October 26, 2016, Vancouver, B.C. – Veritas Pharma Inc. (CSE: VRT; OTC: VRTHF; and Frankfurt: 2VP), an emerging discovery and IP development company, is pleased to announce that CanniMed Ltd. of Saskatoon, Canada, is the new supplier of cannabis strains for Cannevert Therapeutics Ltd (”CTL”) ongoing research.
Veritas and CTL have entered this commitment in order to fulfill their mission to establish a sound scientific basis for the therapeutic uses of cannabis. With the vast number of compounds within the cannabis plant (more than 140 known cannabinoids), CTL will identify and develop the most effective cannabis strains for treatment of specific disease conditions such as chronic pain, cancer pain, PTSD, and emesis.
Veritas Pharma CEO, Dr. Lui Franciosi stated, “Thus far Cannevert Therapeutics has been successful in screening numerous strains in both their chemical and animal assays leading to identification of a few candidate strains. We believe access to a great variety of quality cannabis strains will be key to our success. CTL is excited to evaluate CanniMed’s specialized cannabis strains in Cannevert’s animal screens for analgesia. CanniMed possesses two great qualities: a history of supplying standardized pharmaceutical-grade products and a continued interest in testing the efficacy of their cannabis strains. We share a similar vision in using an evidence-based approach in identifying what will be the most effective cannabis products.”
CanniMed Ltd. was the first producer to be licensed under the Canadian Marijuana for Medical Purposes Regulations (MMPR) announced in 2013, and the sole supplier of medical cannabis under the first federal marijuana program. Prairie Plant Systems, the cultivation arm of the company, follows Good Manufacturing Practices (GMP) regulations, the criteria used to manufacture all pharmaceuticals. This industry-leading production excellence, including a 281 point quality control process, ensures product consistency and patient safety.
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: www.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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