Sechelt Organic Marijuana Inc. has been notified by Health Canada that it has progressed into the final review stage of the access to cannabis for medical purposes regulations (ACMPR) application process. Veritas Pharma Inc. (VRT: CNX) 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 yearfrom 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.
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