Veritas Farms, Inc. announced that it has received $3 million in funding from Cornelis F. Wit Revocable Living Trust
December 30, 2023
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Veritas Farms, Inc announced a private placement of secured convertible credit line promissory note in the principal amount for up to $3,000,000 on December 31, 2023. The transaction included participation from returning investor Cornelis F. Wit Revocable Living Trust. The note may be convertible at the option of the holder into shares of our common stock at a conversion price of $0.02 per share.
The note will accrue interest on the aggregate amount loaned at a rate of 10% per annum. All unpaid principal, together with any then unpaid and accrued interest and other amounts payable under the note, is due and payable if not converted pursuant to the terms and conditions of the note on the earlier of January 01, 2027 or following an event of default. The note issued to the investor was offered and sold in a transaction exempt from registration under the Securities Act of 1933, as amended, in reliance on Section 4(a)(2) thereof.
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. 
