Veritas Farms Inc (OTCMKTS: VFRM) is likely to see strong gains in the market today. The company provided a revenue update that has the potential to lead to some serious excitement among investors. Here’s what’s going on:
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Watch VFRM Stock After Today’s Revenue Update
In the press release, Veritas Farms said that it has seen strong growth in its eCommerce traffic and revenue. This is incredibly important as traditional retail remains in the stronghold of COVID-19.
Nonetheless, in the release, the company said that it is well positioned to pivot amongst its revenue channels to capitalize on current market opportunities. Considering stay at home orders, online traffic is increasing. So, VFRM said that it has leveraged its digital ecosystem to offer solutions to customers who have financial and health concerns while growing online traffic and revenue.
In the release, the company said that it has seen strong success in this area. Online revenues have grown over 150% when compared to January 2020. The company broke down this figure further:
- Organic search revenue up 162%
- Direct traffic revenue up 110%
- Referral revenue up 200%
- Social media revenue up 70%.
With such success in the transition to an online world, VFRM said that it intends to continue to capitalize on its ecommerce initiatives in order to provide its community with access to products at prices that they can afford.
In a statement, Alexander Salgado, CEO and co-founder at VFRM, had the following to offer:
Our team has been working hard to earn new customers and grow revenues while ensuring our customers can access and afford our products in these times. We will continue our innovative and effective digital strategies in order to continue to grow revenue in the current market climate.
This News Is Huge
As the COVID-19 pandemic continues to spread around the world, changing life as we know it, there are two types of businesses out there. Those that will adapt and change with the tides, and those that will not. Veritas Farms is proving to be a company that can, and will, adapt.
With the company’s success in growth of its online channels, and continued work to do the same, VFRM is a stock that investors should be paying close attention to.
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