Business
Veritas Farms, Inc. (OTCQB:VFRM) Reports Financial Results for Quarter and Six Months Ended June 30, 2020
Veritas Farms, Inc. (OTCQB:VFRM) Reports Financial Results for Quarter and Six Months Ended June 30, 2020.
About this update from Veritas Farms Inc.
[{"type":"text","content":"\n Fort Lauderdale, FL, Aug. 25, 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, is pleased to announce that the Company has reported its operating results for the quarter and six months ended June 30, 2020, through the filing of its Quarterly Report on Form 10-Q with the SEC. The report, as well as the Company’s other periodic filings with the SEC, may be viewed at www.sec.gov. Selected Financial Highlights – Six Months Ended June 30, 2020, and Quarter Ended June 30, 2020 Total Revenue of $3,363,699 in 2020 vs $4,496,275 in 2019Total Revenue of $2,209,388 in Q2-2020 vs $2,971,345 in Q2-2019Tripled e-commerce revenue in Q2 2020 vs Q2 2019Doubled e-commerce revenue in Q2 2020 vs Q1 2020Gross Profit of $1,208,347 in Q2-2020 vs $1,523,413 in Q2-2019Inventory of $6,465,507 in Q2-2020 vs $6,600,455 in Q2-2019Cost of sales of $1,001,041 in Q2-2020 vs $1,447,932 in Q2-2019Reduced SG&A Expenses by $926,120 per month from Q4-2019 2019 and $165,522 per month from Q1-2020  Selected Business Highlights – Quarter Ended June 30, 2020 Announced the expansion of its chain retail program by 1,200 new stores with a large national retailer to total over 7,500 storesLaunched Veritas Farms™ Beauty and Pet lines in Kinney DrugsIntroduced 8oz and 1-gallon hand sanitizer lineHosted the first annual Virtual Wellness SummitAnnounced the start of 2020 planting season with improved processes and genetics Alexander M. Salgado, CEO, and co-founder of Veritas Farms, commented, “The 2020 business climate required us to make strategic pivots to our business plan. Punctuated by our reduction in SG&A expenses, our expansive e-commerce initiatives, and our launch of Veritas Farms™ Hand Sanitizer, we continue to deliver the best hand sanitizer and full spectrum hemp oil products to our customers and grow our business despite COVID-19 related challenges. I applaud our team’s efforts and look forward to bringing our premium full spectrum hemp oil to new customers.” About Veritas Farms, Inc. Veritas Farms, Inc. (OTCQB: VFRM) is a vertically inte...