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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 “enterprise”), these days supplied here Letter to Shareholders from the company's CEO and co-founder, Alexander M. Salgado:
dear Fellow Shareholders,
As I look again on the previous 5 years – a length of profound legislative and cultural shifts – it is outstanding how tons Veritas Farms has accomplished, no longer handiest in terms of operational and economic efficiency, however in our steadfast dedication to our valued distribution companions and customers around the nation. This persevered market building and our unwavering commitment to first-class has resulted in Veritas Farms™ full spectrum hemp oil products on the shelves at more than four,500 retail locations nationwide, together with greater than three,500 country wide chain pharmacy and grocery store 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 couple of key infrastructure, human resource, and marketing investments during 2019, that now not best helped facilitate our fresh increase, but are also expected to proceed to positively influence each brief and lengthy-time period consequences.
step forward with countrywide Chain marketers
seeing that the passage of the 2018 Farm invoice that legalized industrial hemp on a federal degree, one of the most massive traits for the Veritas Farms™ brand in 2019 has been our successful penetration of the country wide chain drug keep and grocery store channels. country wide chain retailers now include a good portion of our distribution community and are expected to continue to pressure sales and attention of Veritas Farms™ items for the foreseeable future. Chain sellers’ dedication to full spectrum hemp oil products alerts the mainstream emergence and boom of this new product category for each consumers and distributors. we are assured this style will proceed as more and more American patrons add full spectrum hemp oil products to their each day health and wellbeing routines.
Funding Future boom
To fund our contemporary and future boom, Veritas Farms successfully accomplished two deepest placement financings over the past 19 months which offered us with in extra of $20 million. This capital infusion is presently being deployed to gasoline our endured efforts to extend our retail distribution network, put into effect further sales and advertising programs, expand infrastructure, fill key administration and administrative positions, and plan several entertaining new category product launches right through the steadiness of 2019.
administration and Operations groups enlargement
throughout 2019, Veritas Farms introduced a number of new individuals to its senior administration team. 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 can charge of enhancing and increasing our outside and indoor grow operations. Their addition to the Veritas Farms team had a right away influence, which we believe will assist boost the productivity and efficiency of the total Veritas Farms company going forward.
earnings/advertising and marketing, advert Campaigns, and Social Media
past starting to be and producing the very highest quality hemp extract items, the success of our Veritas Farms™ company is dependent upon accomplishing and influencing buyers with focused advertising campaigns. as a result, we made colossal investments in enlargement of the Veritas Farms earnings and marketing teams, attended greater than a dozen industry tradeshows and expos, launched our first outside advertising crusade, and tremendously accelerated our social media influencer partnerships. fresh company advertising policy shifts have additionally allowed us to begin advertising on digital screen networks and social media platforms.
Veritas Farms lately garnered country wide attention from based media retailers like Fox enterprise, The ny instances, Denver post, Miami Herald, and many greater. moreover, our advertorial crusade with men’s health magazine proved advantageous in driving traffic and on-line sales. The combined programs resulted in establishing the Veritas Farms™ company with consumers and without difficulty helps our growing retail distribution community in choose areas across the nation. We plan to continue expanding these confirmed classes and explore new advertising opportunities as extra retail outlets confide in carrying our product categories.
creation and Processing growth
The heart of Veritas Farms is our 100% owned and operated a hundred and forty-acre farm and construction facility in Pueblo, Colorado. all through this latest outdoor develop season, below the counsel of our new of Agriculture, Spencer Fuller, some key enhancements had been made to our farming infrastructure and tactics to expand and improve our hemp crop yields. This contains greater than doubling our total planted enviornment, planting particularly productive proprietary hemp strains, amending our soil, and imposing a subsurface irrigation gadget. These combined advancements are anticipated to boost Veritas Farms’ average hemp creation in 2019 via up to 5 times our 2018 yields. Harvest of the Veritas Farms 2019 outdoor hemp crop is deliberate for early October.
New Product construction and Launches
during the last year, Veritas Farms has spent appreciable time and materials to improve pleasing and enjoyable new products. These don't seem to be with ease adaptations of our present lineup but symbolize complete new product classes and Veritas Farms™ sub-brands for us. I predict them each to make up a substantial percent of our revenues next yr. however we are not fairly ready to make our launch announcements yet, we are expecting to be able to do so very soon. I’m certain it may be price the wait.
The a hit emergence and development of the whole spectrum hemp oil class requires tactful thought and coverage leadership that extends outward to ancillary verticals, executive regulators and patrons. Veritas Farms has and should proceed to lead this critical effort in main the countrywide communicate 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've made in the business over the past 9 months and our strategic plan for boom going ahead. i need to sincerely thank all the Veritas Farms shareholders and shoppers for their ongoing assist ever for the reason that we started the enterprise practically 5 years ago. Our entire crew greatly appreciates the self belief you've got shown in our mission, items, and operations. we can hold you up-to-date on our growth as tendencies unfold.
sincerely,"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, complete plant, full spectrum hemp oils and extracts containing naturally happening cannabinoids. The business at present owns and operates a one hundred forty-acre farm and creation amenities in Pueblo, Colorado, and is registered with the Colorado branch of Agriculture to develop industrial hemp. The business markets and sells items under its Veritas Farms™ company and manufactures deepest label items for a number of leading distributors and retailers.
Veritas Farms™ manufacturer full spectrum hemp oil items include vegan tablets, tinctures, formulations for sublingual purposes and infused edibles, lotions, salves, and oral syringes in a whole lot of dimension formats and flavors. All Veritas Farms™ company items are third-birthday party laboratory demonstrated for energy and purity. The enterprise data periodic stories with the Securities and alternate fee, which may also be seen 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 regarding ahead-looking Statements
This press unencumber consists of “ahead-searching statements” in the which means of the secure harbor provisions of the deepest Securities Litigation Reform Act of 1995. All statements, aside from statements of historic fact, including these with recognize to the company’s mission statement and growth approach, are “forward-searching statements.” youngsters the business's administration believes that such ahead-looking statements are good value, it cannot make certain that such expectations are, or will be, relevant. These forward-looking statements involve many dangers and uncertainties, which may trigger the company’s future effects to vary materially from these anticipated. expertise dangers and uncertainties include, among others, time-honored financial situations and prerequisites affecting the industries wherein the company operates; the uncertainty of regulatory requirements and approvals; and the potential to reap integral financing on suited phrases or at all. additional information involving the factors that could cause actual outcomes to differ materially from these ahead-looking statements is attainable within the business’s filings with the Securities and trade commission. The enterprise assumes no responsibility to replace any of the information contained or referenced during this press unlock.