Shares of Veritas Farms Inc (OTCMKTS:VFRM) have been trending lower over the past month with a fall of 27%.
Market Reaction
On Tuesday, VFRM stock went down 3.23% to $0.0726 with 210k shares, compared to its average volume of 26K shares. The stock has moved within a range of $0.0630 – 0.0899 after opening trade at $0.0899.
Announces Expanded Geographic and Product Partnership with Kroger Family of Stores
Vertically integrated agribusiness focusing on production of superior quality and full spectrum hemp oils as well as extracts containing naturally occurring cannabinoids, Veritas Farms Inc (OTCMKTS:VFRM) on November 16, 2021 announced expansion of its product portfolio and distribution partnership with Kroger Family of Stores.
The new agreement will entail Kroger introducing variety of new hemp oil cosmetic products into existing offerings as well as geographical expansion across United States.
Some of the products will include Fry’s, Fred Meyer, Kroger, Dillons,QFC, King Soopers,Ralph’s and Smith’s. Offering a number of Veritas’ products in stores, Kroger is present in Colorado, Arizona, Illinois, Arkansas,Kentucky, Nevada, South Carolina amongst others.
The expansion extends partnership to new states including Alabama, Mississippi, California, Louisiana, Oregon, Virginia, Montana and New Mexico. Combined distribution will now in 27 states and 1200+ locations across the Kroger Family of Stores.
Stephen Johnson, President & CEO of Veritas Farms said that the partnership with Kroger will show benefits of full spectrum hemp oil and also continue growth. Johnson added that consumers will be get these products through locator tool on the Veritas Farms website.
One of the fastest growing product types in 2020, the CBD beauty and personal care market is expected to reach $378 million in sales in 2021, up 20% from 2020. 021.
Key Quote
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.”
Traders Review
VFRM stock is trading below the 20-Day and 50-Day Moving averages of $0.0852 and $0.0977 respectively. Moreover, the stock is trading below the 200-Day moving average of $0.1730. The stock is down 19% over the past week.
