Veritas Farms Reports Record 500% Increase in Quarterly Revenue from Expanding Brick-and-Mortar and Online Distribution Networks
Fort Lauderdale, Florida – August 14, 2019 – Veritas Farms, Inc. (OTCQB: VFRM), a vertically integrated agribusiness focused on the production of full spectrum hemp oil products with naturally occurring cannabinoids, today announced that the Company has reported its operating results for the three months ended June 30, 2019, through the filing of its Quarterly Report on Form 10-Q with the Securities and Exchange Commission.
Selected Financial Highlights – 2nd Quarter Ended June 30, 2019
- Total Revenues: Up 509.9% to $2,971,345 compared to $487,169 in Q2 2018
• Total Revenues: Up 94.9% to $2,971,345 compared to $1,524,930 in Q1 2019
• Gross Profit: Up 799.5% to $1,523,413, compared to $169,474 in Q2 2018
• Gross Profit: Up 143.0% to $627,434, compared to $169,474 in Q1 2019
• Total Assets: Up 60.0% to $12,594,773, compared to $7,870,935 at Mar. 31, 2019
• Total Inventory: Up 20.0% to $3,216,671, compared to $2,658,581 at Mar. 31, 2019
Alexander M. Salgado, CEO and co-founder of Veritas Farms, commented, “Over this past fiscal quarterly period ended June 30, 2019, our expanding sales and marketing strategies combined with increasing interest and acceptance from mainstream consumers and traditional brick-and-mortar retailers have helped to propel Veritas Farms’ sales to new record levels – more than 5x our comparable 2nd Quarter 2018 sales and nearly 2x our sales from the 1st Quarter of this year.
“This sales growth was made possible by the solid foundation for success that we built over the past four years at our state-of-art 140-acre farm and production facilities in Pueblo, Colorado, our unwavering commitment to product quality, and our growing reputation as one of the country’s most trusted vertically integrated hemp extract product brand in the country.
“Moving forward into the current 3rd Quarter, we have since greatly expanded our distribution network to over 4,500 retailers across the country including 1,350 Kroger Family of Stores locations, developed new innovative product lines for release later this year, and increased our already considerable cultivation and manufacturing capacities.”
Mr. Salgado concluded, “We expect these improvements will have a sustained positive effect on our financial results as the market for Veritas Farms™ hemp extract products grow throughout 2019. We are confident that our lab tested full spectrum hemp extract products will exceed the high expectations of every consumer, health care provider, and distributor.”
Veritas Farms™ brand full spectrum hemp extract products can be found at several leading online and brick-and-mortar retailers across the United States. For a complete listing of retailers and to purchase Veritas Farms™ products online, visit www.theveritasfarms.com.
About Veritas Farms, Inc.
Veritas Farms, Inc. (OTCQB: VFRM) is a vertically integrated agribusiness focused on producing superior quality, whole plant, full spectrum hemp oils and extracts containing naturally occurring cannabinoids. The Company currently owns and operates a 140-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 under its Veritas Farms™ brand and manufactures private label products for a number of leading distributors and retailers.
Veritas Farms™ brand full spectrum hemp oil products include vegan capsules, tinctures, formulations for sublingual applications and infused edibles, lotions, salves, and oral syringes in a variety of size formats and flavors. All Veritas Farms™ brand products are third-party laboratory tested for strength and purity. The Company files periodic reports with the Securities and Exchange Commission, which can be viewed at www.sec.gov.
For additional information and online product purchase, visit www.theveritasfarms.com.
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Cautionary Language Concerning Forward-Looking Statements
This press release contains “forward-looking statements” within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. All statements, other than statements of historical fact, including those with respect to the Company’s mission statement and growth strategy, are “forward-looking statements.” Although the Company’s management believes that such forward-looking statements are reasonable, it cannot guarantee that such expectations are, or will be, correct. These forward-looking statements involve many risks and uncertainties, which could cause the Company’s future results to differ materially from those anticipated. Potential risks and uncertainties include, among others, general economic conditions and conditions affecting the industries in which the Company operates; the uncertainty of regulatory requirements and approvals; and the ability to obtain necessary financing on acceptable terms or at all. Additional information regarding the factors that may cause actual results to differ materially from these forward-looking statements is available in the Company’s filings with the Securities and Exchange Commission. The Company assumes no obligation to update any of the information contained or referenced in this press release.
Source: Veritas Farms, Inc.