, FL, Sept. 09, 2019 (GLOBE NEWSWIRE) -- by way of NEWMEDIAWIRE -- Veritas Farms, Inc. (OTCQB: VFRM) (“Veritas Farms” or the “company”), today supplied right here Letter to Shareholders from the enterprise's CEO and co-founder, Alexander M. Salgado:
pricey Fellow Shareholders,
As I seem to be back on the past 5 years – a duration of profound legislative and cultural shifts – it is dazzling how an awful lot Veritas Farms has achieved, no longer simplest when it comes to operational and economic performance, however in our steadfast dedication to our valued distribution partners and customers around the nation. This endured market development and our unwavering commitment to excellent has resulted in Veritas Farms™ full spectrum hemp oil items on the shelves at greater than four,500 retail locations nationwide, including greater than 3,500 national chain pharmacy and supermarket retailers. These combined boom factors helped propel Veritas Farms’ revenues by means of over 500% from Q2 2018 to Q2 2019.
additionally, Veritas Farms has implemented a few key infrastructure, human aid, and advertising investments all over 2019, that no longer most effective helped facilitate our fresh growth, but are also anticipated to proceed to positively affect both brief and long-term outcomes.
step forward with national Chain retailers
because the passage of the 2018 Farm invoice that legalized industrial hemp on a federal stage, one of the vital large trends for the Veritas Farms™ company in 2019 has been our a hit penetration of the national chain drug shop and grocery store channels. country wide chain dealers now incorporate a good portion of our distribution network and are anticipated to continue to pressure sales and recognition of Veritas Farms™ items for the foreseeable future. Chain agents’ commitment to full spectrum hemp oil products alerts the mainstream emergence and increase of this new product class for each buyers and distributors. we are confident this vogue will proceed as more and more American buyers add full spectrum hemp oil products to their each day fitness and health routines.
Funding Future increase
To fund our recent and future boom, Veritas Farms effectively completed two private placement financings over the last 19 months which offered us with in excess of $20 million. This capital infusion is presently being deployed to gasoline our endured efforts to extend our retail distribution network, put in force further revenue and advertising courses, extend infrastructure, fill key management and administrative positions, and plan a number of entertaining new class product launches during the balance of 2019.
administration and Operations groups expansion
all the way through 2019, Veritas Farms introduced several new participants to its senior management 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 cost of enhancing and increasing our outside and indoor develop operations. Their addition to the Veritas Farms group had an immediate influence, which we trust will aid enhance the productivity and effectivity of the complete Veritas Farms firm going forward.
earnings/advertising and marketing, ad Campaigns, and Social Media
beyond becoming and producing the very very best quality hemp extract products, the success of our Veritas Farms™ manufacturer is dependent upon reaching and influencing patrons with focused advertising and marketing campaigns. due to this fact, we made big investments in growth of the Veritas Farms earnings and marketing teams, attended more than a dozen trade tradeshows and expos, launched our first out of doors promoting campaign, and enormously elevated our social media influencer partnerships. contemporary corporate advertising coverage shifts have also allowed us to begin promoting on digital reveal networks and social media structures.
Veritas Farms these days garnered countrywide attention from established media shops like Fox business, The ny times, Denver post, Miami Herald, and many extra. additionally, our advertorial campaign with guys’s health magazine proved positive in driving traffic and on-line sales. The combined programs resulted in setting up the Veritas Farms™ brand with patrons and quite simply supports our starting to be retail distribution community in opt for regions throughout the country. We plan to proceed expanding these proven classes and explore new marketing alternatives as more retail outlets speak in confidence to carrying our product categories.
creation and Processing enlargement
The heart of Veritas Farms is our one hundred% owned and operated a hundred and forty-acre farm and creation facility in Pueblo, Colorado. throughout this present outdoor grow season, below the tips of our new of Agriculture, Spencer Fuller, some key enhancements were made to our farming infrastructure and approaches to expand and enhance our hemp crop yields. This includes more than doubling our total planted enviornment, planting particularly productive proprietary hemp traces, amending our soil, and implementing a subsurface irrigation device. These combined improvements are expected to raise Veritas Farms’ normal hemp construction in 2019 with the aid of as much as five instances our 2018 yields. Harvest of the Veritas Farms 2019 outdoor hemp crop is planned for early October.
New Product building and Launches
over the last yr, Veritas Farms has spent appreciable time and elements to advance enjoyable and exciting new items. These don't seem to be comfortably variations of our latest lineup however characterize entire new product categories and Veritas Farms™ sub-manufacturers for us. I expect them every to make up a substantial percentage of our revenues next yr. however we don't seem to be rather ready to make our launch announcements yet, we are expecting to be able to achieve this very quickly. I’m definite it might be value the wait.
The successful emergence and development of the full spectrum hemp oil category requires tactful notion and coverage leadership that extends outward to ancillary verticals, govt regulators and buyers. Veritas Farms has and may proceed to guide this critical effort in leading the national speak across the class. As such, Veritas Farms has taken active board member positions with The Hemp Roundtable and The Florida Hemp Council.
In conclusion, we're very excited for the growth, enhancements, and improvements we now have made in the business during the last 9 months and our strategic plan for increase going forward. i would like to in actual fact thank the entire Veritas Farms shareholders and consumers for their ongoing aid ever due to the fact that we started the company virtually 5 years ago. Our total team vastly appreciates the self belief you have got shown in our mission, products, and operations. we are able to maintain you up to date on our growth as tendencies unfold.
truly,"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 nice, complete plant, full spectrum hemp oils and extracts containing naturally occurring cannabinoids. The company presently owns and operates a a hundred and forty-acre farm and construction amenities in Pueblo, Colorado, and is registered with the Colorado department of Agriculture to develop industrial hemp. The business markets and sells items beneath its Veritas Farms™ brand and manufactures private label items for a number of leading distributors and retailers.
Veritas Farms™ manufacturer full spectrum hemp oil items include vegan pills, tinctures, formulations for sublingual purposes and infused edibles, lotions, salves, and oral syringes in plenty of measurement codecs and flavors. All Veritas Farms™ company products are third-birthday celebration laboratory confirmed for strength and purity. The company info periodic reviews with the Securities and change fee, which can be viewed at align="start">For additional information and online product purchase, visit align="start">Veritas Farms, Inc. - Investor ContactToll-Free: (888) 549-7888E-mail: ir@ align="start">Veritas Farms, Inc. - Social MediaInstagram: LinkedIn:
Cautionary Language regarding forward-looking Statements
This press unencumber contains “forward-looking statements” within the which means of the protected harbor provisions of the inner most Securities Litigation Reform Act of 1995. All statements, aside from statements of old reality, including those with admire to the company’s mission observation and growth method, are “forward-searching statements.” besides the fact that children the business's administration believes that such forward-searching statements are within your means, it can not ensure that such expectations are, or could be, relevant. These ahead-looking statements contain many dangers and uncertainties, which could trigger the business’s future consequences to differ materially from those predicted. advantage risks and uncertainties consist of, among others, conventional economic circumstances and prerequisites affecting the industries in which the company operates; the uncertainty of regulatory necessities and approvals; and the capability to gain indispensable financing on acceptable terms or in any respect. additional info related to the factors that could cause exact results to differ materially from these forward-searching statements is attainable within the business’s filings with the Securities and exchange fee. The enterprise assumes no obligation to replace any of the counsel contained or referenced during this press unlock.