Business
Veritas Farms, Inc (OTCQB:VFRM) Reports Financial Results for Quarter Ended September 30, 2020
Veritas Farms, Inc (OTCQB:VFRM) Reports Financial Results for Quarter Ended September 30, 2020.
About this update from Veritas Farms Inc.
[{"type":"text","content":"\n Fort Lauderdale, FL, Nov. 30, 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 nine months ended September 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 – Three and Nine Months Ended September 30, 2020 Total Revenue of $1,466,824 in Q3-2020 vs. $1,215,810 in Q3 2019, an increase of 21%Total Revenue of $4,830,523 in 2020 period vs. $5,712,085 in 2019 period, lower by 16%Ecommerce Sales of $766,877 in Q3-2020 vs. $431,448 in Q3-2019, an increase of 78%Ecommerce Sales of $2,120,288 in 2020 period vs. $1,082,343 in 2019 period, an increase of 96%Gross profit of $892,547 in Q3-2020 vs. $495,058 in Q3-2019, an increase of 80%Inventory of $6,449,956 in Q3-2020 vs. $5,643,775 in Q3-2019, an increase of 14%Cost of sales of $574,277 in Q3-2020 vs. $720,752 in Q3-2019, a decrease of 20% Selected Business Highlights – Quarter Ended September 30, 2020 During the quarter Veritas Farms™ remained a top 5 brand in the Food Class of Trade, up 10% in dollars over 13 weeks in IRI dataSigned a Memorandum of Understanding with Pure Research Products for Del-Immune line of productsAnnounced addition of two independent directors, Robert Schweitzer and Tom Vickers to our Board of DirectorsIncreased retail doors by 590 with total doors to over 8,000 selling the Veritas Farms™ product lineGained distribution of Veritas Pet™ line at Kinney DrugImplemented a distribution agreement with DSD Kiosk Company to expand Veritas Farms in 3 major chainsLaunched Veritas Hand Sanitizer at Wegmans and Kinney Drug Alexander M. Salgado, CEO, and co-founder of Veritas Farms, commented, “E-commerce has continued its strong growth during COVID-19 both with Q3-2020 vs. Q3-2019 growth of 78% and 2020 YTD vs. 2019 YTD growth of 96%. This growth has helped counterbalance BTB retail, which remains sluggish, th...