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Veritas Pharma Makes Strategic Investment in Cannabis Production for Future Cannevert R&D Needs
VANCOUVER, British Columbia, Dec. 21, 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 entered into a share exchange agreement with three separate individuals for the issuance of 14,583,333, 14,583,333 and 12,500,000 common shares of Veritas at $0.12 per share in exchange for their 700,000, 700,000, and 600,000 shares at $2.50 per share, respectively, of the private cannabis growing company, Indigenous Bloom Corp. (“IB”) of Kelowna, BC. Therefore, a total of 41,666,666 Company shares will be exchanged for 2,000,000 shares of IB.
Dr. Lui Franciosi, CEO of the Company, states that “this investment will enable our research arm, Cannevert Therapeutics Ltd., to obtain a consistent and reliable supply of cannabis strains as well as help fund important research and development efforts from the revenues generated.”
Indigenous Bloom partners with different Indigenous groups across Canada to assist and advise in medical cannabis and hemp related projects.
About Veritas Pharma Inc.
Veritas Pharma Inc. is an emerging pharmaceutical and IP development company that, 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.