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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 “company”), nowadays offered right here Letter to Shareholders from the company's CEO and co-founder, Alexander M. Salgado:
expensive Fellow Shareholders,
As I seem to be lower back on the past 5 years – a duration of profound legislative and cultural shifts – it's surprising how a great deal Veritas Farms has accomplished, not handiest in terms of operational and economic efficiency, however in our steadfast dedication to our valued distribution partners and clients across the nation. This persisted market building and our unwavering commitment to best has resulted in Veritas Farms™ full spectrum hemp oil products on the cabinets at greater than four,500 retail areas nationwide, including greater than three,500 country wide chain pharmacy and supermarket shops. These combined boom factors helped propel Veritas Farms’ revenues by way of over 500% from Q2 2018 to Q2 2019.
in addition, Veritas Farms has carried out a number of key infrastructure, human useful resource, and advertising investments during 2019, that not handiest helped facilitate our recent growth, however are also anticipated to proceed to positively have an impact on both brief and long-time period consequences.
breakthrough with country wide Chain sellers
on account that the passage of the 2018 Farm invoice that legalized industrial hemp on a federal level, one of the crucial significant developments for the Veritas Farms™ company in 2019 has been our successful penetration of the country wide chain drug store and grocery store channels. national chain retailers now comprise a good portion of our distribution network and are anticipated to continue to power revenue and consciousness of Veritas Farms™ products for the foreseeable future. Chain dealers’ dedication to full spectrum hemp oil products indicators the mainstream emergence and growth of this new product category for each patrons and distributors. we're assured this style will proceed as further and further American patrons add full spectrum hemp oil items to their day by day health and health routines.
Funding Future boom
To fund our contemporary and future boom, Veritas Farms efficaciously accomplished two inner most placement financings during the last 19 months which supplied us with in extra of $20 million. This capital infusion is at the moment being deployed to fuel our continued efforts to expand our retail distribution network, implement additional earnings and advertising and marketing courses, expand infrastructure, fill key management and administrative positions, and plan a number of pleasing new category product launches all the way through the stability of 2019.
management and Operations teams enlargement
all the way through 2019, Veritas Farms introduced a number of new members to its senior administration crew. Michael D. Pelletier, our new full-time CFO, oversees corporate finance, accounting, audit, tax, and administrative services, and Spencer Fuller, our new of Agriculture, is in cost of improving and increasing our outside and indoor develop operations. Their addition to the Veritas Farms team had an immediate affect, which we trust will aid boost the productiveness and efficiency of the entire Veritas Farms company going forward.
sales/advertising, ad Campaigns, and Social Media
beyond growing to be and producing the very best quality hemp extract products, the success of our Veritas Farms™ brand depends upon accomplishing and influencing consumers with targeted marketing campaigns. because of this, we made giant investments in expansion of the Veritas Farms income and advertising groups, attended more than a dozen industry tradeshows and expos, launched our first outside advertising campaign, and vastly improved our social media influencer partnerships. fresh corporate advertising policy shifts have also allowed us to begin promoting on digital display networks and social media systems.
Veritas Farms these days garnered national attention from centered media shops like Fox business, The long island instances, Denver post, Miami Herald, and a lot of more. additionally, our advertorial crusade with guys’s fitness magazine proved valuable in using traffic and on-line sales. The combined classes resulted in organising the Veritas Farms™ company with patrons and effectively helps our growing to be retail distribution community in opt for areas throughout the nation. We plan to continue increasing these proven classes and explore new advertising opportunities as extra retail shops confide in carrying our product categories.
production and Processing expansion
The heart of Veritas Farms is our 100% owned and operated one hundred forty-acre farm and construction facility in Pueblo, Colorado. during this existing out of doors grow season, under the advice of our new of Agriculture, Spencer Fuller, some key enhancements were made to our farming infrastructure and procedures to expand and enhance our hemp crop yields. This contains more than doubling our total planted enviornment, planting highly productive proprietary hemp strains, amending our soil, and implementing a subsurface irrigation system. These combined improvements are expected to raise Veritas Farms’ average hemp production in 2019 with the aid of as much as five instances our 2018 yields. Harvest of the Veritas Farms 2019 out of doors hemp crop is deliberate for early October.
New Product construction and Launches
during the last yr, Veritas Farms has spent appreciable time and supplies to enhance interesting and enjoyable new products. These are not without difficulty adaptations of our current lineup but symbolize whole new product classes and Veritas Farms™ sub-manufacturers for us. I expect them every to make up a considerable percentage of our revenues subsequent 12 months. besides the fact that children we aren't somewhat able to make our launch bulletins yet, we predict to be able to accomplish that very quickly. I’m definite it will be value the wait.
The a hit emergence and development of the entire 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 continue to lead this essential effort in leading the countrywide speak around the class. 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 in the business during the last 9 months and our strategic plan for increase going ahead. i would like to clearly thank the entire Veritas Farms shareholders and shoppers for their ongoing assist ever when you consider that we begun the business nearly 5 years ago. Our entire group greatly appreciates the self assurance you've got shown in our mission, products, and operations. we will preserve you up-to-date on our growth as trends unfold.
truly,"Alexander M. Salgado"CEO and co-Founder
About Veritas Farms, Inc.
Veritas Farms, Inc. (OTCQB: VFRM) is a vertically integrated agribusiness focused on producing advanced fine, entire plant, full spectrum hemp oils and extracts containing naturally happening cannabinoids. The enterprise currently owns and operates a one hundred forty-acre farm and production facilities in Pueblo, Colorado, and is registered with the Colorado branch of Agriculture to develop industrial hemp. The enterprise markets and sells products below its Veritas Farms™ company and manufactures deepest label items for a couple of main distributors and dealers.
Veritas Farms™ brand full spectrum hemp oil products encompass vegan tablets, tinctures, formulations for sublingual functions and infused edibles, lotions, salves, and oral syringes in lots of measurement formats and flavors. All Veritas Farms™ brand products are third-celebration laboratory established for power and purity. The enterprise info periodic stories with the Securities and exchange commission, which can also be viewed at align="start">For additional info and on-line product purchase, seek advice from 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-looking Statements
This press release consists of “ahead-looking statements” inside the that means of the safe harbor provisions of the private Securities Litigation Reform Act of 1995. All statements, apart from statements of old reality, together with those with appreciate to the enterprise’s mission observation and increase strategy, are “ahead-looking statements.” besides the fact that children the company's management believes that such ahead-searching statements are good value, it can't be sure that such expectations are, or can be, correct. These forward-looking statements contain many hazards and uncertainties, which could cause the enterprise’s future outcomes to differ materially from those expected. skills dangers and uncertainties encompass, amongst others, widespread financial circumstances and prerequisites affecting the industries through which the company operates; the uncertainty of regulatory requirements and approvals; and the potential to obtain necessary financing on suited phrases or in any respect. more information involving the components that can cause specific consequences to differ materially from these ahead-looking statements is attainable within the business’s filings with the Securities and change fee. The business assumes no obligation to replace any of the information contained or referenced during this press release.