VANCOUVER, British Columbia, July 10, 2019 (GLOBE NEWSWIRE) -- Veritas Pharma Inc. (CSE: VRT; OTC: VRTHF; and Frankfurt: 2VP) (“Veritas” or the “Company”) announces that it has completed the sale of its interest in 3 Carbon Extractions Inc. (“3 Carbon”) to Mr. Yari Nieken for cash consideration of $375,000.
In April of 2018 Veritas Pharma announced the acquisition of 50% of the issued and outstanding shares of 3 Carbon. 3 Carbon is a private corporation that is in the business of designing cannabis extraction facilities and utilizing its own proprietary extraction methods.
Veritas Pharma’s Interim CEO, Mr. McFadden, commented, “the sale of our interest in 3 Carbon was taken as part of the restructuring of the Company with aims to consolidate and focus the Company through assets that directly contribute to the advancement of our mission. Currently neither our research nor our operations aligned with our interest in 3 Carbon. We believe that the payment received reflects the current fair value of 3 Carbon, and as such is in the interest of our shareholders. We wish the team at 3 Carbon great success in their future endeavors.”
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, 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’ is led by a strong management team, bringing together veteran academic pharmacologists, anesthetists & chemists. 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: www.veritaspharmainc.com
On behalf of the Board of Directors
Interim Chief Executive Officer & CFO
The CSE has not reviewed, nor approved or disapproved the content of this press release.