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Vancouver, British Columbia--(Newsfile Corp. - April 30, 2021) - Veritas Pharma Inc. (CSE: VRT) (OTC: VRTHF) (FSE: 2VP) ("Veritas" or the "Company") is pleased to announce the results of its Annual and Special Meeting of the Shareholders (the "Meeting") held on April 29th, 2021. At the Meeting, shareholders approved the acquisition of Indigenous Bloom Hemp Corporation ("HempCo") by special resolution. Details of the acquisition are in the Company's Information Circular dated March 1, 2021, the amendment thereto dated March 24, 2021 and in the Company's news release dated September 9, 2020. The acquisition also received minority approval of shareholders pursuant to the provisions of Multilateral Instrument 61-101 Protection of Minority Shareholders in Special Transactions ("MI 61-101"). The acquisition was approved by 99.98% of the votes cast by all shareholders and by 99.94% of the votes cast by the minority shareholders. The acquisition was exempt from the formal valuation requirements of MI 61-101 under section 5.5(b) thereof in that no securities of Veritas are listed on the Toronto Stock Exchange, Aequitas NEO Exchange, the New York Stock Exchange, the American Stock Exchange, the NASDAQ Stock market, or a stock exchange outside of Canada and the United States other than the Alternative Investment market of the London Stock Exchange or the PLUS markets operated by PLUS Markets Group plc.
Shareholders also approved the consolidation of the Company's common shares on the basis of one post-consolidation common share for every two pre-consolidation common shares by way of special resolution.
The acquisition and share consolidation remain subject to acceptance for filing by the Canadian Securities Exchange.
Veritas' Interim CEO, Mr. Peter McFadden, commented, "we are extremely pleased to see that our shareholders have the same level of enthusiasm as the management in acquiring HempCo. I believe that this acquisition provides a new dawn for Veritas where we can begin to deliver on our promise to shareholders to create value by engaging in projects that have potential to be profitable in short to mid-term."
Shareholders also voted on the election of directors and Mark Roseborough, Blair Lowther, Sharon Brady, Howard Ash and Greg Van Wyk were elected to board of directors. Mark Rosenborough will be appointed as Chairman and CEO and Peter McFadden will be appointed as CFO.
About Indigenous Bloom Hemp Corporation
HempCo currently operates a large-scale industrial hemp farm in Southern Manitoba on approximately 347 acres of zoned farmland. The primary focus of HempCo is the sale of hemp biomass, flower, and phytocannabinoid rich extracts derived from hemp biomass. This growing region in Manitoba is widely regarded in the industry as one of the best climates in North America for the cultivation of Hemp, and is a key part of the Company's growth strategy.
HempCo currently operates under a third-party license to cultivate and handle hemp, per the 2018 Cannabis Act. HempCo has applied for its own license and will transition to that license once approved. Beyond Manitoba, HempCo is currently either engaged in, or negotiating, processing agreements in British Columbia and other provinces, making it possible to have sales of Bulk PCR Hemp Extract in late 2020 or early 2021.
HempCo is currently planting a crop across these 347 acres using cannabidiol dominant genetics. Additionally, HempCo has mechanized substantial parts of its operation, including the harvesting of products, as well as tunnel/barrel dryers for post harvesting. The Company currently has marketed three primary products, and is in the process of diversifying its product line as the Company grows.
HempCo's long-term vision is to achieve vertical integration of its operations, positioning it as a leading producer of industrial hemp and hemp derived products in North America and globally.
About Veritas Pharma
Veritas has developed intellectual property relating to various cannabis strains. It is the Company's aim to advance the science behind medical cannabis, by developing the most effective cannabis-based treatments for specific disease conditions and to acquire income-producing assets in the cannabis industry. The Company's mission is to commercialize its proprietary cannabis products. In addition, Veritas aims to utilize its expertise to enter into mergers and acquisitions with various cannabis industry participants in order to fulfill its aims to enter revenue generation.
Veritas Pharma Inc. is a publicly traded company in Canada, on the Canadian Securities 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: www.veritaspharmainc.com.
On behalf of the Board of Directors
Interim Chief Executive Officer & CFO
Investor and Public Relations Contact
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/82455.