Veritas Farms, Inc. Reports Earnings Results for the Third Quarter Ended September 30, 2020
November 19, 2020 at 04:59 pm EST
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Veritas Farms, Inc. announced earnings results for the third quarter ended September 30, 2020. For the third quarter, the company announced sales was USD 1.466 million compared to USD 1.215 million a year ago. Operating loss was USD 1.537 million compared to USD 3.589 million a year ago. Net loss was USD 1.579 million compared to USD 3.595 million a year ago. Basic loss per share from continuing operations was USD 0.04 compared to USD 0.09 a year ago. For the nine months, sales was USD 4.830 million compared to USD 5.712 million a year ago. Operating loss was USD 5.035 million compared to USD 6.734 million a year ago. Net loss was USD 5.133 million compared to USD 6.755 million a year ago. Basic loss per share from continuing operations was USD 0.12 compared to USD 0.21 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.
VERITAS FARMS, INC. 
