VANCOUVER, October 20, 2016, — Veritas Pharma Inc. (CSE: VRT; OTC: VRTHF; and Frankfurt: 2VP), (“Veritas” or the “Company”), an emerging discovery and IP development company, announced that on August 23, 2016. Cannevert Therapeutics Ltd., (“CTL”) had been awarded a research grant through MITACS Inc. for research and development work related to the discovery of new cannabis strains for specific disease conditions.
The amount of the research grant received from MITACS Inc. was $44,000. The grant will be applied to interns working on research projects for CTL. The grant will be paid over a two-year period; the first $13,333 has been received and applied to salary of one post-doctoral fellow.
About Veritas Pharma Inc.
Veritas Pharma Inc. is an emerging discovery and IP development company, committed to advancing the science behind medical cannabis. The company’s current R&D efforts are being conducted through its strategic partner, Cannevert Therapeutics Ltd. (“CTL”). The ultimate objectives of our R&D efforts are to develop the most effective cannabis strains (cultivars) specific to pain, nausea, epilepsy and PTSD, solving the critical need for real science to support medical marijuana claims.
About Cannevert Therapeutics Ltd.
CTL is a private company owned by a unique group of chemists, pharmacologists, and other medical science professionals. With offices located on the campus of the University of British Columbia, CTL has obtained permission from Health Canada to conduct research on cannabis strains. CTL has entered a funding agreement with Veritas where, upon advancing $1.5 million to CTL, Veritas will earn an 80% ownership interest in CTL. To date, Veritas has advanced $750,000 to CTL and holds contingent ownership of, but not the voting rights over, 40.5% of the issued and outstanding common shares of CTL. Veritas will not acquire full ownership rights, including voting rights, over any CTL common shares until the entire $1.5 million has been paid. CTL has also entered a licensing agreement with Veritas, licensing Veritas to market all products developed by CTL.
Veritas’ and CTL’s unique value proposition employs a whole plant methodology, using a low cost research and development model to help drive shareholder value and speed-to-market. The company’s commercial mission is to patent protect its IP (cultivars/ strains) and sell or license to cancer clinics, insurance industry and pharma, targeting multi-billion dollar global markets.
Veritas Pharma Inc. is a publicly traded company which trades in three countries including Canada, on the Canadian Stock Exchange under the ticker VRT; in the United States, on the OTC under the ticker VRTHF; and in Germany, on the Frankfurt exchange under the ticker 2VP.
For more information, please visit our website: veritaspharmainc.com
On behalf of the Board of Directors; Veritas Pharma Inc.
“Dr. Lui Franciosi”
Dr. Lui Franciosi
Chief Executive Officer
Further information about the Company is available on our website at www.veritaspharmainc.com or under our profile on SEDAR at www.sedar.com and on the CSE website at www.thecse.com
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Veritas Pharma Inc.
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