Veritas Farms Announces Expanded Geographic and Product Partnership with Kroger Family of Stores

Rhea-AI Summary

Veritas Farms (OTCQB: VFRM) expands its product portfolio and distribution with Kroger Family of Stores. The new agreement includes a variety of new hemp oil cosmetic products, broadening its reach across 27 states and 1,200+ locations. Featured products include hyaluronic day cream, eye cream, and muscle relief sports cream. The CBD beauty market is projected to grow significantly, with $378 million in sales expected in 2021 and $804 million by 2026. The company operates a 140-acre farm in Colorado and offers third-party tested products.

Positive

• Expansion of product offerings and distribution with Kroger Family of Stores.
• Introduction of new hemp oil cosmetic products, enhancing the existing product line.
• Geographic reach now includes 27 states and over 1,200 locations.
• Growth potential in the CBD beauty and personal care market, expected to reach $804 million by 2026.

Negative

• None.

Fort Lauderdale, FL, Nov. 16, 2021 (GLOBE NEWSWIRE) -- via NewMediaWire -- Veritas Farms, Inc. (OTCQB: VFRM), a vertically integrated agribusiness focused on the production of full spectrum hemp oil products with CBD and other naturally occurring cannabinoids, is pleased to announce that it is expanding its product portfolio and distribution partnership with Kroger Family of Stores. Under this new agreement, Kroger will be introducing a variety of new hemp oil (CBD+) cosmetic products into its existing product offering and expanding its geographic presence throughout the United States.

The multi-state distribution of products* will include the following banners: Kroger, Dillons, Fry’s, Fred Meyer, King Soopers, QFC, Ralph’s and Smith’s. Kroger currently offers a variety of Veritas’ products in participating stores throughout Arizona, Arkansas, Colorado, Illinois, Indiana, Kansas, Kentucky, Missouri, Nevada, South Carolina, Tennessee, West Virginia, Washington, and Wyoming. The geographic expansion extends the already sizable partnership to the following new states: Alabama, California, Louisiana, Mississippi, Montana, New Mexico, Oregon, and Virginia. The combined additional distribution will now feature Veritas Farms topical products in a total of 27 states and 1,200+ locations across the Kroger Family of Stores as of mid-November 2021.

Featured new products of the expansion include full spectrum hyaluronic day cream, cucumber eye cream, rejuvenating night cream, mattifying blemish cream, mint lavender lotion, muscle relief sports cream, and cherry lip balm, to complement Veritas Farms’ existing cosmetic line of salves, moisturizing lotions, and other assorted lip balms. 

Stephen Johnson, President & CEO of Veritas Farms, Inc., commented, “We are honored to expand our partnership with Kroger Family of Stores. As a nationally recognized leader in retail, their commitment to growing this category underscores the benefits of full spectrum hemp oil, the potential for continued growth, and the importance of these products’ availability to consumers and retailers. To find a participating store, use the locator tool on the Veritas Farms website.”

The CBD beauty and personal care market is set to achieve $378 million in sales in 2021, up 20% from 2020, and is expected to reach $804 million annually by 2026, representing a 16% CAGR. This has been one of the fastest growing product types in 2020 as many consumers turned to at-home beauty and skincare treatment options during a time when many spas and salons were closed during shelter at home orders, according to Brightfield Group Data Insights, 2021.

* Selection and availability may vary by store.

About Veritas Farms, Inc.

Veritas Farms, Inc. (OTCQB: VFRM) is a vertically integrated agribusiness focused on producing superior quality, whole plant, full spectrum hemp oils and extracts containing naturally occurring cannabinoids. The Company currently owns and operates a 140-acre farm and production facilities in Pueblo, Colorado, and is registered with the Colorado Department of Agriculture to grow industrial hemp. The Company markets and sells products under its Veritas Farms™ brand.

Veritas Farms™ full spectrum hemp oil products include vegan capsules, tinctures, formulations for sublingual applications and infused edibles, lotions, salves, skincare, and pet products in a variety of size formats and flavors. All Veritas Farms™ brand products are third-party laboratory tested for strength and purity. The Company files periodic reports with the Securities and Exchange Commission, which can be viewed at www.sec.gov. 

For additional information and online product purchase, visit www.theveritasfarms.com.

Veritas Farms, Inc. - Investor Contact

Toll-Free: (833) 691-4367

E-mail: ir@theveritasfarms.com

Veritas Farms, Inc. - Social Media

Instagram:  www.instagram.com/veritasfarmsofficial/  

Facebook: www.facebook.com/VeritasFarmsOfficial/   

LinkedIn: www.linkedin.com/company/veritasfarms/

Twitter: www.twitter.com/theveritasfarms   

This press release contains “forward-looking statements” within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. All statements, other than statements of historical fact, including those with respect to the Company’s mission statement and growth strategy, are “forward-looking statements.”  Although the Company's management believes that such forward-looking statements are reasonable, it cannot guarantee that such expectations are, or will be, correct. These forward-looking statements involve many risks and uncertainties, which could cause the Company’s future results to differ materially from those anticipated. Potential risks and uncertainties include, among others, general economic conditions and conditions affecting the industries in which the Company operates; the uncertainty of regulatory requirements and approvals; and the ability to obtain necessary financing on acceptable terms or at all. Additional information regarding the factors that may cause actual results to differ materially from these forward-looking statements is available in the Company’s filings with the Securities and Exchange Commission. The Company assumes no obligation to update any of the information contained or referenced in this press release.

FAQ

What products is Veritas Farms expanding with Kroger?

Veritas Farms is expanding its hemp oil cosmetic product line, including hyaluronic day cream, eye cream, and muscle relief sports cream.

How many locations will Veritas Farms products be available in?

Veritas Farms products will be available in over 1,200 locations across 27 states.

What is the projected growth of the CBD beauty market?

The CBD beauty market is projected to grow from $378 million in sales in 2021 to $804 million by 2026.

In which states is Veritas Farms expanding its distribution with Kroger?

Veritas Farms is expanding distribution to Alabama, California, Louisiana, Mississippi, Montana, New Mexico, Oregon, and Virginia.

What is the significance of the agreement between Veritas Farms and Kroger?

The agreement enhances Veritas Farms' market presence and product availability in a rapidly growing CBD beauty market.