Business
Veritas Farms. Inc. (VFRM) Reports Record Preliminary 4th Quarter Revenue and Gross Profit
Veritas Farms. Inc. (VFRM) Reports Record Preliminary 4th Quarter Revenue and Gross Profit.
About this update from Veritas Farms Inc.
[{"type":"text","content":"\nFORT LAUDERDALE, FL, March 06, 2019 (GLOBE NEWSWIRE) -- via NEWMEDIAWIRE – Veritas Farms, Inc. (the “Company” or “Veritas Farms”) (OTCQB: VFRM), a vertically integrated agribusiness focused on the production of full spectrum hemp extracts with naturally occurring cannabinoids, is pleased to release these selected preliminary unaudited 4th Quarter 2018 financial results. Selected Preliminary Unaudited 4th Quarter 2018 Financial Highlights - Veritas Farms, Inc.\n • Total Revenue: $961,929, up from $355,653, an increase of 170% from Q4 2017. • Total Cost of Goods Sold: $311,752, down from $555,932, a decrease of 44% form Q4 2017 • Gross Profit: $650,177, up from a loss of $200,278 in Q4 2017, an increase of $850,455  • Total Inventory: $2,295,943, up from $1,428,758, an increase of 61% from Q4 2017 • Total Accounts Payable: $163,627, down from $245,082, a decrease of 33% from Q4 2017 • Total Liabilities: $800,693, down from $2,102,454, a decrease of 62% from Q4 2017 Alexander M. Salgado, CEO and co-founder of Veritas Farms, commented, “As we continue to emerge as one of the leading fully-integrated full spectrum industrial hemp extract companies in the country, this past fourth quarter’s results have been our best ever with large increases in total revenue, gross profits, and inventory levels, while at the same time, reducing our cost of goods, accounts payable, and total liabilities.  When compared to our fourth quarter numbers from last year, our growth has been remarkable. “This outstanding growth rate is not restricted to our year-over-year results.  Compared to our previously reported quarterly period, Q3 2018, our total revenues more than doubled by 109% and gross profits jumped by over 645%.  “These accomplishments were the direct result of the hard work of our dedicated team and partners, along with significant new capital investments at our Colorado facility, the successful launch of our own Veritas Farms™ branded product line, and our targeted sales and marketing programs.”   Mr. Salgado concluded, “Following the signing of the 2018 United States Farm Bill in late December 2018 by President Trump that provided a federal legal framework for industrial hemp, we expect that our growth an...