Business
Veritas Farms, Inc. Gaining Traction with Stronger than Expected International Sales
Veritas Farms, Inc. Gaining Traction with Stronger than Expected International Sales.
About this update from Veritas Farms Inc.
[{"type":"text","content":"\nFort Lauderdale, Florida, March 21, 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 that the Company’s latest sales and marketing initiatives have resulted in more interest and stronger than anticipated sales growth from international markets.\n Derek Thomas, V.P. of Business Development at Veritas Farms, Inc., commented, “The potential market for Veritas Farms hemp extracts and hemp extract products has been expanding rapidly as more consumers and distributors realize their many benefits.  This expansion is not restricted to our domestic market and extends internationally to include countries in Europe, the Americas, and the Caribbean that permit our products to be imported.” “During the last quarter, the number of inquiries received from potential international Veritas Farms customers has increased significantly and subsequent international sales at the distribution level have been steadily increasing.  In Europe, sales to our largest distributor have more than tripled from initial orders in late 2018.  In the Caribbean, we are looking to expand distribution into multiple countries over the next quarter.  We expect this international market expansion and sales growth trend for hemp extract products to continue.” Industry reports indicate that the market for hemp-based products is estimated to grow by 700% by 2020, and a report by market intelligence firm Hemp Business Journal projects that the market will expand to $2.1 billion by 2020, a substantial increase compared to 2017’s market value estimated at $291 million.  Based on the passing of the 2018 Farm Bill in the United States which provided a legal framework for industrial hemp and industrial hemp-based products, many industry experts have increased their sector revenue growth estimates to in excess of $20 billion annually by 2022.    Mr. Thomas concluded, “We are excited to work with our current clients and develop new relationships to grow our exposure and sales in key international markets.  In order to capture more market share and better serve clients, we plan to focus more resources on international s...