Business
Veritas Farms, Inc. (OTCQB:VFRM) Reports Financial Results for Year Ended December 31, 2019; Continued Record Revenue Growth with 250% Increase in 2019 Revenues over 2018 and 97% Increase in Q4 2019 Revenues over Q4 2018
Veritas Farms, Inc. (OTCQB:VFRM) Reports Financial Results for Year Ended December 31, 2019; Continued Record Revenue Growth with 250% Increase in 2019 Revenues over 2018 and 97% Increase in Q4 2019 Revenues over Q4 2018.
About this update from Veritas Farms Inc.
[{"type":"text","content":"\n Fort Lauderdale, FL, June 02, 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, announced that the Company has reported its operating results for the year ended December 31, 2019, through the filing of its Annual Report on Form 10-K with the SEC. In filing the report, the Company relied on the extended due date allowed by an SEC exemptive order recently implemented as a result of the delays experienced by public companies in completing and filing reports as a result of the COVID-19 outbreak. The report may be viewed at www.sec.gov. Selected Financial Highlights – 2019 compared to 2018 and 4th Quarter 2019 compared to 4th Quarter 2018  Total Revenues: Up 250% to $7,291,908 in 2019, from $2,079,981 in 2018  Total Revenues up 96% to $1,579,823 in Q4 2019, from $808,177 in Q4 2018  Gross Profit up 295% to $3,460,714 in 2019 from $876,314 in 2018  Total Assets up 103% to $14,218,557 at December 31, 2019, from $7,014,086 at December 31, 2018  Total Inventory up 163% to $6,600,455 at December 31, 2019, from $2,508,954 at December 31, 2018 Selected Business Highlights -- Year Ended December 31, 2019  Surpassed 6,000 retail outlets carrying Veritas Farms products nationally Announced Bi Mart Distribution in 74 stores in Washington and Oregon Announced Winn-Dixie Distribution in 152 stores in Florida and South Carolina Increased retail independent and chain retail footprint Launch of Veritas Beauty™ brand of skincare products Increased product portfolio size with launch of Massage Oil and Large Format tincture Significant increase in B2C E-Commerce revenue growth Alexander M. Salgado, CEO and co-founder of Veritas Farms, commented, “Over the course of 2019, our expanding sales and marketing strategies combined with increasing interest and acceptance from mainstream consumers and traditional brick-and-mortar retailers continue to propel Veritas Farms’ sales to new record levels - more almost quadrupling from 2018 to 2019 and more than doubling from Q4 2018 to Q4. “This sales growth was made possible by the solid ...