Fort Lauderdale, FL, March 26, 2020 (GLOBE NEWSWIRE) -- via NEWMEDIAWIRE -- Veritas Farms, Inc. (OTCQB:VFRM) (“Veritas Farms” or the “Company”), a vertically integrated agribusiness focused on the production of full spectrum hemp oil products with naturally occurring cannabinoids, is pleased to highlight the Company’s expansion opportunities in the chain retail distribution channel.
Veritas Farms is currently selling its products in 6,200 retail locations across roughly 25 states with the largest penetration in California, Colorado, Texas, Florida, Georgia, Oregon and Seattle. These 6,200 stores include 5,700 chain retail stores across the grocery, pharmacy, value, home goods and c-store channels. The total store count of these retailers represents a 39,169 additional store distribution opportunity. However, due primarily to FDA ambiguity on hemp-derived products, chain retailers have only launched their hemp categories in states with favorable hemp legislation. As more states adopt legislation allowing CBD and Hemp derived products to be sold, we believe that current Veritas Farms’ chain retailers will expand the states and markets where they will offer CBD and Hemp derived products. The Company plans to leverage its existing chain retail partnerships to expand into additional states in line with these anticipated expansions by chain retailers, increasing the distribution and availability of Veritas Farms™ products to consumers in new markets. Capturing this additional distribution offers the Company the opportunity to achieve up to a 600% increase in its chain retail footprint.
Further opportunity exists for the Company to grow chain retail distribution of its products by integrating newly launched products and product lines with chain retailers that are currently selling Veritas Farms™ topical products. By adding new product lines into existing retail outlets, such as Veritas Pets™ and Veritas Beauty™, the Company can potentially add up to 15 additional skus into its current chain retail distribution. Including other topical products recently launched by the Company in the mix, such as Massage Oil, Zen Rollers, new lip balm flavors and Sports Cream, can potentially further increase distribution opportunities in already existing retail stores.
Finally, the majority of chain retailers are only carrying topical hemp-derived full spectrum products. It is the opinion of the Company that as federal and state governmental bodies continue to pass favorable hemp legislation, chain retailers will begin to add ingestible products such as tinctures, capsules and gummies. Ingestible products represent the majority of e-commerce and independent retail sales. When chain retailers do commence carrying ingestible products, it would provide a massive distribution growth opportunity for Veritas Farms to offer some of its best-selling products to large and currently untapped marketplaces.
The Company is continuing to position itself to capitalize on the time when chain retailers will launch hemp-derived full spectrum categories nationally and carry Veritas Farms’ full line of brands and present and planned products, including ingestibles.
Alexander Salgado, CEO and co-founder of Veritas Farms, stated, “We have barely scratched the surface when it comes to distribution of our product lines. While we currently work to get all 3 of our product lines into every chain store that carries Veritas Farms™ products, we are also working to expand our product placement into additional large chain retail stores across the nation. There are so many potential expansion opportunities that our Company intends to address, and we are truly excited for the years ahead.”
For more information or to purchase products, visit the Company’s website: 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.
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.
Veritas Farms, Inc. - Investor Contact
888-549-7888
ir@theveritasfarms.com