Business
Veritas Farms Reports Record 165% Increase in Q3 2019 Revenue from Q3 2018, as a Result of Expanding Brick-and-Mortar and Online Distribution Networks
Veritas Farms Reports Record 165% Increase in Q3 2019 Revenue from Q3 2018, as a Result of Expanding Brick-and-Mortar and Online Distribution Networks.
About this update from Veritas Farms Inc.
[{"type":"text","content":"\n Fort Lauderdale, FL, Nov. 15, 2019 (GLOBE NEWSWIRE) -- via NEWMEDIAWIRE -- Veritas Farms, Inc. (OTCQB: VFRM), a vertically integrated agribusiness focused on the production of full spectrum hemp oil products with naturally occurring cannabinoids, today announced that the Company has reported its operating results for the three and nine months ended September 30, 2019, through the filing of its Quarterly Report on Form 10-Q with the Securities and Exchange Commission.   Selected Financial Highlights – 3rd Quarter Ended September 30, 2019  Total Revenues: Up 165% to $1,215,810 compared to $459,329 in Q3 2018 Total Revenue: Up 347% to $5,712,085 compared to $1,277,914 Year-To-Date 2018 Gross Profit: Up 468% to $495,058, compared to $87,187 in Q3 2018 Gross Profit: Up 578% to $2,645,905, compared to $390,074 Year-To-Date 2018 Total Assets: Up 157% to $18,043,654, compared to $7,014,086 at September 30, 2018 Total Inventory: Up 223% to $5,643,800 compared to $1,746,080 at September 30, 2018 Selected Business Highlights – 3rd Quarter Ended September 30, 2019  Surpassed 4,800 stores carrying Veritas Farms products Expanded Kroger distribution to total 22 states and 1,350 stores Expanded into 500 new Super Value stores in select states nationwide Expanded into new states and markets with existing and new retail partners Increased retail independent and chain retail footprint  Increased product portfolio size with launch of new gummies, 3-pack lip balms in new flavors and a sports cream Participated in actions to support regulatory progress at the federal and state levels Grew CPG sales team concentrating on grocery, beauty, pharmacy, c-store and pet channels Significant increase in B2C E-Commerce revenue growth compared to Q3 2018 Alexander M. Salgado, CEO and co-founder of Veritas Farms, commented, “Over the past fiscal quarterly period ended September 30, 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 than doubling our comparable 3rd Quarter 2018 sales. Furthermore, the 2019 YTD revenue shows growth that almost quadrupled the 20...