Veritas Farms Inc (OTCMKTS: VFRMD) made a key announcement this morning, showing that the company is continuing to aggressively expand its retail footprint. Here’s what’s going on:
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VFRMD Announces Retail Footprint Expansion
In a press release issued early this morning, Veritas Farms announced that it would be attending the National Association of Convenience Stores conference. The conference starts today and will end on October 4, 2019.
Taking place in Atlanta, Georgia, the event gives VFRMD the oportunity to connect with more than 2,000 retailers and around 1,750 suppliers. Of course, the goal is to use this opportunity to greatly expand its retail footprint.
In a statement, Mike Krouskos, Vice President of Channel Development at VFRMD, had the following to offer:
NACS advances the role of convenience stores as positive economic, social and philanthropic contributors to the communities they serve. The U.S. convenience store industry, with more than 153,000 stores nationwide selling fuel, food and merchandise, serves 160 million customers daily—half of the U.S. population—and has sales that are 10.8% of total U.S. retail and foodservice sales. This represents an enormous opportunity for Veritas Farms.
Why This News Is Important
Ultimately, the news released by Veritas Farms this morning is incredible important when it comes to the long-term strategy of the company. Here are a few reasons why:
Reason #1: Aggressive Work To Expand Distribution
So far, Veritas Farms has been incredibly successful when it comes to the expansion of its distribution arm. In fact, the company’s products are currently on shelves in more than 5,000 retail locations across the United States.
Some of these locations are big names. Previously, the company has announced deals with CVS, Kroger, and other big-box/chain retail stores and pharmacies. Since I found the stock, I’ve been impressed with its retail footprint strategy and success.
Today’s news shows that the aggressive approach that the company is taking to become a leading brand in CBD is just beginning. I don’t see any slowing down in the growth of the company’s addressible market.
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