Veritas Farms Inc (OTCMKTS: VFRM) is likely to have a great day in the market today, and for good reason. The company announced a highly accretive exclusive agreement that’s likely to catch the attention of investors across the cannabis and hemp space. Today, we’ll talk about:
- The exclusive agreement;
- why the news is big for VFRM stock; and
- what we’ll be watching for ahead.
VFRM Announces Exclusive Agreement
As mentioned above, Veritas Farms is likely to have a great day in the market today after announcing an exclusive agreement. The company, focused on the production of full-spectrum hemp extracts, said that it entred into an agreement with PurWell.
PurWell is an affiliate of VertuOx, a larger name in the space. In fact, VirtuOx is the nationa’s largest home respiratory and sleep diagnostics provider in the US. At the moment, the company boasts a book of more than 30,000 new patients per month.
According to the terms of the agreement, VFRM will manufacture a custom formulated line of hemp extract products. These products will then be sold under the PurWell brand. One of the products being developed under this partnership is PūrSlēp, a full spectrum hemp oil combined with a proprietary blend of holistic natural supplements widely known to promote effective sleep.
In a statement, Alexander M. Salgado, CEO and co-founder at VFRM, had the following to offer:
As an affiliate of the nation’s largest home respiratory and sleep diagnostics provider, we are excited to work with PurWell as exclusive formulation and manufacturing partner for PūrSlēp and the PūrWell brand that was recently launched online and at select healthcare providers across the country. We look forward to providing them a consistent and dependable supply of our best-in-class full spectrum hemp oil products and being an important part of their long-term success.
This Is A Key Announcement For The Company
At the end of the day, this is huge news for VFRM. After all, the exclusive agreement will make Veritas Farms the exclusive provider of a sleep and wellness product that will be sold by one of the world’s leading providers in the space. So, the potential revenue expansion that could result from this agreement is massive.
The announcement doesn’t only mean good news for revenue, there’s more to it. While several companies are scrambling to bring products into the CBD space, VFRM already has a long line of offerings. As a result, other companies are coming to them, looking for white label opportunities. This type of agreement is validation for all of the work that the company has been doing.
What We’ll Be Watching For Ahead
Moving forward, the CNA Finance team will continue to keep a close eye on VFRM. In particular, we’re interested in following the company’s continued expansion throughout the emerging CBD space and the revenue opportunities that relationships like the one announced today open up. Nonetheless, we’ll continue to follow the story closely and bring the news to you as it breaks!
Never Miss The News Again
Do you want real-time, actionable news delivered to your inbox? Join the CNA Finance mailing list below!