Veritas Farms, Inc. (OTCQB: VFRM), 2019 results have been the best ever with multiple increases in total revenue, gross profits, and inventory levels, when compared with 2018 and 2017, the growth has been overwhelming.
This outstanding growth rate is not restricted to year-over-year results compared to previously reported quarterly period, Q3 2018. VFRM’s total revenues more than doubled by 109% and gross profits jumped by over 645%.
Veritas Farms, Inc. (OTCQB: VFRM) Infrastructure and Operations
VFRM has made significant improvements to its farming infrastructure and operations at its Colorado farm. VFRM is expected to increase overall hemp plant production by up to five times for the current 2019 outdoor planting season. Above all the VFRM team has worked tirelessly to evaluate, design, and implement improvements that will produce consistently higher volumes products.
VFRM has already made many infrastructural and operational steps at fields with Organic Materials Review Institute certified products. As well as implementing subsurface irrigation, expecting improvement in the overall health and quality of the soil, hence in yield. These accomplishments were the direct result of the hard work of the dedicated team and partners. Along with significant new capital investments at Colorado facility, the successful launch of new Veritas Farms™ branded product line, and targeted sales and marketing programs.
Veritas Farms, Inc. (OTCQB: VFRM) Product Market
Potential markets for hemp extracts and hemp extract products from cannabis have been expanding rapidly as more consumers and distributors realize their many benefits. VFRM’s expansion is not restricted to domestic markets. It also extends internationally to include countries in Europe, the Americas, and the Caribbean that permit the products to be imported.
Recently Veritas Farms, Inc. (OTCQB: VFRM) announced that their CBD products are in over 4,500 stores nationwide, this includes joint collaboration in some of the largest traditional brick-and-mortar retailers in the country. CVS Pharmacy stores (NYSE: CVS), featured 945 Kroger Family of Stores (NYSE: KR), including banners Kroger, Dillons, Fry’s, Fred Meyer, King Soopers, Mariano’s, Pick ‘n Save, QFC and Smith’s, across 17 states. Veritas has reported its excitement to work with current clients and develop new relationships to grow exposure and sales in key international markets.
Veritas Farms, Inc. (OTCQB: VFRM) CBD Industry
Industry reports indicate that the market for hemp-based products including CBD is estimated to grow by 700% by 2020. A report by market intelligence firm Hemp Business Journal projects that the market will expand to $2.1 billion by 2020. This is a substantial increase compared to 2017’s market value estimated at $291 million.