Veritas Farms VFRMD Stock News

Veritas Farms Inc (OTCMKTS: VFRM) made a big announcement today. The company announced a private placement, providing funds needed to further expand its retail footprint across the emerging CBD market. Here’s what’s going on:

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VFRM Announces Private Placement

In a press release issued this morning, Veritas Farms announced that it has completed a private placement. In the release, the company said that the total value of the placement was $15 million, with costs payable by the company coming to about $2 million.

VFRM intends on using this money to fund its further expansion. In the release, the company said that the money will be used to help to expand its retail distribution footprint, pay for planned extensive marketing programs, and launch new product lines.

In a statement, Alexander M. Salgado, CEO and co-founder at VFRM, had the following to offer:

The successful completion of this financing will give us the significant resources required to accelerate our growth strategies and take Veritas Farms to the next level. We look forward to deploying this new capital to power our ongoing retail distribution network expansion, sales and marketing programs, continued brand building, and several exciting new category product launches over the next few months.

Why These Funds Are So Important

The CBD market is an emerging one. The truth of the matter is that those that want to take leadership roles in the long term need to make big moves as markets emerge. That’s exactly what Veritas Farms is doing here.

The company has been aggressively expanding its retail footprint for some time now. In fact, their aggressive efforts have landed VFRM-branded products in stores like CVS, Rite Aid and more.

The company has also been pretty aggressive in terms of market. Not only has it begun several marketing campaigns, it has sponsored key events like Swim Week in Miami, Florida.

With the funds announced by VFRM today, the company can continue to move forward with these aggressive expansion efforts, only providing further long-run value for investors!

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CNA Finance, parent company to Alpha Stock News, has a monetary relationship with Veritas Farms. 

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