Fort Lauderdale, FL, June 02, 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, announced that the Company has reported its operating results for the year ended December 31, 2019, through the filing of its Annual Report on Form 10-K with the SEC. In filing the report, the Company relied on the extended due date allowed by an SEC exemptive order recently implemented as a result of the delays experienced by public companies in completing and filing reports as a result of the COVID-19 outbreak. The report may be viewed at www.sec.gov.
Selected Financial Highlights – 2019 compared to 2018 and 4th Quarter 2019 compared to 4th Quarter 2018
- Total Revenues: Up 250% to $7,291,908 in 2019, from $2,079,981 in 2018
- Total Revenues up 96% to $1,579,823 in Q4 2019, from $808,177 in Q4 2018
- Gross Profit up 295% to $3,460,714 in 2019 from $876,314 in 2018
- Total Assets up 103% to $14,218,557 at December 31, 2019, from $7,014,086 at December 31, 2018
- Total Inventory up 163% to $6,600,455 at December 31, 2019, from $2,508,954 at December 31, 2018
Selected Business Highlights -- Year Ended December 31, 2019
- Surpassed 6,000 retail outlets carrying Veritas Farms products nationally
- Announced Bi Mart Distribution in 74 stores in Washington and Oregon
- Announced Winn-Dixie Distribution in 152 stores in Florida and South Carolina
- Increased retail independent and chain retail footprint
- Launch of Veritas Beauty™ brand of skincare products
- Increased product portfolio size with launch of Massage Oil and Large Format tincture
- Significant increase in B2C E-Commerce revenue growth
Alexander M. Salgado, CEO and co-founder of Veritas Farms, commented, “Over the course of 2019, our expanding sales and marketing strategies combined with increasing interest and acceptance from mainstream consumers and traditional brick-and-mortar retailers continue to propel Veritas Farms’ sales to new record levels - more almost quadrupling from 2018 to 2019 and more than doubling from Q4 2018 to Q4.
“This sales growth was made possible by the solid foundation for success that we built over the past four years at our state-of-the-art 140-acre farm and production facilities in Pueblo and Aurora, Colorado, our unwavering commitment to product quality, and our growing reputation as one of the country’s most trusted vertically integrated hemp extract product brands in the country.
“We greatly expanded our distribution network to over 6,000 retailers across the country, developed and released new innovative product lines, and increased our already considerable cultivation and manufacturing capacities.”
Mr. Salgado concluded, “The Veritas Farms’ foundation for growth continues into 2020 as we continue to expand the chain retail channel to over 7,500 chain retail stores, increased products including our Veritas Pets™ line of products and achieve record growth in our online platform. While the outbreak of COVID-19 has slowed some retail elements of our expansion plans, our online pivots and long-term adjustments are intended to capitalize on current e-commerce consumer behavior and the reopening of retail as it unfolds. 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.”
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 and Colorado Springs, 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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