Veritas Farms Inc (OTCMKTS: VFRM) is likely to have an incredibly strong day in the market today, following up on the incredible growth that we’ve seen from the company year to date so far. The company announced a management update this morning that’s huge news for investors. Today, we’ll talk about:
- The management update;
- why it’s important; and
- what we’ll be watching for ahead.
VFRM Announces Management Update
As mentioned above, Veritas Farms made a big announcement this morning. In a press release, the company said that Michael D. Pelletier has joined it as its CFO.
In his position as CFO, Mr. Pelletier will report to Alexander M. Salgado, CEO at VFRM. He will be responsible for corporate finance, accounting, audit, tax, and administrative functions.
This is overwhelmingly positive news as Michael is not new to the industry. In fact, he brings 35 years of experience in accounting and financial reporting with him.
Most recently, Mr. Pelletier held a position as CFO for Inter-Continental Cigar Group, a South Florida-based global cigar manufacturing and distribution firm, where he maintained a position for more than 20 years. His responsibilities at ICCC included inventory management, sales control, customer service, finance, annual audits, budgets, quarterly forecasts, state and federal licensing and assuring required compliance and filings.
Before his position at ICCC, Mr. Pelletier held various other senior accounting roles, only adding to his industry experience. In a statement, Mr. Salgado, CEO and co-founder at VFRM, had the following to offer:
We are extremely pleased to welcome Michael to Veritas Farms. We believe his background, experience and seasoned leadership approach will be a positive addition as Veritas continues to execute on its production, manufacturing, and distribution growth strategies within the rapidly expanding market for premium quality hemp extract products. He brings to Veritas over 35 years of increasing responsibilities and disciplined financial leadership with proven expertise in accounting, tax, audit, financial planning & analysis, banking and capital market transactions.
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 story surrounding the company’s expanding retail footprint.
Let’s not forget, Veritas Farms is the first publicly traded CBD company that has announced an entrance into a big-box store brand. The company’s products are not only featured online and in various brick and mortar locations, their products are featured in select CVS Pharmacy stores. As the company continues to grow its retail footprint, it could become a cornerstone in the United States CBD market. 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!