Vancouver, British Columbia--(Newsfile Corp. - December 23, 2020) - Veritas Pharma Inc. (CSE: VRT) (OTC: VRTHF) (FSE: 2VPA) ("Veritas" or the "Company") is pleased to announce that it expects to complete the Due Diligence process for the acquisition of Indigenous Bloom Hemp Corporation ("HempCo") within the first half of January 2021 and announce the dates and process by which the shareholders will have an opportunity to approve the completion of this transaction.
Veritas interim CEO and CFO, Mr. Peter McFadden, commented, "It has been a taxing few months, we have now nearly completed an extensive audit of HempCo and are more certain now than before that this transaction will provide our shareholders with substantial value."
As announced on September 9th, 2020, the closing of this transaction will require the approval of Veritas' Shareholders, HempCo's Shareholders, and a final approval by Canadian Securities and Exchange ("CSE").
Additionally, Veritas Pharma would like to announce the resignation of Mr. Nick Standish as of December 22, 2020. Veritas would like to wish Mr. Standish success in all his future endeavours and thank him for all his contributions during the past two years.
About Indigenous Bloom Hemp Corporation ("HempCo")
HempCo operates a large-scale industrial hemp farm in Southern Manitoba on approximately 347 acres of zoned farmland. The primary business of the Company is the sale of hemp biomass, flower, and phytocannabinoid rich extracts derived from hemp biomass. Currently, the company is operating under a third-party cultivation license. However, HempCo has applied to Health Canada for its own license and will transition to that license once approved.
About Veritas Pharma
Veritas Pharma Inc. has developed some intellectual property relating to various cannabis strains. It is the Company's aim to advance the science behind medical cannabis, by developing the most effective cannabis based treatments for specific disease conditions and acquire income producing assets in the cannabis industry. The Company's mission is to commercialize its proprietary cannabis products. In addition, Veritas aims to utilize its expertise to enter into mergers and acquisitions with various cannabis industry participants in order to fulfil its aims to enter revenue generation by the end of the second quarter of 2020.
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
"Peter McFadden"
Peter McFadden
Interim Chief Executive Officer & CFO
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.
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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