Veritas Pharma Inc. (VRT: CNX) was notified by Health Canada to be in the final review stage of its license application, the company has provided additional details in regard to its marijuana growing strategy and facility.
The acquisition of Veritas’ wholly owned subsidiary, Sechelt Organic Marijuana Corp. “Sechelt”, is subject to certain terms and conditions, including obtaining a Health Canada ACMPR/MMPR license for the building of a cannabis growing facility. Since July 4th, 2014, Sechelt has had an application pending with Health Canada for said license. Sechelt leases with an option to purchase 0.73 acres of fenced, geo – tech industrial property in an approved jurisdiction to build a 2 story, 10,000 square foot MMPR facility in Sechelt, British Columbia, Canada.
The plans for this facility include 6,800 sq. ft. of budding rooms, 3,000 sq. ft. of cloning rooms, as well as a small testing lab and secure storage room. The building and the security requirements have been designed and implemented in compliance with Canadian government requirements.
Sechelt personnel include an experienced grow team, who meet all of the ACMPR licensing guidelines.
Sechelt’s personnel utilize a unique “no till” technique, which results in the growth of consistent strains, which are both 100% organic and cost efficient. The proposed grow rooms are unique both in construction and design, with each unit meeting air flow management and electrical light requirements. Additionally, the growing method focuses on organic methods for soil management, and the complete exclusion of spraying any types of chemicals. Finally, the unique soil conditions and growing environment is designed to maximize both quality and quantity of marijuana produced.
Veritas CEO, Dr. Lui Franciosi, commented, “Our goal is to create shareholder value. To achieve this, we plan to create the most effective disease-resistant specific strains of marijuana, and to provide conclusive scientific evidence so doctors and patients alike can recommend and use our proprietary strains with confidence. A key portion of the strategy is to produce high quality, consistent marijuana plants. I am confident that with our strategy, which combines organic growing practices, industry leading testing standards, and scientific approaches to growing methods, we can produce the highest quality strains required for the branding of our proposed products. Good business allows for good revenue and good revenue allows for good profit and this too, is a goal for Veritas.”
About Veritas Pharma Inc.
Veritas Pharma Inc. is an emerging-stage pharmaceutical and IP development company, who, through 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.
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