Business
SanSal Wellness Reports Operating Results for Three and Nine Months Ended September 30, 2018 - Business Expansion Continues
SanSal Wellness Reports Operating Results for Three and Nine Months Ended September 30, 2018 - Business Expansion Continues.
About this update from Veritas Farms Inc.
[{"type":"text","content":"\nFort Lauderdale, Florida, Nov. 19, 2018 (GLOBE NEWSWIRE) -- via NEWMEDIAWIRE -- SanSal Wellness Holdings, Inc. (“SanSal Wellness” or the “Company”) (OTCQB: SSWH), a vertically-integrated agribusiness focused on producing full spectrum natural phytocannabinoid-rich industrial hemp extracts, today announced that the Company has reported its operating results for the three and nine month periods ended September 30, 2018, through the filing of its Quarterly Report on Form 10-Q with the Securities and Exchange Commission. \n Alexander M. Salgado, CEO and co-founder of SanSal Wellness, commented, “During the last three months, SanSal Wellness continued to build a stronger foundation for future growth and success and achieved many of its corporate goals, including raising over $3 million in new equity, opening new executive offices in Fort Lauderdale, Florida, and continuing to make significant investments in equipment to increase production speed and capacity at our Colorado farm and processing facilities.  The Company also grew its sales and marketing teams, unveiled beautifully redesigned labels for its proprietary Veritas Farms™ brand packaging, and expanded the product line with several new formulations. “These key investments are expected to begin paying off in the 4th quarter of 2018 with the anticipated launch of several exciting new products and the implementation of additional planned marketing initiatives with several leading platforms delivering our first targeted advertising campaigns in November and December.” Financial Highlights • 3rd Quarter sales of $459,329, an increase of 79.8% from Q3 2017. • Record 9-month sales of $1,277,914, an increase of 69.1% from $755,749 in the 2017 period. • Total Assets of $6,368,125 at September 30, 2018, an increase of 22.2% from $5,210,740 at December 31, 2017. • Inventory of $1,746,021 at September 30, 2018, an increase of 22.2% from $1,428,758 at December 31, 2017. Mr. Salgado concluded, “We are very encouraged by the recent comments made by Senate Majority Leader Mitch McConnell concerning the likely inclusion of the full legalization of hemp in the final version of the 2018 Farm Bill that is currently being negotiated in Congress.  We strongly believe that the full legalization of hemp at...