NEWS!!! Health Canada Final Review Notification Received For
February 21, 2017, Vancouver, B.C. – Veritas Pharma Inc. (CSE: VRT; OTC: VRTHF; and Frankfurt: 2VP), an emerging discovery and IP development company, is pleased to announce that, pursuant to the news release announced November 21, 2016, Sechelt Organic Marijuana Inc. (“Sechelt”), has been notified by Health Canada that it has successfully progressed into the Final Review stage of the ‘Access to Cannabis for Medical Purposes Regulations’ (ACMPR) application process. Veritas has been granted the exclusive option to acquire 100% ownership of Sechelt, subject to certain terms and conditions including; obtaining an ACMPR/MMPR license and the issuance of a permit by Health Canada for the building of a cannabis growing facility.
Sechelt currently owns a secure commercial facility and land located in Sechelt, British Columbia, Canada and, since July 4th, 2014, and has had an application pending with Health Canada for a new ACMPR license. Sechelt personnel includes an experienced grow master who is currently a ‘designated grower’ under current ACMPR licensing guidelines Health Canada will now assess Sechelt’s physical security plans to validate the information in its application.
“Sechelt sits with a minority of applicants who have successfully moved through the security clearance stage and into the final review stage,” stated Veritas CEO, Dr. Lui Franciosi. “We are excited by the prospect of Sechelt receiving its ACMPR license in due course, which is a significant development for it, Veritas and Cannevert.”
Veritas Pharma and Cannevert Therapeutics have been actively preparing for their first clinical trials of select cannabis strains targeting pain sometime this year. This scientific work forms the basis for Veritas’ future branding and traction in Canadian market, especially if Health Canada issues Sechelt a grower’s license. The Company will be in a better position to produce special varieties of cannabis that have the ideal therapeutic characteristics. Upon Cannevert Therapeutics completing the clinical evidence and Sechelt obtaining a production license, Veritas will be in a strong position to enter the United States with Marapharm Ventures Inc. as its key partner. Marapharm has significant ownership of Veritas.
Veritas would also like to announce that 400,000 stock options have been issued; 200,000 each to two consultants. The options will be vested immediately and have an exercise price of $0.47. The options will expire, if unexercised, in one year from date of issue. Further to the January 12, 2017 announcement of the issuance of warrants expiring on June 7, 2018, the Company has paid a 10% or $50,000 in finders’ fees to unrelated third parties.
About Sechelt Organic Medicine Inc.
Sechelt was formed to become a producer of medical marijuana under the ACMPR license. The products designed by Cannevert Therapeutics require the ability to grow specific strains of medical marijuana under ideal conditions. Sechelt provides Cannevert Therapeutics this ability.
About Veritas Pharma Inc.
Veritas Pharma Inc. is an emerging discovery and IP development company, committed to advancing the science behind medical cannabis. The company’s current R&D efforts are being conducted through its strategic partner, Cannevert Therapeutics Ltd. (“CTL”). The ultimate objectives of our 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.
About Cannevert Therapeutics Ltd.
CTL is a private company owned by a unique group of chemists, pharmacologists, and other medical science professionals. With offices located on the campus of the University of British Columbia, CTL has obtained permission from Health Canada to conduct research on cannabis strains. CTL has entered a funding agreement with Veritas where, upon advancing $1.5 million to CTL, Veritas will earn an 80% ownership interest in CTL. To date, Veritas has advanced $750,000 to CTL and holds contingent ownership of, but not the voting rights over, 40.5% of the issued and outstanding common shares of CTL. Veritas will not acquire full ownership rights, including voting rights, over any CTL common shares until the entire $1.5 million has been paid. CTL has also entered a licensing agreement with Veritas, licensing Veritas to market all products developed by CTL.
Veritas’ and CTL’s 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. 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.
For more information, please visit our website: veritaspharmainc.com
On behalf of the Board of Directors; Veritas Pharma Inc.
Dr. Lui Franciosi
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.
DISCLAIMER: Forward-Looking Information: This news release contains certain forward-looking information. All information, other than information regarding historic fact that addresses activities, events or developments that the Company believes, expects or anticipates will or may occur in the future is forward-looking information. The forward-looking information contained in this news release reflects the current expectations, assumptions and/or beliefs of the Company based on information currently available to the Company. With respect to the forward-looking information contained in this news release, the Company has made assumptions regarding, among other things, the results of the research and development activities, and the continued ability of the Company to raise additional financing. The forward-looking information contained in this news release is subject to a number of risks and uncertainties that may cause actual results or events to differ materially from current expectations, including the any future changes to laws pertaining to the use of cannabis derived pharmaceuticals, prices and demand for cannabis derived pharmaceuticals, future currency and interest rates. Additionally, if the Company is unable to obtain additional financing, the Company may be required to curtail activities and/or liquidate its assets or the Company's creditors may seek to seize its assets. Any forward-looking information speaks only as of the date on which it is made and, except as may be required by applicable law, the Company disclaims any obligation to update or modify such forward-looking information, either because of new information, future events or for any other reason. Although the Company believes that the assumptions inherent in the forward-looking information are reasonable, forward-looking information is not a guarantee of future performance and accordingly undue reliance should not be put on such information due to the inherent uncertainty therein. The CSE has not reviewed, nor approved or disapproved the contents of this press release.