Vancouver, British Columbia--(Newsfile Corp. - December 9, 2019) - Veritas Pharma Inc.'s (CSE: VRT) (OTC: VRTHF) (Frankfurt: 2VP) ("Veritas" or the "Company") is pleased to announce that its fully owned subsidiary the Sechelt Organic Marijuana Corp. has completed the sale of its property located in Sechelt, BC, to Lis Holdings Ltd. for cash consideration of $350,000.
This property was originally purchased in February 2015 with plans to construct a medical cannabis production facility under the ACMPR program. However, due to significant and unforeseen changes to the licensing requirements the property could no longer qualify for the intended use. Veritas Interim CEO, Mr. Peter McFadden, commented "this asset no longer provided any strategic value to our shareholders, as such we believe it to be prudent to sell the asset. It has been our aim to consolidate the company's assets to assets with potential to provide revenue within near to medium term."
About Veritas Pharma
Veritas Pharma Inc. is an emerging pharmaceutical and IP development company, who, through its 100% 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 and nausea, 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.
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 markets.
Veritas Pharma Inc. is a publicly traded company in 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
Interim Chief Executive Officer & CFO
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.
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