VANCOUVER, British Columbia, Nov. 18, 2017 (GLOBE NEWSWIRE) — Veritas Pharma Inc. (CSE:VRT) (OTC:VRTHF) (Frankfurt:2VP), (“Veritas” or the “Company”), an emerging-stage pharmaceutical and IP development company, is pleased to announce that it has signed a Binding Letter of Intent with 906474 Alberta Ltd. (“906474”) subject to regulatory authority to acquire 100% ownership of Sechelt Organic Marijuana Corp. (“SOM”), free and clear of all liens, charges and encumbrances in exchange for $800,000 payable in shares of Veritas (“Veritas Shares”) priced at the last trading day immediately preceding the Closing (the “Purchase Price”). Veritas is also issuing to 906474 Special Warrant Shares which would entitle 906474 to additional shares of Veritas equal to $800,000 less the current market price of the Veritas Shares times the market price on the last trading day immediately following the 4 month holding period.
SOM, currently owns a secure commercial facility and land located in Sechelt, British Columbia, Canada and, since July 4, 2014, has had an application with Health Canada to become a licensed producer under the ACMPR.
Dr. Lui Franciosi, CEO, Veritas Pharma comments, “This is a win-win scenario for Veritas and its shareholders. We believe this transaction is both tactical and value driven. Further and most importantly, it is representative of the steps we will take to secure and maximize our position along the medical marijuana supply chain. We are making great strides advancing our investment in R&D through Cannevert Therapeutics, targeting pain, nauseas and PTSD solutions. This strategic acquisition will bring together our valuable IP surrounding our disease specific medical marijuana strains.”
Dr. Franciosi continues, “With this acquisition, Veritas will control and have ownership of the entire process from developing our patented strains through Cannevert, to cultivation, thereby ensuring that the medical marijuana product is backed by scientific data, and that it is ready for market.”
For more information, please visit our website: About Veritas Pharma Inc.
Veritas Pharma Inc. is an emerging discovery and IP development company, advancing the science behind medical cannabis. The company’s current R&D efforts are to develop the most effective cannabis strains (cultivars) specific to pain, nausea, epilepsy and PTSD, solving the critical need for real science to support medical marijuana claims.
Our unique value proposition employs a whole plant methodology, using a low cost research and development model to help drive shareholder value and speed-to-market. Veritas is led by strong management, bringing together veteran academic pharmacologists, anesthetists & chemists. The company’s commercial mission is to patent protect its 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.
On behalf of the Board of Directors
Veritas Pharma Inc.
“Dr. Lui Franciosi”
Dr. Lui Franciosi
Chief Executive Officer
The CSE has not reviewed, nor approved or disapproved the content of this press release.