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| Capturing this additional distribution channel in China offers the Company the opportunity to achieve up to a 600% increase in its chain retail footprint. |
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 Hot Stock to Watch |
Company: Veritas Farms, Inc. (OTCQB: VFRM)
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Last:
Price: 0.425
Change (%): + 0.055 (14.86)
Volume: 31,875 |
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Veritas Farms Highlights Expansion Opportunities in the Chain Retail Channel
Fort Lauderdale, FL, March 26, 2020 (GLOBE NEWSWIRE) - via NEWMEDIAWIRE - Veritas Farms, Inc. (OTCQB: VFRM) (“Veritas Farms” or the “Company”), a vertically integrated agribusiness focused on the production of full spectrum hemp oil products with naturally occurring cannabinoids, is pleased to highlight the Company’s expansion opportunities in the chain retail distribution channel.
Veritas Farms is currently selling its products in 6,200 retail locations across roughly 25 states with the largest penetration in California, Colorado, Texas, Florida, Georgia, Oregon and Seattle. These 6,200 stores include 5,700 chain retail stores across the grocery, pharmacy, value, home goods and c-store channels. The total store count of these retailers represents a 39,169 additional store distribution opportunity. However, due primarily to FDA ambiguity on hemp-derived products, chain retailers have only launched their hemp categories in states with favorable hemp legislation. As more states adopt legislation allowing CBD and Hemp derived products to be sold, we believe that current Veritas Farms’ chain retailers will expand the states and markets where they will offer CBD and Hemp derived products. The Company plans to leverage its existing chain retail partnerships to expand into additional states in line with these anticipated expansions by chain retailers, increasing the distribution and availability of Veritas Farms™ products to consumers in new markets. Capturing this additional distribution offers the Company the opportunity to achieve up to a 600% increase in its chain retail footprint.
Further opportunity exists for the Company to grow chain retail distribution of its products by integrating newly launched products and product lines with chain retailers that are currently selling Veritas Farms™ topical products. By adding new product lines into existing retail outlets, such as Veritas Pets™ and Veritas Beauty™, the Company can potentially add up to 15 additional skus into its current chain retail distribution. Including other topical products recently launched by the Company in the mix, such as Massage Oil, Zen Rollers, new lip balm flavors and Sports Cream, can potentially further increase distribution opportunities in already existing retail stores.
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