Business
Veritas Farms Reports Record 500% Increase in Quarterly Revenue from Expanding Brick-and-Mortar and Online Distribution Networks
Veritas Farms Reports Record 500% Increase in Quarterly Revenue from Expanding Brick-and-Mortar and Online Distribution Networks.
About this update from Veritas Farms Inc.
[{"type":"text","content":"\nFort Lauderdale, Florida, Aug. 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 months ended June 30, 2019, through the filing of its Quarterly Report on Form 10-Q with the Securities and Exchange Commission.   \nSelected Financial Highlights - 2nd Quarter Ended June 30, 2019 • Total Revenues: Up 509.9% to $2,971,345 compared to $487,169 in Q2 2018• Total Revenues: Up 94.9% to $2,971,345 compared to $1,524,930 in Q1 2019• Gross Profit: Up 798.9% to $1,523,413, compared to $169,474 in Q2 2018• Gross Profit: Up 142.8% to $1,523,413, compared to $627,434 in Q1 2019• Total Assets: Up 59.8% to $12,579,773, compared to $7,870,935 at Mar. 31, 2019• Total Inventory: Up 21.0% to $3,216,671, compared to $2,658,581 at Mar. 31, 2019 Alexander M. Salgado, CEO and co-founder of Veritas Farms, commented, “Over this past fiscal quarterly period ended June 30, 2019, our expanding sales and marketing strategies combined with increasing interest and acceptance from mainstream consumers and traditional brick-and-mortar retailers have helped to propel Veritas Farms’ sales to new record levels - more than 5x our comparable 2nd Quarter 2018 sales and nearly 2x our sales from the 1st Quarter of this year. “This sales growth was made possible by the solid foundation for success that we built over the past four years at our state-of-art 140-acre farm and production facilities in Pueblo, Colorado, our unwavering commitment to product quality, and our growing reputation as one of the country’s most trusted vertically integrated hemp extract product brands in the country. “Moving forward into the current 3rd Quarter, we have since greatly expanded our distribution network to over 4,500 retailers across the country including 1,350 Kroger Family of Stores locations, developed new innovative product lines for release later this year, and increased our already considerable cultivation and manufacturing capacities.” Mr. Salgado concluded, “We expect these improvements will have a sustained positive effect on our financial re...