Veritas Pharma Inc. (VRT) has entered into an agreement with AlphaPheno Inc. of Washington, United States, to collaborate in the area of research and development.
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.
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