Vancouver, B.C. / TheNewswire / March 15, 2017 - Veritas Pharma Inc. "Veritas" (CSE: VRT; OTC: VRTHF; and Frankfurt: 2VP), an emerging discovery and IP development company, is pleased to announce that it has entered into an agreement with AlphaPheno Inc. "AlphaPheno" of Washington State, USA, to collaborate in the area of Research and Development "R&D".
Alpha holds a Tier 3 Cultivation and Processing license and therefore is permitted to apply for and hold a R&D license. AlphaPheno has an extensive list of cannabis genetics and existing cultivation space; furthermore, AlphaPheno is applying for a Marijuana Research License to leverage the synergy with Veritas. The License provides for the ability to produce, process and possess marijuana; in addition to, being able to test chemical potency, composition levels, conduct clinical investigations of marijuana derived drug products, conduct research on the efficacy and safety of administering marijuana as part of medical treatment, conduct genomic and agricultural research. AlphaPheno's CEO, Kurt Keating, commented, "we are delighted to work with Veritas Pharma. I believe that this collaboration will achieve great things for the cannabis space and will greatly benefit both companies."
Veritas will provide the R&D thesis, programs, equipment and laboratory standards, and the protocol for a focused R&D approach. Veritas will also determine the key qualified personnel required to execute these programs. A new laboratory will be constructed within the existing AlphaPheno's facilities.
Dr. Lui Franciosi, Veritas CEO stated, "Veritas is excited to expand into the United States market. Marijuana Business News estimates that the national US market is in the multi-billion a year range, while Huffington Post estimates the market is around $35 billion a year. Despite the range of estimates, it is very clear that the market opportunity is extremely substantial. We have the science, the experience, the team, and have an economic business model. Our team has created over a billion dollars of shareholder value in their past ventures and now is very excited to be involved in this new venture which is poised to be a very lucrative industry."
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.
The CSE has not reviewed, nor approved or disapproved the content of this press release.