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Veritas Provides An Update On Cannevert

Veritas Pharma Inc., an emerging discovery and IP development company, provided updates on its agreement, accomplishments and closing terms for the acquisition of Cannevert Therapeutics Ltd. (CTL).

Veritas Pharma Inc.
(CSE: VRT; OTC: VRTHF; and Frankfurt: 2VP), an emerging discovery and
IP development company, provided updates on its agreement,
accomplishments and closing terms for the acquisition of Cannevert
Therapeutics Ltd. (CTL).

CTL is a privately-own company made up of
established academics from The University of British Columbia. Per a
December 2015 agreement, Veritas is required to advance Cannevert
CAD$1.5 million to act as its research arm. This funding must be done
in quarterly installments of CAD$250,000. Following each installment,
Cannevert would provide Veritas with a research progress report (if new
information was available):

Research Update




April 7th, 2016

Establishment and standardization of the chemical and pharmacological assays that will be used to screen new cannabis cultivars


July 17, 2016

Analysis and screening of cannabis strains continued


Sep. 14, 2016

Analysis and screening of cannabis strains continued


Oct 4, 2016

Several cannabis strains identified as potentially therapeutic


Feb 24, 2017

Progress from animal testing to setting the stage for clinical trials

In January 2017, Veritas advanced its fifth
installment of six and placed the remaining payment in escrow. This last
installment, which will be advanced on May 1st,
2017, signifies that Veritas will have 80% ownership of Cannevert. The
Company will then conduct a valuation of Cannevert’s assets and research
results using an independent auditor. All payment are current and the
agreement in place between the parties is in good standing.

Cannevert’s current expertise and skillsets
include the following staff: 2 PhDs for basic chemistry to isolate and
quantify cannabinoids with help from some junior personnel; 5 PhDs and 1
MD for pharmacology and biology; and 2 PhD post-doctoral fellows
focused on studying analgesia and nausea-vomiting. Cannevert has also
hired three part-time employees as well as an accountant for data
handling, analysis, reporting and archiving. In coming months,
Cannevert’s main research aim will be to conduct clinical trials that
will support the generation of protectable intellectual property in
cannabis research. It has also approached appropriate clinical trial
professionals and patenting experts.

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

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:

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 or under our profile on SEDAR at
and on the CSE website at

Investor and Public Relations Contact

Veritas Pharma Inc.

Sam Eskandari

Telephone: +1.416.918.6785

Email: [email protected]


The CSE has not reviewed, nor approved or disapproved the content of this press release.

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