Veritas Farms, Inc. announced that it has received $1.5 million in funding from Cornelis F. Wit Revocable Living Trust
October 11, 2021
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Veritas Farms, Inc announced that it has issued secured convertible promissory note for gross proceeds of $1,500,000 on October 12, 2021. The transaction included participation from returning investor Cornelis F. Wit Revocable Living Trust. The secured convertible promissory note is convertible at the option of the holder, be converted in its entirety into shares of the company common stock at a conversion price of $0.05 per share. The secured convertible promissory note will accrue interest on the aggregate amount loaned at a rate of 10% per annum. The secured convertible promissory note will mature on October 1, 2024.
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. 
