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$VRTHF Veritas Intends to Complete the 100% Takeover of Cannevert Therapeutics in Q1
VANCOUVER, British Columbia, Feb. 20, 2018 (GLOBE NEWSWIRE) -- Veritas Pharma Inc. (CSE:VRT) (OTC:VRTHF) (Frankfurt:2VP), (“Veritas” or the “Company”) is pleased to announce the Company and its research arm, Cannevert Therapeutics Ltd. (“CTL”), are in process of obtaining a Fairness Opinion from Davidson & Company LLP (“Davidson”) of Vancouver, Canada regarding Veritas’ planned takeover of Cannevert in the first Quarter of 2018.

According to Davidson, a Fairness Opinion is defined as, “any written communication containing a conclusion as to the fairness of a proposed transaction to security holders, from a financial point of view.” In other words, Veritas and Cannevert will come to an agreement on the potential value of taking over the remaining 20% of Cannevert not already owned by Veritas, and Davidson will provide their opinion on whether that value is fair based on the skillsets of the Cannevert team, their scientific and clinical accomplishments, including the acquisition of a Health Canada Dealer Licence, and the current state of the medical cannabis industry.

Veritas’ CEO, Dr. Lui Franciosi stated, “We are very close to taking over Cannevert. Having a reputable accounting firm such as Davidson & Company will give Veritas a solid opinion on what they think Cannevert is worth after two years of extensive cannabis research.” Davidson will perform this process over the next three weeks with a final report prepared for the first week of March.

https://www.otcmarkets.com/stock/VRTHF/news/story?e&id=1008155