VANCOUVER, British Columbia, Feb. 23, 2018 (GLOBE NEWSWIRE) -- Veritas Pharma Inc. (CSE:VRT) (OTC:VRTHF) (Frankfurt:2VP), (“Veritas” or the “Company”) is pleased to announce that it has completed the Share Purchase Agreement (the “Agreement”) with 906474 ALBERTA LTD. (the "Vender") for 100% of Sechelt Organic Marijuana Corp. (“SOM”).
Under the terms of the Agreement, the Company will acquire SOM through the acquisition of the outstanding shares of the Vendor for the sum of Eight Hundred Thousand ($800,000) dollars (the "Purchase Price"), subject to any adjustments provided for in the closing agreement. At the closing of the transaction, VRT shall issue 1,454,545 VRT Shares to the Vendor.
VRT is satisfied with its due diligence investigation, which shall be deemed to have been fulfilled on signing of this Agreement.
The Vendor and SOM will provide access to, and will permit VRT, through its management and representatives, to make enquiries of the operations, properties, assets and records of SOM and of their financial and their legal condition as VRT deems necessary and advisable to familiarize itself with SOM’s operations, properties, assets, records and other matters on an ongoing basis until closing.
About Sechelt Organic Marijuana Corp.
Sechelt Organic Marijuana Corp. (“SOM”), currently owns a secure commercial facility and land located in Sechelt, British Columbia, Canada. Since July 4, 2014, SOM has had an application with Health Canada to become a licensed producer under the Access to Cannabis for Medical Purposes Regulations (“ACMPR”). To date, SOM has moved into the fifth (Application Review) of the seven stages of the application process and subject to clearing this stage, its awaiting Pre-Licence Inspection and Licensing.
About Veritas Pharma Inc.
Veritas Pharma Inc. is an emerging pharmaceutical and IP development company, who, through its 80% owned subsidiary Cannevert Therapeutics Ltd. ("CTL"), is advancing the science behind medical cannabis. It is the Company’s 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 cannabis 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 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
"Dr. Lui Franciosi"
Dr. Lui Franciosi
President and 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
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