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citadel Lauderdale, FL, Sept. 09, 2019 (GLOBE NEWSWIRE) -- via NEWMEDIAWIRE -- Veritas Farms, Inc. (OTCQB: VFRM) (“Veritas Farms” or the “company”), today supplied right here Letter to Shareholders from the company's CEO and co-founder, Alexander M. Salgado:
dear Fellow Shareholders,
As I seem to be lower back on the past 5 years – a duration of profound legislative and cultural shifts – it is incredible how a great deal Veritas Farms has accomplished, not handiest in terms of operational and financial performance, but in our steadfast dedication to our valued distribution partners and shoppers across the country. This continued market development and our unwavering commitment to great has resulted in Veritas Farms™ full spectrum hemp oil products on the shelves at greater than 4,500 retail places nationwide, together with greater than 3,500 country wide chain pharmacy and grocery store shops. These combined growth components helped propel Veritas Farms’ revenues with the aid of over 500% from Q2 2018 to Q2 2019.
moreover, Veritas Farms has carried out a couple of key infrastructure, human resource, and advertising investments all over 2019, that not only helped facilitate our fresh increase, but are also anticipated to proceed to positively impact each short and lengthy-term effects.
leap forward with country wide Chain agents
considering that the passage of the 2018 Farm bill that legalized industrial hemp on a federal level, one of the crucial huge tendencies for the Veritas Farms™ brand in 2019 has been our a success penetration of the national chain drug store and supermarket channels. country wide chain retailers now include a significant portion of our distribution community and are anticipated to proceed to drive revenue and consciousness of Veritas Farms™ items for the foreseeable future. Chain sellers’ commitment to full spectrum hemp oil products signals the mainstream emergence and increase of this new product class for each patrons and distributors. we're assured this vogue will continue as further and further American consumers add full spectrum hemp oil products to their day by day fitness and wellbeing routines.
Funding Future boom
To fund our fresh and future increase, Veritas Farms efficiently completed two private placement financings over the last 19 months which provided us with in excess of $20 million. This capital infusion is currently being deployed to gasoline our persisted efforts to expand our retail distribution community, put into effect extra revenue and advertising courses, expand infrastructure, fill key administration and administrative positions, and plan a couple of exciting new class product launches all over the stability of 2019.
administration and Operations teams expansion
all the way through 2019, Veritas Farms added a couple of new contributors to its senior management team. 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 charge of improving and expanding our outside and indoor develop operations. Their addition to the Veritas Farms crew had an instantaneous have an effect on, which we trust will support increase the productivity and effectivity of the whole Veritas Farms company going forward.
sales/advertising and marketing, 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 achieving and influencing consumers with focused marketing campaigns. due to this fact, we made giant investments in enlargement of the Veritas Farms income and marketing groups, attended greater than a dozen trade tradeshows and expos, launched our first outside promoting campaign, and enormously increased our social media influencer partnerships. contemporary company advertising coverage shifts have also allowed us to start advertising on digital monitor networks and social media structures.
Veritas Farms recently garnered country wide consideration from based media retailers like Fox enterprise, The ny instances, Denver publish, Miami Herald, and a lot of more. additionally, our advertorial campaign with guys’s health journal proved positive in using site visitors and online revenue. The mixed classes resulted in establishing the Veritas Farms™ company with consumers and easily helps our becoming retail distribution community in opt for areas across the country. We plan to proceed increasing these confirmed courses and discover new advertising alternatives as more retail retailers speak in confidence to carrying our product categories.
creation and Processing expansion
The coronary heart of Veritas Farms is our a hundred% owned and operated a hundred and forty-acre farm and construction facility in Pueblo, Colorado. during this current outdoor grow season, under the suggestions of our new of Agriculture, Spencer Fuller, some key enhancements had been made to our farming infrastructure and processes to expand and improve our hemp crop yields. This comprises more than doubling our complete planted area, planting enormously productive proprietary hemp lines, amending our soil, and enforcing a subsurface irrigation equipment. These combined advancements are anticipated to boost Veritas Farms’ ordinary hemp production in 2019 by up to 5 instances our 2018 yields. Harvest of the Veritas Farms 2019 out of doors hemp crop is planned for early October.
New Product building and Launches
over the past yr, Veritas Farms has spent considerable time and substances to develop wonderful and unique new items. These don't seem to be effectively diversifications of our existing lineup however characterize total 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. despite the fact we are not somewhat able to make our launch bulletins yet, we expect to be ready to do so very quickly. I’m definite it may be value the wait.
The successful emergence and construction of the entire spectrum hemp oil class requires tactful notion and policy leadership that extends outward to ancillary verticals, executive regulators and consumers. Veritas Farms has and may continue to steer this vital effort in leading the countrywide dialogue around 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 company over the past nine months and our strategic plan for growth going ahead. i want to essentially thank all of the Veritas Farms shareholders and purchasers for their ongoing support ever due to the fact that we started the enterprise virtually 5 years in the past. Our total team significantly appreciates the self assurance you have proven in our mission, items, and operations. we will preserve 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 concentrated on producing advanced high-quality, complete 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 department of Agriculture to grow industrial hemp. The company markets and sells products below its Veritas Farms™ manufacturer and manufactures inner most label items for a few leading distributors and sellers.
Veritas Farms™ manufacturer full spectrum hemp oil products include vegan drugs, tinctures, formulations for sublingual functions 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 proven for strength and purity. The enterprise info periodic reviews with the Securities and exchange fee, which can be considered at align="start">For additional info and online 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:
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