I’ve been following Veritas Farms Inc (OTCMKTS: VFRM) stock for some time now, and lately, it seems as though every time I turn around, the company gets stronger. Today, yet another news release shows just that.
In the release, VFRM said that it has greatly expanded its partnership with Kroger (NYSE: KR). Here’s what’s happening:
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VFRM Stock Becomes Stronger On Expanded Partnership With KR
Early this morning, Veritas Farms issued a press release saying that it has expanded its relationship with Kroger. In the release, the company said that under the partenrship, its products will be featured in Kroger Family stores in five additional states. The company will also be adding its products to additional stores in states already covered by the previous agreement.
VFRM said that the new states included in the KR partnership are Texas, Virginia, Georgia, Montana, and Utah. Between these states and the additional stores in states that KR already carries the company’s products, Veritas will be hitting the shelves in 400 additional locations.
VFRM said that the featured products under the agreement with Kroger are its branded full spectrum hemp oil topical products. These include salves, moisturizing lotion and lip balm.
Previously, the company announced that it had started its relationship with Kroger by becoming featured in 945 stores across 17 states. Now, with the expanded partnership, VFRM products will be featured in 1,350 Kroger Family locations across 22 states in the US.
In a statement, Alexander M. Salgado, CEO and co-founder at VFRM, had the following to offer:
We are pleased to expand our partnership with Kroger Family of Stores. As a nationally recognized leader in retail, their commitment to growing this category signals the success experienced thus far, the potential for continued growth, and the importance of these products’ availability to consumers and retailers. To find a participating store, use the locator tool on the Veritas Farms website.
The Opportunity Continues To Expand
Since Veritas Farms became the first CBD company to announce that it has broken into the big-box retail space with an agreement with CVS, I’ve seen incredible value in the stock. Since then, the stock has grown by nearly 500%, and in my view, the gains are far from over.
The truth of the matter is that as the CBD market continues to emerge, those that make early moves to take leadership roles are likely to be the leaders of the industry in the long run. VFRM fits that bill.
Not only is the company already producing and selling its CBD-infused products, it was the first publicly traded CBD focuesd company that broke into the big-box space. Today, the company’s products are featured in multiple big-box locations, further solidifying its leadership role in the space.
Considering that experts predict the CBD market to grow to be worth $20 billion by 2024, these early moves have the potential to lead to tremendous long term growth. Let’s not forget, VFRM trades with a makret cap of around $160 million. So, a leadership role in a $20 billion industry would be significant, leading to impressive long term growth. All in all, VFRM offers a compelling opportunity that’s hard to ignore.
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Disclosure – CNA Finance, parent company to Alpha Stock News, has a monetary relationship with Veritas Farms. Learn more about this relationship here.