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citadel Lauderdale, FL, Sept. 09, 2019 (GLOBE NEWSWIRE) -- via NEWMEDIAWIRE -- Veritas Farms, Inc. (OTCQB: VFRM) (“Veritas Farms” or the “business”), nowadays supplied the following Letter to Shareholders from the business's CEO and co-founder, Alexander M. Salgado:
pricey Fellow Shareholders,
As I seem returned on the past 5 years – a duration of profound legislative and cultural shifts – it is stunning how a whole lot Veritas Farms has accomplished, no longer only in terms of operational and monetary performance, however in our steadfast dedication to our valued distribution partners and consumers across the country. This endured market building and our unwavering commitment to great has resulted in Veritas Farms™ full spectrum hemp oil products on the shelves at more than four,500 retail areas nationwide, including greater than 3,500 national chain pharmacy and grocery store retailers. These mixed growth elements 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 aid, and advertising and marketing investments all the way through 2019, that no longer handiest helped facilitate our recent boom, but are also expected to proceed to positively have an effect on both short and lengthy-time period consequences.
breakthrough with country wide Chain retailers
for the reason that the passage of the 2018 Farm invoice that legalized industrial hemp on a federal level, probably the most huge tendencies for the Veritas Farms™ manufacturer in 2019 has been our successful penetration of the national chain drug store and grocery store channels. countrywide chain agents now incorporate a significant portion of our distribution community and are anticipated to proceed to power earnings and awareness of Veritas Farms™ items for the foreseeable future. Chain retailers’ dedication to full spectrum hemp oil items signals the mainstream emergence and boom of this new product class for both consumers and distributors. we're confident this vogue will continue as more and more American patrons add full spectrum hemp oil products to their each day health and well being routines.
Funding Future boom
To fund our fresh and future boom, Veritas Farms efficiently accomplished two private placement financings over the last 19 months which supplied 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 income and advertising classes, expand infrastructure, fill key administration and administrative positions, and plan several interesting new class product launches all the way through the balance of 2019.
management and Operations teams enlargement
during 2019, Veritas Farms brought a number of new members to its senior administration group. 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 cost of enhancing and increasing our outside and indoor grow operations. Their addition to the Veritas Farms team had an instantaneous influence, which we accept as true with will assist enhance the productivity and effectivity of the total Veritas Farms corporation going ahead.
sales/advertising, advert Campaigns, and Social Media
past growing and producing the very very best quality hemp extract items, the success of our Veritas Farms™ company depends upon reaching and influencing buyers with targeted advertising and marketing campaigns. in consequence, we made giant investments in expansion of the Veritas Farms income and marketing groups, attended greater than a dozen industry tradeshows and expos, launched our first outside advertising campaign, and significantly accelerated our social media influencer partnerships. fresh company advertising coverage shifts have also allowed us to start advertising on digital display networks and social media platforms.
Veritas Farms recently garnered national consideration from based media retailers like Fox business, The manhattan times, Denver submit, Miami Herald, and many extra. moreover, our advertorial crusade with guys’s health magazine proved beneficial in using traffic and online sales. The mixed classes resulted in organising the Veritas Farms™ brand with buyers and with no trouble helps our turning out to be retail distribution community in choose areas across the country. We plan to continue expanding these confirmed programs and explore new advertising opportunities as greater retail retailers open up to carrying our product categories.
production and Processing expansion
The coronary heart of Veritas Farms is our one hundred% owned and operated a hundred and forty-acre farm and construction facility in Pueblo, Colorado. throughout this present outside grow season, under the tips of our new of Agriculture, Spencer Fuller, some key enhancements have been made to our farming infrastructure and methods to extend and improve our hemp crop yields. This contains greater than doubling our total planted enviornment, planting totally productive proprietary hemp lines, amending our soil, and enforcing a subsurface irrigation device. These mixed advancements are expected to enhance Veritas Farms’ average hemp production in 2019 by means of as much as 5 times our 2018 yields. Harvest of the Veritas Farms 2019 outdoor hemp crop is planned for early October.
New Product building and Launches
over the past 12 months, Veritas Farms has spent considerable time and resources to strengthen entertaining and entertaining new items. These are not effectively adaptations of our present lineup however signify whole new product classes and Veritas Farms™ sub-manufacturers for us. I are expecting them each to make up a substantial percentage of our revenues subsequent 12 months. however we aren't rather able to make our launch bulletins yet, we are expecting to be able to do so very quickly. I’m certain it should be price the wait.
The successful emergence and development of the full spectrum hemp oil category requires tactful concept and coverage management that extends outward to ancillary verticals, government regulators and patrons. Veritas Farms has and will proceed to steer this vital effort in leading the country wide 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 progress, enhancements, and enhancements we now have made in the business over the past 9 months and our strategic plan for growth going forward. i want to in actual fact thank all of the Veritas Farms shareholders and shoppers for his or her ongoing help ever given that we begun the enterprise very nearly five years in the past. Our total group enormously appreciates the self assurance you have got proven in our mission, items, and operations. we are able to keep you updated on our development as trends unfold.
essentially,"Alexander M. Salgado"CEO and co-Founder
About Veritas Farms, Inc.
Veritas Farms, Inc. (OTCQB: VFRM) is a vertically integrated agribusiness focused on producing sophisticated first-rate, complete plant, full spectrum hemp oils and extracts containing naturally happening cannabinoids. The business currently owns and operates a 140-acre farm and creation amenities in Pueblo, Colorado, and is registered with the Colorado department of Agriculture to develop industrial hemp. The business markets and sells products under its Veritas Farms™ manufacturer and manufactures inner most label items for a few leading distributors and agents.
Veritas Farms™ manufacturer full spectrum hemp oil products include vegan pills, tinctures, formulations for sublingual purposes and infused edibles, lotions, salves, and oral syringes in quite a lot of dimension formats and flavors. All Veritas Farms™ brand products are third-party laboratory confirmed for energy and purity. The company info periodic studies with the Securities and change fee, which will also be seen at align="start">For additional info and on-line 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 concerning forward-searching Statements
This press liberate consists of “ahead-searching statements” within the that means of the safe harbor provisions of the private Securities Litigation Reform Act of 1995. All statements, apart from statements of ancient fact, including these with respect to the business’s mission commentary and increase strategy, are “forward-looking statements.” youngsters the business's administration believes that such forward-looking statements are in your price range, it cannot make certain that such expectations are, or can be, relevant. These forward-looking statements involve many risks and uncertainties, which could cause the company’s future outcomes to vary materially from those predicted. capabilities risks and uncertainties encompass, amongst others, ordinary financial situations and prerequisites affecting the industries in which the enterprise operates; the uncertainty of regulatory necessities and approvals; and the skill to obtain integral financing on proper terms or in any respect. more information related to the elements that may cause precise results to vary materially from these forward-looking statements is purchasable in the business’s filings with the Securities and exchange fee. The business assumes no obligation to replace any of the assistance contained or referenced in this press release.