Business
Veritas Farms, Inc. Files 10-K Annual Report and Posts Record Setting 2018 Financial Results
Veritas Farms, Inc. Files 10-K Annual Report and Posts Record Setting 2018 Financial Results.
About this update from Veritas Farms Inc.
[{"type":"text","content":"\nFort Lauderdale, Florida, April 17, 2019 (GLOBE NEWSWIRE) -- via NEWMEDIAWIRE -- Veritas Farms, Inc. (OTCQB: VFRM), a vertically-integrated agribusiness focused on the production of full spectrum hemp extracts with naturally occurring cannabinoids, is pleased to report it has filed its Annual Report on Form 10-K with the Securities and Exchange Commission (“SEC”) including audited financial results for the full year ended December 31, 2018. \n Selected 2018 Financial Highlights - Veritas Farms, Inc. Total Revenue: $2,079,981, an increase of 86.6% from $1,114,674 in 2017.Total Liabilities: $934,737, a decrease of 55.5% from $2,102,453 at year end 2017.Gross Profit: $876,314, an increase of 357.8% from $191,414 in 2017.Gross Profit Ratio: 42.1%, up from 17.2% in 2017.Total Inventory: $2,508,954, an increase of 75.6% from $1,428,758 at year end 2017.Total Assets: $7,014,086, an increase of 34.6% from $5,210,740 at year end 2017.  Alexander M. Salgado, CEO and co-founder of Veritas Farms, commented, “2018 was truly a transformative year for Veritas Farms, when all of our team’s strategy, hard work, and determination came together to make us one of the leading fully-integrated hemp companies and brands in the country.”  “Fueled by increasing consumer interest in the benefits of hemp, our remarkable growth in 2018 was made possible by the significant capital investments at our Colorado farm and production facility, the launch of our Veritas Farms™ brand products, and the expansion of our targeted sales, marketing, and social media programs.”“Following the signing of the 2018 Farm Bill in December and moving forward into 2019, we found that a strong foundation for cultivation and manufacturing and our uncompromising commitment to quality enabled Veritas Farms to further expand production levels, build brand awareness with consumers and distributors, and successfully open new domestic and international sales channels, including to some of the largest pharmacy chains in the United States.”Mr. Salgado concluded, “We anticipate that this momentum and our expanding sales and marketing efforts have also resulted in record financial results for the first quarter of 2019 as more and more consumers, mainstream retailers, pharmacies, and health care providers...