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castle Lauderdale, FL, Sept. 09, 2019 (GLOBE NEWSWIRE) -- by means of NEWMEDIAWIRE -- Veritas Farms, Inc. (OTCQB: VFRM) (“Veritas Farms” or the “company”), nowadays provided here Letter to Shareholders from the company's CEO and co-founder, Alexander M. Salgado:
dear Fellow Shareholders,
As I seem lower back on the previous 5 years – a length of profound legislative and cultural shifts – it's marvelous how a whole lot Veritas Farms has achieved, not handiest when it comes to operational and monetary efficiency, but in our steadfast dedication to our valued distribution partners and purchasers around the nation. This endured market construction and our unwavering commitment to great has resulted in Veritas Farms™ full spectrum hemp oil items on the cabinets at greater than 4,500 retail locations nationwide, together with greater than 3,500 national chain pharmacy and supermarket shops. These mixed boom elements helped propel Veritas Farms’ revenues by way of over 500% from Q2 2018 to Q2 2019.
furthermore, Veritas Farms has implemented a number of key infrastructure, human aid, and marketing investments all over 2019, that now not handiest helped facilitate our fresh growth, however are also anticipated to continue to positively affect each short and long-time period effects.
leap forward with country wide Chain dealers
due to the fact that the passage of the 2018 Farm invoice that legalized industrial hemp on a federal level, probably the most colossal traits for the Veritas Farms™ company in 2019 has been our a success penetration of the country wide chain drug shop and supermarket channels. countrywide chain agents now incorporate a good portion of our distribution network and are expected to continue to drive earnings and awareness of Veritas Farms™ items for the foreseeable future. Chain marketers’ dedication to full spectrum hemp oil items alerts the mainstream emergence and boom of this new product class for each patrons and distributors. we're assured this trend will continue as further and further American buyers add full spectrum hemp oil items to their every day health and well being routines.
Funding Future increase
To fund our fresh and future increase, Veritas Farms correctly completed two inner most placement financings over the last 19 months which supplied us with in extra of $20 million. This capital infusion is currently being deployed to gasoline our endured efforts to extend our retail distribution community, put into effect extra earnings and advertising classes, extend infrastructure, fill key management and administrative positions, and plan a few enjoyable new class product launches throughout the steadiness of 2019.
administration and Operations groups enlargement
all through 2019, Veritas Farms brought a number of new members 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 cost of improving and expanding our outdoor and indoor grow operations. Their addition to the Veritas Farms team had an immediate affect, which we agree with will assist enhance the productivity and efficiency of the whole Veritas Farms organization going forward.
sales/marketing, ad Campaigns, and Social Media
beyond growing to be and producing the very very best quality hemp extract products, the success of our Veritas Farms™ brand depends upon attaining and influencing consumers with targeted advertising and marketing campaigns. subsequently, we made massive investments in enlargement of the Veritas Farms sales and advertising groups, attended more than a dozen industry tradeshows and expos, launched our first outdoor promoting crusade, and drastically multiplied our social media influencer partnerships. contemporary company promoting coverage shifts have also allowed us to begin promoting on digital display networks and social media structures.
Veritas Farms currently garnered national attention from dependent media shops like Fox enterprise, The ny times, Denver submit, Miami Herald, and a lot of extra. additionally, our advertorial crusade with guys’s health magazine proved effective in using traffic and online income. The mixed classes resulted in establishing the Veritas Farms™ company with buyers and conveniently supports our transforming into retail distribution network in opt for regions throughout the nation. We plan to continue expanding these confirmed programs and explore new advertising opportunities as extra retail shops open up to carrying our product classes.
creation and Processing enlargement
The coronary heart of Veritas Farms is our 100% owned and operated 140-acre farm and construction facility in Pueblo, Colorado. all through this current out of doors grow season, under the counsel of our new of Agriculture, Spencer Fuller, some key enhancements have been made to our farming infrastructure and procedures to extend and enhance our hemp crop yields. This contains more than doubling our complete planted enviornment, planting incredibly productive proprietary hemp traces, amending our soil, and imposing a subsurface irrigation gadget. These combined advancements are anticipated to raise Veritas Farms’ general hemp construction in 2019 with the aid of up to five instances our 2018 yields. Harvest of the Veritas Farms 2019 outside hemp crop is deliberate for early October.
New Product development and Launches
during the last 12 months, Veritas Farms has spent appreciable time and supplies to increase wonderful and exciting new items. These are not readily variations of our latest lineup however symbolize whole new product classes and Veritas Farms™ sub-brands for us. I predict them each and every to make up a substantial percentage of our revenues next yr. besides the fact that children we aren't quite able to make our launch announcements yet, we predict to be able to achieve this very soon. I’m definite it should be worth the wait.
The a success emergence and construction of the complete spectrum hemp oil category requires tactful concept and coverage leadership that extends outward to ancillary verticals, government regulators and buyers. Veritas Farms has and may proceed to steer this critical effort in main the national communicate around the class. 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 within the company over the last 9 months and our strategic plan for increase going ahead. i need to in actual fact thank all of the Veritas Farms shareholders and purchasers for their ongoing guide ever considering we started the enterprise essentially five years ago. Our complete crew enormously appreciates the self assurance you have got proven in our mission, products, and operations. we will maintain you updated on our growth as tendencies unfold.
clearly,"Alexander M. Salgado"CEO and co-Founder
About Veritas Farms, Inc.
Veritas Farms, Inc. (OTCQB: VFRM) is a vertically built-in agribusiness concentrated on producing sophisticated excellent, total plant, full spectrum hemp oils and extracts containing naturally happening cannabinoids. The business at present owns and operates a a hundred and forty-acre farm and production facilities in Pueblo, Colorado, and is registered with the Colorado branch of Agriculture to develop industrial hemp. The company markets and sells items under its Veritas Farms™ manufacturer and manufactures inner most label items for a number of leading distributors and agents.
Veritas Farms™ company full spectrum hemp oil products encompass vegan capsules, tinctures, formulations for sublingual purposes and infused edibles, lotions, salves, and oral syringes in lots of dimension codecs and flavors. All Veritas Farms™ manufacturer products are third-party laboratory established for electricity and purity. The enterprise information periodic stories with the Securities and exchange commission, which can be viewed at align="start">For more information 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 unlock incorporates “forward-looking statements” in the which means of the safe harbor provisions of the inner most Securities Litigation Reform Act of 1995. All statements, aside from statements of ancient fact, including those with respect to the business’s mission observation and boom approach, are “forward-searching statements.” besides the fact that children the business's administration believes that such ahead-searching statements are not pricey, it can't make certain that such expectations are, or will be, correct. These ahead-looking statements contain many hazards and uncertainties, which could cause the business’s future outcomes to differ materially from these anticipated. expertise hazards and uncertainties encompass, among others, general financial conditions and stipulations affecting the industries by which the enterprise operates; the uncertainty of regulatory necessities and approvals; and the means to achieve crucial financing on ideal terms or at all. more information concerning the factors that can cause actual results to differ materially from these forward-searching statements is accessible in the enterprise’s filings with the Securities and change fee. The enterprise assumes no duty to replace any of the advice contained or referenced during this press unencumber.