March 13, 2017, 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 its research arm, Cannevert Therapeutics Ltd, will soon be entering the security inspection stage of its Health Canada Dealer’s License application to produce, gather or cultivate cannabis for scientific purposes.
Cannevert originally submitted its application on August 23, 2016 to Health Canada’s Office of Controlled Substances; this was processed as a continuation of our previous application by the group’s chemistry team. Cannevert currently holds a Health Canada scientific exemption which allows it to order a set total amount of cannabis using one Canadian licensed producer at a time. The new application will enable the team to produce “whole-plant” extracts, source from multiple licensed producers, and export cannabis materials for research purposes such as clinical trials being conducted overseas. Cannevert also indicated on its application that it would like to be on a public list of licensed laboratories able to conduct such activities with cannabis under the Narcotic Control Regulations; this list can be found at https://www.canada.ca/en/health-canada/services/list-licensed-dealers.html
This Dealer’s License will include analytical testing for persons who fall under the following Section 56 exemption, which is for registered persons and individuals responsible for them or authorized persons to provide, deliver, transport or send fresh and dried marijuana and cannabis oil to Licensed Dealers for analytical testing. Cannevert also indicated that it would like to perform analytical testing of cannabis samples received from holders of a valid license issued under the Industrial Hemp Regulations.
Cannevert has been notified that the company will be undergoing a security inspection soon. Veritas CEO, Lui Franciosi stated, “We are pleased with the status of Cannevert’s Dealer’s License Application. Reaching the security inspection stage means that the company is getting closer to being one of the few labs in Canada allowed to perform analytical testing and biological screening of cannabis and hemp for licensed producers. The License also complements Cannevert’s research, by removing existing barriers of supply, thereby enabling to progress in faster, more efficient and more comprehensive manner.
Acquisition of this Dealer’s License when combined with a commercial grower’s license will add significant value to Cannevert, Sechelt and Veritas.” (Sechelt Organic Marijuana Corp. was recently notified by Health Canada that it has successfully progressed into the Final Review stage of the ‘Access to Cannabis for Medical Purposes Regulations’ (ACMPR) application process).
About Sechelt Organic Medicine Inc.
Sechelt was formed to become a producer of medical marijuana under the ACMPR license. The products designed by Cannevert Therapeutics require the ability to grow specific strains of medical marijuana under ideal conditions. Sechelt provides Cannevert Therapeutics this ability. Veritas has entered into an acquisition agreement with the owners of Sechelt, subject to the issuance of ACMPR license.
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 $1,250,000 (and has $250,000 in trust which is due April 30, 2017) 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: www.veritaspharmainc.com
On behalf of the Board of Directors; Veritas Pharma Inc.
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
Investor and Public Relations Contact
Veritas Pharma Inc.
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