Veritas Farms VFRMD Stock News

Veritas Farms Inc (OTCMKTS: VFRM) is gearing up to have a strong day in the market today after reporting its second quarter results. During the quarter, revenue saw dramatic growth, which is likely to send the stock on a run for the top. Here’s what’s going on:

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VFRM Reports Q2 Results

As mentioned above, Veritas Farms reported its financial results for the second quarter, showing tremendous growth in both revenues and profits. Here’s what we saw from the report:

  • Revenue – In terms of revenue, VFRM did overwhelmingly well. During the second quarter, the company generated revenue in the amount of $2,971,345. That works out to be 509.9% year over year from $487,169 and 94.9% growth quarter over quarter from $1,524,930.
  • Gross Profit – Gross profits saw dramatic growth as well. During the quarter, gross profit came in at $1,523,413. That represents year over year growth in the amount of 798.9% and quarter over quarter growth in the amount of 142.8%.
  • Assets – VFRM closed the quarter with total assets in the amount of $12,579,671. That’s up 59.8% quarter over quarter. Inventory made up $3,216,671 of the total assets, with inventories climbing 21%.

Management Commentary

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

Over this past fiscal quarterly period ended June 30, 2019, our expanding sales and marketing strategies combined with increasing interest and acceptance from mainstream consumers and traditional brick-and-mortar retailers have helped to propel Veritas Farms’ sales to new record levels – more than 5x our comparable 2nd Quarter 2018 sales and nearly 2x our sales from the 1st Quarter of this year.

This sales growth was made possible by the solid foundation for success that we built over the past four years at our state-of-art 140-acre farm and production facilities in Pueblo, Colorado, our unwavering commitment to product quality, and our growing reputation as one of the country’s most trusted vertically integrated hemp extract product brands in the country.

Moving forward into the current 3rd Quarter, we have since greatly expanded our distribution network to over 4,500 retailers across the country including 1,350 Kroger Family of Stores locations, developed new innovative product lines for release later this year, and increased our already considerable cultivation and manufacturing capacities.”

We expect these improvements will have a sustained positive effect on our financial results as the market for Veritas Farms™ hemp extract products grow throughout 2019. We are confident that our lab tested full spectrum hemp extract products will exceed the high expectations of every consumer, health care provider, and distributor.

A Strong Quarter Representing Incredible Opportunity

For some time now, I’ve been following Veritas Farms very closely. In my reports, I’ve continuously pointed to the comapny’s big-box retail strategy as a reason to be excited here. Those who haven’t been paying attention are likely strting to now.

At the end of the day, VFRM is the first publicly trded full-spectrum CBD compny to break into the big-box retail space. While others have started to follow suit, they are behind the curve.

In my view, the big-box strategy is leading to the tremendous growth that we’re seeing in sales, and as the company continues to perform with regard to the strategy, revenues are only likely to continue growing.

All in all, I believe that VFRM represents a compelling opportunity as it continues to see tremendous revenue growth and success with regard to its strategy.

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

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