November 29, 2016, Vancouver, B.C. – Veritas Pharma Inc. (“VRT” or the “Company”) (CSE: VRT; OTC: VRTHF; and Frankfurt:2VP) is eagerly awaiting the report of the Task Force on Marijuana Legalization to be delivered by its Chair, Anne McLellan to the Canadian Federal Cabinet by this Wednesday. The Company expects that the report will provide the Government’s roadmap on implementing a legal recreational marijuana market. “Guidance is expected on a minimum age for use, product warnings and measures to prevent drug-impaired driving, all factors which will be important as to how the company addresses the future marijuana market”, states Dr. Michael Walker, President of Cannevert Therapeutics. Additionally, Veritas’ areas of interest and importance in this report will be the potential provisions for distinguishing between the medical and recreational uses of marijuana.
Veritas CEO, Dr. Franciosi, stated, “we look forward with great interest to analyzing the Task Force’s report and determining how it will apply to our industry. We believe that the legalization of marijuana’s recreational use will have a positive impact on the medicinal side. It could potentially ease Veritas’ access to marijuana strains and clearly differentiate between the two markets, thereby, positively contributing to our research and development operations.”
Recent Veritas Pharma News
On November 21, 2016, the Company announced a Letter of Intent with Sechelt Organic Marijuana Inc. whereby Veritas could potentially secure an ACMPR/MMPR license. Sechelt Organic Marijuana currently owns a secure commercial facility and land in Sechelt, British Columbia, Canada and, since July 4th, 2014, has had an application pending with Health Canada for a new MMPR (Marihuana for Medical Purposes Regulations) license.
Also, Veritas has made a private placement offering available to potential investors. The offering is for 4,750,000 units (“Units”) at a price of $0.30 per Unit for aggregate gross proceeds of up to $1,425,000 (the “offering”). Each Unit will be comprised of one common share (“Share”) and one-half Share purchase warrant of the company (a “Warrant Share”) at an exercise price of $0.50 per Warrant Share for a period of 18 months from the date of issuance.
The Company may, in its sole discretion, pay a finder’s fee to agents of the Company: (i) a cash fee in an amount of 8% of the proceeds raised by such finder as part of this Offering (including any proceeds pursuant to the Over-Allotment Option), and (ii) a number of finder’s options entitling the holder thereof to purchase that number of Units of the Company (“Finder’s Unit”) that is equal up to 8% of the number of Units placed through the finder as part of this Offering (including any proceeds pursuant to the Over-Allotment Option). All additional terms and conditions of the Offering will remain the same as the announcement on September 16th, 2016. The Offering is subject to Exchange approval.
About Veritas Pharma Inc.
Veritas Pharma Inc. is an emerging-stage pharmaceutical and IP development company, who, through Cannevert Therapeutics Ltd. (CTL), is advancing the science behind medical cannabis. It is the Company aim, through its investment in CTL, to develop the most effective cannabis strains (cultivars) specific to pain, nausea, epilepsy and PTSD, solving the critical need for clinical data to support medical marijuana claims. CTL’s unique value proposition uses a low-cost research and development model to help drive shareholder value, and speed-to-market. Veritas investment in CTL is led by strong management team, bringing together veteran academic pharmacologists, anesthetists & chemists. The company’s commercial mission is to patent protect CTL’s IP (cultivars & strains) and sell or license to cancer clinics, insurance industry and pharma, targeting multi-billion dollar global markets.
About Cannevert Therapeutics Ltd.
CTL is a private company owned by a unique group of chemists, pharmacologists, and other medical 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. Although Veritas has advanced $750,000 to CTL, no ownership interest will be earned by Veritas until the entire $1.5 million is received. CTL has also entered a licensing agreement with Veritas, licensing Veritas to market all products developed by CTL.
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
Investor and Public Relations Contact
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