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citadel Lauderdale, FL, Sept. 09, 2019 (GLOBE NEWSWIRE) -- by the use of NEWMEDIAWIRE -- Veritas Farms, Inc. (OTCQB: VFRM) (“Veritas Farms” or the “company”), nowadays provided right here Letter to Shareholders from the company's CEO and co-founder, Alexander M. Salgado:
dear Fellow Shareholders,
As I seem to be again on the past 5 years – a period of profound legislative and cultural shifts – it is unbelievable how an awful lot Veritas Farms has completed, not only in terms of operational and monetary performance, but in our steadfast dedication to our valued distribution companions and consumers across the country. This persisted market development and our unwavering dedication to first-rate has resulted in Veritas Farms™ full spectrum hemp oil items on the cabinets at greater than four,500 retail locations nationwide, including more than 3,500 country wide chain pharmacy and grocery store outlets. These mixed growth factors helped propel Veritas Farms’ revenues by means of over 500% from Q2 2018 to Q2 2019.
in addition, Veritas Farms has carried out a few key infrastructure, human aid, and advertising and marketing investments right through 2019, that now not handiest helped facilitate our contemporary growth, but are also anticipated to continue to positively impact both brief and long-term effects.
step forward with country wide Chain retailers
because the passage of the 2018 Farm bill that legalized industrial hemp on a federal stage, one of the vital colossal tendencies for the Veritas Farms™ company in 2019 has been our a success penetration of the country wide chain drug keep and grocery store channels. national chain dealers now comprise a good portion of our distribution network and are anticipated to proceed to power earnings and awareness of Veritas Farms™ products for the foreseeable future. Chain agents’ dedication to full spectrum hemp oil items indicators the mainstream emergence and increase of this new product class for both patrons and distributors. we're confident this style will continue as more and more American patrons add full spectrum hemp oil items to their each day health and wellbeing routines.
Funding Future growth
To fund our fresh and future growth, Veritas Farms effectively accomplished two inner most placement financings over the past 19 months which provided us with in extra of $20 million. This capital infusion is at the moment being deployed to gasoline our persisted efforts to extend our retail distribution community, put into effect further sales and advertising and marketing classes, extend infrastructure, fill key administration and administrative positions, and plan a few entertaining new class product launches all the way through the steadiness of 2019.
management and Operations groups enlargement
all over 2019, Veritas Farms introduced several new participants to its senior management team. 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 cost of improving and increasing our out of doors and indoor develop operations. Their addition to the Veritas Farms crew had an immediate affect, which we agree with will support increase the productivity and efficiency of the total Veritas Farms company going ahead.
sales/advertising, ad Campaigns, and Social Media
beyond growing and producing the very highest quality hemp extract items, the success of our Veritas Farms™ brand is dependent upon attaining and influencing buyers with focused marketing campaigns. in consequence, we made huge investments in enlargement of the Veritas Farms sales and marketing teams, attended greater than a dozen business tradeshows and expos, launched our first outside advertising crusade, and vastly improved our social media influencer partnerships. fresh corporate advertising policy shifts have also allowed us to begin advertising on digital monitor networks and social media platforms.
Veritas Farms lately garnered country wide attention from established media outlets like Fox business, The long island instances, Denver publish, Miami Herald, and a lot of greater. moreover, our advertorial campaign with guys’s fitness journal proved positive in using site visitors and online income. The mixed programs resulted in establishing the Veritas Farms™ brand with consumers and without problems helps our becoming retail distribution community in select areas throughout the nation. We plan to continue expanding these confirmed classes and explore new advertising and marketing opportunities as extra retail shops open up to carrying our product classes.
production and Processing growth
The heart of Veritas Farms is our one hundred% owned and operated a hundred and forty-acre farm and production facility in Pueblo, Colorado. all through this current outdoor develop season, beneath the tips of our new of Agriculture, Spencer Fuller, some key enhancements were made to our farming infrastructure and approaches to expand and increase our hemp crop yields. This includes greater than doubling our total planted enviornment, planting extremely productive proprietary hemp traces, amending our soil, and implementing a subsurface irrigation gadget. These combined advancements are anticipated to enhance Veritas Farms’ average hemp creation in 2019 by as much as five instances our 2018 yields. Harvest of the Veritas Farms 2019 outside hemp crop is deliberate for early October.
New Product building and Launches
over the last 12 months, Veritas Farms has spent appreciable time and materials to improve unique and enjoyable new items. These aren't readily adaptations of our current lineup but characterize whole new product classes and Veritas Farms™ sub-brands for us. I predict them each and every to make up a considerable percent of our revenues next 12 months. despite the fact we aren't somewhat able to make our launch announcements yet, we expect to be able to achieve this very soon. I’m certain it might be value the wait.
The successful emergence and development of the total spectrum hemp oil class requires tactful thought and policy management that extends outward to ancillary verticals, government regulators and patrons. Veritas Farms has and will proceed to steer this critical effort in main the countrywide talk across 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 development, enhancements, and enhancements we now have made within the enterprise over the past 9 months and our strategic plan for increase going forward. i want to basically thank all the Veritas Farms shareholders and clients for their ongoing aid ever when you consider that we all started the enterprise pretty much 5 years ago. Our total team greatly appreciates the confidence you have shown in our mission, items, and operations. we can retain you up to date on our development as developments unfold.
basically,"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 nice, whole plant, full spectrum hemp oils and extracts containing naturally taking place cannabinoids. The enterprise at the moment owns and operates a a hundred and forty-acre farm and creation amenities in Pueblo, Colorado, and is registered with the Colorado branch of Agriculture to develop industrial hemp. The company markets and sells products below its Veritas Farms™ company and manufactures inner most label products for a few main distributors and sellers.
Veritas Farms™ manufacturer full spectrum hemp oil items consist of vegan tablets, tinctures, formulations for sublingual applications and infused edibles, lotions, salves, and oral syringes in a whole lot of dimension codecs and flavors. All Veritas Farms™ company products are third-party laboratory validated for strength and purity. The company info periodic reports with the Securities and exchange fee, which will also be seen at align="start">For additional info 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:
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This press liberate includes “forward-looking statements” in the meaning of the secure harbor provisions of the deepest Securities Litigation Reform Act of 1995. All statements, apart from statements of old truth, together with these with appreciate to the enterprise’s mission statement and boom method, are “ahead-looking statements.” despite the fact the enterprise's management believes that such ahead-searching statements are reasonably priced, it can't make sure that such expectations are, or should be, proper. These forward-looking statements contain many dangers and uncertainties, which might trigger the company’s future consequences to vary materially from those predicted. expertise dangers and uncertainties consist of, amongst others, customary economic conditions and stipulations affecting the industries in which the company operates; the uncertainty of regulatory necessities and approvals; and the capability to acquire vital financing on ideal terms or at all. more information involving the factors that can cause exact consequences to differ materially from these ahead-searching statements is obtainable in the company’s filings with the Securities and change commission. The enterprise assumes no duty to update any of the information contained or referenced during this press unlock.