Business
Veritas Farms Acquires ASYSTEM and ASYSTEM Labs as Part of Growth Strategy to Build the Next Generation of Innovative Wellness Brands
Veritas Farms Acquires ASYSTEM and ASYSTEM Labs as Part of Growth Strategy to Build the Next Generation of Innovative Wellness Brands.
About this update from Veritas Farms Inc.
[{"type":"text","content":"\n FORT LAUDERDALE, FL, Aug. 28, 2023 (GLOBE NEWSWIRE) -- via NewMediaWire -- Veritas Farms, Inc. (OTCQB: VFRM), a leading wellness brand within the hemp/CBD space, has announced today that it has completed the acquisition of innovative, science-forward supplements brand ASYSTEM and their product development arm, ASYSTEM Labs.  The acquisition of this pioneering wellness brand is a part of Veritas’ decision to pursue a roll-up strategy and expand beyond CBD into the multi-billion dollar wellness industry by acquiring and merging brands with a wellness focus under the publicly traded company’s umbrella. The goal of this strategy is to better position Veritas Farms on a path to profitability and increased cash flow.  ASYSTEM is the first acquisition in this exciting growth and expansion strategy. The acquisition will complement Veritas’ focus of helping people unlock their potential through the use of supplements and leverage Veritas' infrastructure to accelerate the growth of ASYSTEM and build the next generation of innovative wellness brands. The acquisition of ASYSTEM a brand known for its TikTok viral products, influencer relations, and prestigious partnerships with Warner Bros, JetBlue, Nordstrom, Bergdorf Goodman, Erewhon, Saks Fifth Ave, and many more will better poise the combined entity on a path to increased revenue and expansion.  ASYSTEM Labs, ASYSTEM’s product development studio, will be part of the acquisition. ASYSTEM Labs offers brand and product development services to consumer brands, celebrities and creators seeking to unlock the huge potential of the supplements, vitamins, and nutritional products category.  Tom Vickers, Chairman, and Chief Executive Officer of Veritas commented: “I am pleased to welcome ASYSTEM and their talented team to our group. ASYSTEM and ASYSTEM Labs are incredible brands and a quintessential emblem of best-in-class, science-forward supplements. We are committed to supporting the combined entity, including ASYSTEM, a brand that is known for its clinical, science-backed wellness products and prestigious partnerships. I would like to thank Oli Walsh, Henry Simonds, and their team for their dedication to ASYSTEM and work over the past four years. We are optimistic about ASYSTEM’s ability to accelerate its growth, innovate, and rem...