Business
Veritas Farms, Inc. Reports 361% Increase in First Quarter 2019 Revenues
Veritas Farms, Inc. Reports 361% Increase in First Quarter 2019 Revenues.
About this update from Veritas Farms Inc.
[{"type":"text","content":"\nFort Lauderdale, FL, May 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, today announced that the Company has reported its operating results for the three months ended March 31, 2019, through the filing of its Quarterly Report on Form 10-Q with the Securities and Exchange Commission.  \n Selected Financial Highlights - 1st Quarter Ended March 31, 2019  Total Revenues: Up 361.2% to $1,524,930 compared to $331,416 in Q1 2018 Total Revenues: Up 58.5% to $1,524,930 compared to $961,929 in Q4 2018 Gross Profit: Up 370.3% to $627,434, compared to $133,413 in Q1 2018 Total Assets: Up 12.2% to $7,870,935, compared to $7,014,086 at Dec. 31, 2018 Total Inventory: Up 15.8% to $2,658,581, compared to $2,295,943 at Dec. 31, 2018 Alexander M. Salgado, CEO and co-founder of Veritas Farms, commented, “Following our record setting revenue growth in 2018, Veritas Farms has emerged as one of the leading and most trusted fully-integrated hemp companies in the country.  During the first three months of 2019, the Company continued to build on that strong reputation with the successful launch of the Veritas Farms™ brand of full-spectrum hemp extract products in some of the largest traditional brick-and-mortar retailers in the country, such as CVS Pharmacy stores. “That increased acceptance from mainstream consumers and traditional retail distribution channels helped boost Veritas Farms’ sales to new record levels again and added even more momentum to the entire sector.  To leverage this enormous opportunity, the Company intends to increase its already considerable cultivation and manufacturing capacities, as well as expand its proven sales, marketing, and brand building programs. “The Company also has plans to launch two additional large-market full spectrum hemp extract product lines during the second half of the year.  Both planned product lines are expected to achieve significant sales levels.”   Mr. Salgado concluded, “We are in a strong position for continued growth during the balance of 2019 as more people try our expanding line of Veritas Farms™ brand products each day for th...