Veritas Farms, Inc. Reports Earnings Results for the Full Year Ended December 31, 2021
April 12, 2022 at 05:12 pm EDT
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Veritas Farms, Inc. reported earnings results for the full year ended December 31, 2021. For the full year, the company reported sales was USD 3.08 million compared to USD 6.23 million a year ago. Net loss was USD 7.07 million compared to USD 7.59 million a year ago. Basic loss per share from continuing operations was USD 0.17 compared to USD 0.18 a year ago. Diluted loss per share from continuing operations was USD 0.17 compared to USD 0.18 a year ago.
Veritas Farms, Inc. (Veritas Farms) is an agribusiness that is focused on growing, producing, marketing, and distributing quality, whole plant, full spectrum hemp oils and extracts containing naturally occurring phytocannabinoids (collectively, CBD). Veritas Farms owns and operates an approximately 140 acres farm in Pueblo, Colorado, capable of producing over 200,000 proprietary full spectrum hemp plants, which can potentially yield a minimum annual harvest of 250,000 to 300,000 pounds of outdoor-grown industrial hemp. Veritas Farm's products include capsules, gummies, tinctures, lotions, salves, creams, balm sticks, lip balms, and pet chews. It also operates approximately 15,000 square feet of climate-controlled greenhouses to produce a consistent supply of year-round indoor-cultivated hemp. In addition, there is a 10,000 square-foot onsite facility used for processing raw hemp, oil extraction, formulation laboratories, and quality/purity testing.