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fortress Lauderdale, FL, Sept. 09, 2019 (GLOBE NEWSWIRE) -- by means of NEWMEDIAWIRE -- Veritas Farms, Inc. (OTCQB: VFRM) (“Veritas Farms” or the “enterprise”), these days offered right here Letter to Shareholders from the enterprise's CEO and co-founder, Alexander M. Salgado:
dear Fellow Shareholders,
As I look lower back on the past 5 years – a length of profound legislative and cultural shifts – it is dazzling how much Veritas Farms has accomplished, now not best when it comes to operational and financial efficiency, however in our steadfast dedication to our valued distribution companions and shoppers around the country. This continued market construction and our unwavering dedication to nice has resulted in Veritas Farms™ full spectrum hemp oil items on the shelves at greater than four,500 retail places nationwide, including greater than three,500 national chain pharmacy and supermarket retailers. These combined boom factors helped propel Veritas Farms’ revenues with the aid of over 500% from Q2 2018 to Q2 2019.
furthermore, Veritas Farms has implemented a few key infrastructure, human aid, and advertising and marketing investments right through 2019, that now not simplest helped facilitate our recent boom, however are additionally anticipated to proceed to positively affect each short and long-term consequences.
leap forward with national Chain dealers
considering 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™ manufacturer in 2019 has been our a hit penetration of the countrywide chain drug keep and supermarket channels. countrywide chain dealers now comprise a significant portion of our distribution community and are anticipated to proceed to drive income and attention of Veritas Farms™ products for the foreseeable future. Chain sellers’ commitment to full spectrum hemp oil items signals the mainstream emergence and growth of this new product category for both patrons and distributors. we are confident this trend will continue as more and more American patrons add full spectrum hemp oil products to their day by day fitness and well being routines.
Funding Future increase
To fund our recent and future growth, Veritas Farms effectively completed two private placement financings over the last 19 months which offered us with in extra of $20 million. This capital infusion is presently being deployed to gasoline our persevered efforts to extend our retail distribution community, put in force extra revenue and advertising classes, extend infrastructure, fill key management and administrative positions, and plan a couple of wonderful new class product launches throughout the steadiness of 2019.
management and Operations groups expansion
right through 2019, Veritas Farms added a couple of new contributors to its senior administration crew. Michael D. Pelletier, our new full-time CFO, oversees company finance, accounting, audit, tax, and administrative capabilities, and Spencer Fuller, our new of Agriculture, is in charge of enhancing and expanding our out of doors and indoor grow operations. Their addition to the Veritas Farms crew had a right away have an effect on, which we consider will help raise the productiveness and efficiency of the entire Veritas Farms corporation going ahead.
earnings/advertising and marketing, advert Campaigns, and Social Media
past turning out to be and producing the very very best quality hemp extract items, the success of our Veritas Farms™ manufacturer is dependent upon accomplishing and influencing consumers with targeted marketing campaigns. consequently, we made huge investments in enlargement of the Veritas Farms earnings and advertising teams, attended more than a dozen industry tradeshows and expos, launched our first outside advertising campaign, and tremendously multiplied our social media influencer partnerships. fresh corporate promoting policy shifts have also allowed us to begin promoting on digital display networks and social media platforms.
Veritas Farms recently garnered national consideration from centered media shops like Fox enterprise, The big apple times, Denver submit, Miami Herald, and many greater. moreover, our advertorial campaign with guys’s health magazine proved useful in using traffic and online earnings. The mixed courses resulted in organising the Veritas Farms™ brand with buyers and readily supports our turning out to be retail distribution network in select areas across the nation. We plan to proceed increasing these confirmed classes and explore new advertising and marketing opportunities as extra retail outlets open up to carrying our product classes.
construction and Processing enlargement
The coronary heart of Veritas Farms is our 100% owned and operated one hundred forty-acre farm and construction facility in Pueblo, Colorado. right through this present outside develop season, under the information of our new of Agriculture, Spencer Fuller, some key enhancements have been made to our farming infrastructure and tactics to expand and improve our hemp crop yields. This comprises greater than doubling our total planted area, planting incredibly productive proprietary hemp traces, amending our soil, and enforcing a subsurface irrigation system. These combined advancements are anticipated to boost Veritas Farms’ universal hemp construction in 2019 by means of up to 5 times our 2018 yields. Harvest of the Veritas Farms 2019 out of doors hemp crop is planned for early October.
New Product construction and Launches
during the last 12 months, Veritas Farms has spent appreciable time and materials to develop enjoyable and wonderful new items. These don't seem to be conveniently diversifications of our existing lineup but represent total new product categories and Veritas Farms™ sub-manufacturers for us. I expect them each and every to make up a substantial percent of our revenues subsequent year. despite the fact we are not rather ready to make our launch bulletins yet, we expect to be ready to achieve this very quickly. I’m certain it can be value the wait.
The successful emergence and building of the total spectrum hemp oil category requires tactful concept and policy management that extends outward to ancillary verticals, government regulators and buyers. Veritas Farms has and should continue to lead this important effort in leading 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 development, enhancements, and improvements we've made within the company during the last nine months and our strategic plan for growth going ahead. i want to truly thank all the Veritas Farms shareholders and shoppers for their ongoing guide ever given that we all started the company essentially 5 years ago. Our complete team greatly appreciates the confidence you've got proven in our mission, items, and operations. we are able to hold you updated on our growth 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 satisfactory, whole plant, full spectrum hemp oils and extracts containing naturally happening cannabinoids. The business currently owns and operates a a hundred and forty-acre farm and creation facilities in Pueblo, Colorado, and is registered with the Colorado department of Agriculture to grow industrial hemp. The company markets and sells items under its Veritas Farms™ brand and manufactures private label products for a few main distributors and marketers.
Veritas Farms™ brand full spectrum hemp oil products encompass vegan drugs, tinctures, formulations for sublingual applications and infused edibles, lotions, salves, and oral syringes in a whole lot of size codecs and flavors. All Veritas Farms™ manufacturer products are third-party laboratory confirmed for electricity and purity. The business files periodic stories with the Securities and trade commission, which will also be seen at align="start">For additional info and on-line product purchase, consult 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-looking Statements
This press liberate incorporates “ahead-looking statements” in the meaning of the safe harbor provisions of the inner most Securities Litigation Reform Act of 1995. All statements, aside from statements of historical truth, including these with admire to the company’s mission observation and increase approach, are “forward-searching statements.” however the enterprise's administration believes that such forward-searching statements are affordable, it can not ensure that such expectations are, or should be, proper. These ahead-searching statements involve many dangers and uncertainties, which could trigger the enterprise’s future outcomes to vary materially from those expected. competencies dangers and uncertainties include, amongst others, commonplace financial situations and conditions affecting the industries in which the enterprise operates; the uncertainty of regulatory requirements and approvals; and the means to acquire imperative financing on desirable phrases or in any respect. additional info involving the factors that may cause actual consequences to vary materially from these ahead-looking statements is accessible within the enterprise’s filings with the Securities and change commission. The business assumes no responsibility to update any of the advice contained or referenced in this press liberate.