VANCOUVER, British Columbia, Nov. 13, 2017 (GLOBE NEWSWIRE) — Veritas Pharma Inc. (CSE:VRT) (OTC:VRTHF) (Frankfurt:2VP), (“Veritas” or the “Company”) announces that the Company through its research arm, Cannevert Therapeutics Ltd. (“CTL”) has hired the Essèntium Group LLC, a leading consulting firm, as their agent to provide advice on clinical investigators and licensed medical cannabis producers to assist in the implementation of a clinical trial of a cannabis strain in the US territory of Puerto Rico.
Veritas CEO, Dr. Lui Franciosi stated, “We are pleased to have this group help us with our mission of establishing the therapeutic potential of Cannevert’s cannabis strains. Although the people of Puerto Rico have endured a significant weather event this past September, they have demonstrated a will to immediately rebuild for the better. Over the years, this territory has been an active player within pharmaceutical industry with an abundance of expertise and infrastructure that Veritas will take advantage.” Dr. Franciosi goes on to say, “They have numerous licensed producers of medical cannabis with whole new varieties that are of great interest to us.”
Puerto Rico is one of the world’s best known pharmaceutical production and development centers with a growing biotech presence. Most of the biggest pharmaceutical companies have used this US territory as a manufacturing or outsourcing base due to its established infrastructure, highly skilled labour force, popular tax incentives, and immediate access to the US market. Around 60% of Puerto Rico’s export value is pharma-related and over 25% of the country’s GDP comes from the pharma industry (Puerto Rico Report, 2017). In 2015, the territory legalized the use of medical cannabis to treat at least 14 pre-approved conditions including pain, HIV, cancer, multiple sclerosis, migraines, anxiety and epilepsy. According to the popular online magazine The Cannabist, there are nearly 9,000 Puerto Ricans who have paid $25 USD a year for a permit to use medical cannabis, 27 dispensaries, 11 grow facilities, five manufacturing centers and two laboratories responsible for analyzing all medical marijuana before it’s sold (The Cannabist, 2017).
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.
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
About the Essentium Group LLC.
Essentium Group is a full-service consulting firm that specializes in Regulatory Compliance, Government Affairs and Business Development. Since 2009, they have provided clients, in the public and private sectors tactical advice needed to reach their objectives. Their vast experience in highly regulated industries and the compliance know-how make the critical difference.
Their achievements include:
- 2015 Cannabis Business Award. Denver, Colorado.
- Puerto Rico Department of Economic Development (DDEC) Certified Tax Incentive Promoter.
- 16 out of 16 Grower Pre-qualifications approved.
- 15 out 15 Growers Licenses approved.
- 15 out 15 Dispensary Pre-qualifications approved.
- As of 2017, 5 Dispensary Licenses approved.
- 8 Dispensary Licenses still in Approval process.
For more information about the Essentium Group, please visit: https://www.essentium.net
On behalf of the Board of Directors
“Dr. Lui Franciosi”
Dr. Lui Franciosi
President and Chief Executive Officer
The CSE has not reviewed, nor approved or disapproved the content of this press release.