Veritas Pharma Enters into agreement to acquire Commercial Hemp and Cannabis Processing Facility
VANCOUVER, British Columbia, Feb. 12, 2019 (GLOBE NEWSWIRE) -- Veritas Pharma Inc. (CSE: VRT; OTC: VRTHF; and Frankfurt: 2VP) (“Veritas” or the “Company”) is pleased to announce that it has entered into an agreement with TG Initiatives Ltd., to purchase a commercial processing facility for hemp and cannabis products(“asset”), that asset is capable of making a variety of hemp and cannabis products including edibles for human and animal use. Additionally, this asset provides the capability to make a variety of natural topical creams for pain relief and other ailments including any product that come out of the company’s acute pain reduction human trials recently announced in Puerto Rico.
Veritas’ director, Nick Standish, commented,
this is an exciting development for Veritas as it further develops our ability to commercialize our proprietary hemp and cannabis products, in addition to expanding our production potential to topical creams and edibles along with oil extracts. This purchase gives Veritas the potential to generate profits from toll manufacturing as well as moves the company closer to having a vertically integrated business model that supports the research of medicinal hemp and cannabis on a long term basis
The financial consideration for this transaction will consist of a cash component of $800,000.00 CAD, which is payable over three years, as well as the issuance of $400,000 shares of 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: www.veritaspharmainc.com
On behalf of the Board of Directors
"Mr. Peter McFadden"
Mr. Peter McFadden
Interim 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.
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