Veritas has established an exclusive partner alliance and investment in Cannevert Therapeutics, a high-level research & development company, with the main office on the University of British Columbia (UBC) campus. Cannevert has brought together a team of pharmacologists, anesthetists, and chemists with substantial prior success in drug development in both academia and industry. This alliance will provide Veritas with the needed technical ability to achieve its vision in terms of research, development & commercialization goals.
Cannevert Therapeutics Ltd.
Veritas has established an exclusive partner alliance and investment in Cannevert Therapeutics, a high-level research & development company, with facilities at the University of British Columbia (UBC). Bringing together a highly accredited team of pharmacologists, anesthetists, and chemists with substantial prior success in both academia and industry, specifically in drug development. This alliance will provide Veritas with the needed technical ability to deliver on its research, development & commercialization goals.
On December 18, 2015, Veritas entered into a Share Purchase Agreement with Cannevert Therapeutics Ltd., a group of academics at The University of British Columbia. Under the terms of the agreement, Veritas will contribute $1.5m over the next 18 months through $250K quarterly installments. After this period, Veritas will own 80% of Cannevert. The balance of Cannevert will be acquired with Veritas shares based on independent valuation of Cannevert.
Sechelt Organic Marijuana Inc.
Sechelt Organic Marijuana Corp. (“Sechelt”) was formed for the purpose of becoming a licensed producer under the Access to Cannabis for Medical Purposes (ACMPR) regulations and has had an application pending with Health Canada since July 4th, 2014.
In 2016, Veritas entered into an agreement with Sechelt to acquire 100% ownership of Sechelt, subject to it obtaining an ACMPR license. This agreement was reached with its goal to allow Veritas to expand and bring its proprietary cannabis strains to market.
Sechelt has entered into a lease with an option to purchase 0.73 acres of fenced, geo-tech industrial property in an approved jurisdiction to build a 2-story facility totalling 20,000 square feet in Sechelt, British Columbia, Canada. The plans for this facility include 6,800 sq. ft. of budding rooms, 3,000 sq. ft. of cloning rooms, as well as a small testing lab and secure storage room.