(TheNewswire)
February 20, 2017 / TheNewswire / 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-stage pharmaceutical and IP development company, who, through Cannevert
Therapeutics Ltd. (CTL), is advancing the science behind medical cannabis. It is the Company 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 strong management team, bringing together
veteran academic pharmacologists, anesthetists & chemists. The company’s commercial mission is to patent protect CTL’s IP
(cultivars & strains) and sell or license to cancer clinics, insurance industry and pharma, targeting multi-billion dollar global
markets.
About Cannevert Therapeutics Ltd.
CTL is a private company owned by a unique group of chemists, pharmacologists, and other medical
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. Although Veritas has advanced $1,250,000 to CTL, no ownership interest
will be earned by Veritas until the entire $1.5 million is received. CTL has also entered a licensing agreement with Veritas,
licensing Veritas to market all products developed by CTL.
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: www.veritaspharmainc.com
On behalf of the Board of Directors; Veritas Pharma Inc.
"Dr. Lui Franciosi"
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.
Sam Eskandari
Telephone: +1.416.918.6785
Email: ir@veritaspharmainc.com
Website: www.veritaspharmainc.com
The CSE has not reviewed, nor approved or disapproved the content of this press release.
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