VANCOUVER, British Columbia, May 21st, 2020 – Veritas Pharma Inc. (CSE: VRT; OTC: VRTHF; and Frankfurt: 2VP) (“Veritas” or the “Company”) wishes to announce that as a result of a review of its continuous disclosures record by the British Columbia Securities Commission (“BCSC”) on May 20th, 2020, the company has amended and re-filed three sets of its interim financial statements and MD&A. for the following dates: October 31, 2018; January 31, 2019; April 30th, 2019.

A detailed description of the changes made to the financial statements dated October 31, 2018; January 31, 2019; and April 30th, 2019 is provided below.

Restatements for October 31st, 2018 Financial Statements

The Company has restated its consolidated financial statements as at October 31, 2018 and for the three and six months ended to reflect the following:

  1. Write-off the $1,000,000 advance to Liht Cannabis Corp. (formerly Marapharm Ventures Inc.) as an unauthorized payment. Reversal of accrued interest recorded for this advance.
  2. Reclassification of amounts due from related parties from amounts receivable.
  3. Adjustment to the fair value of shares issued for the advance for the investment in 3 Carbon Extractions Inc. from $375,000 to $367,500.
  4. Reclassification of loan receivable from Springbank Capital Partners, LLC to non-current.
  5. Reclassification of certain related party payables to accounts payable and accrued liabilities to be consistent with comparative amounts.

Restatements for January 31st, 2019 Financial Statements

The Company has restated its consolidated financial statements as at January 31, 2019 and for the three and nine months then ended to reflect the following:

  1. i) Write-down of amounts due from related parties.
  2. Write-off the $1,000,000 advance to Liht Cannabis Corp. (formerly Marapharm Ventures Inc.) as an unauthorized payment. Reversal of accrued interest recorded for this advance.
  3. Adjustment to the fair value of shares issued to acquire shares of Indigenous Bloom Corp. from
    $5,000,000 to $4,166,666.
  4. Adjustment to the fair value of shares issued for the advance for the investment in 3 Carbon Extractions Inc. from $375,000 to $367,500.
  5. Reclassified the $180,000 advance from Leis Industries Limited from accounts payable and accrued liabilities to advance payable.

 

Restatements for April 30th, 2019 Financial Statements

The Company has restated its consolidated financial statements for the year ended April 30, 2019 to reflect the write-off of the $1,000,000 advance to Liht Cannabis Corp. as an unauthorized payment and to improve disclosures relating to various impairments recognized.

About Veritas Pharma

Veritas Pharma Inc. has developed some intellectual property relating to various cannabis strains. It is the Company’s aim to advance the science behind medical cannabis, by developing the most effective cannabis based treatments for specific disease conditions and acquire income producing assets in the cannabis industry. The Company’s mission is to commercialize its proprietary cannabis products. In addition, Veritas aims to utilize its expertise to enter into mergers and acquisitions with various cannabis industry participants in order to generate revenue by the end of the second quarter of 2020.

Veritas Pharma Inc. is a publicly traded company in Canada, on the Canadian Securities 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

“Peter McFadden”
Peter McFadden
Interim Chief Executive Officer & CFO

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.
Telephone: +1.416.918.6785
Email: [email protected].com
Website: www.veritaspharmainc.com

The CSE has not reviewed, nor approved or disapproved the content of this press release.

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