VANCOUVER, British Columbia, Aug. 27, 2018 (GLOBE NEWSWIRE) -- Veritas Pharma Inc. (CSE: VRT; OTC: VRTHF; and Frankfurt: 2VP) (“Veritas” or the “Company”) is pleased to announce that the Company has completed the Share Purchase Agreement (“Purchase Agreement”) to acquire Fifty Percent (50%) of the issued and outstanding shares of 3 Carbon Extractions Inc. (“3 CARBON”).
Under the terms of the Agreement as previously announced on April 16, 2018, Veritas has invested $300,000 US into 3 Carbon and issued 1,500,000 common shares of Veritas at a deemed price of $0.40 per share to the shareholders of 3 Carbon. The cash consideration will be used to build a scalable extraction facility at a location to be determined by the board of Veritas.
Also, under this agreement Veritas has the option to purchase the remaining Fifty Percent (50%) of the issued and outstanding shares of 3 Carbon from its shareholders, at a price determined by a qualified business valuator after 3 years of operation from this date. A bonus of 2,000,000 common shares of Veritas will be issued to the 3 Carbon shareholders at that time.
Veritas will carry on the business of evaluating the medical benefits of cannabis and licensing their IP to 3rd parties, conducting analytic and biological tests for 3rd parties, by building and/or acquiring cannabis growing operations, by selling and managing cannabis oil production equipment, and by producing cannabis for re-sale.
3 Carbon will work with Veritas on business development along with third party companies such as ExtractionTek Solutions Inc., located in Colorado, US, which will enhance both the value of 3 Carbon and to assist Veritas on its effort of producing cannabis for re-sale or for 3rd parties.
Veritas Pharma CEO, Dr. Lui Franciosi, stated, “With the completion of this purchase agreement, 3 Carbon will add additional shareholder value with its proprietary technology. The Board and I are excited to have the expertise of 3 Carbon’s founder, Philip Kwong within our group of companies. His knowledge of cannabis extraction alongside Veritas’ research and development of new cannabis-based treatments will further address the unmet needs in pain management as well as seniors/palliative care.“
The Company also announces the issuance of 2,000,000 stock options at $0.23 to directors, management, and consultants of the Company for a term of twelve (12) months.
About Veritas Pharma Inc.
Veritas Pharma Inc. is an emerging pharmaceutical and IP development company, who, through its 100% owned subsidiary Cannevert Therapeutics Ltd. (“CTL“), is advancing the science behind medical cannabis. It is the Company’s 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 a strong management team, bringing together veteran academic pharmacologists, anesthetists & chemists. The company’s commercial mission is to patent protect IP (cultivars & strains) and sell or license to cancer clinics, insurance industry and pharma, targeting multi-billion-dollar markets according to Deloitte’s Insights and Opportunities.
Veritas Pharma Inc. is a publicly traded company in 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
On behalf of the Board of Directors
"Dr. Lui Franciosi"
Dr. Lui Franciosi
President and 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.
The CSE has not reviewed, nor approved or disapproved the content of this press release.