Source: Veritas Farms, Inc. 3/6/19
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.
• 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
and expansion plans will continue to gain momentum throughout 2019 as
more and more mainstream retailers, drug stores, and health care
providers begin to sell and promote hemp extract products to their
customers across the country.”
Veritas Farms expects to
report audited full year 2018 results in its Annual Report on Form 10-K,
to be filed on or before mid-April 2019.
About Veritas Farms, Inc.
Veritas
Farms, Inc. (OTCQB: VFRM) is a vertically integrated agribusiness
focused on producing superior quality, whole plant, full spectrum hemp
oils and extracts containing naturally occurring cannabinoids. The
Company currently operates a 140-acre farm and production facilities in
Pueblo, Colorado, and is registered with the Colorado Department of
Agriculture to grow industrial hemp. The Company markets and sells
products under its Veritas Farms™ brand and manufactures private label
products for a number of leading distributors and retailers.
Veritas
Farms™ brand full spectrum hemp extract products include vegan
capsules, tinctures, formulations for sublingual applications and
infused edibles, lotions, salves, and oral syringes in a variety of size
formats and flavors. All Veritas Farms™ brand products are third-party
laboratory tested for strength and purity. The Company files periodic
reports with the Securities and Exchange Commission, which can be viewed
at www.sec.gov.
For additional information and online product purchase, visit www.theveritasfarms.com.
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