VANCOUVER, British Columbia, Jan. 15, 2019 (GLOBE NEWSWIRE) -- Veritas Pharma Inc. (CSE: VRT; OTC: VRTHF; and Frankfurt: 2VP) (“Veritas” or the “Company”) is pleased to announce that it has entered into a Memorandum of Understanding (“MOU”) with Santa Marta Gold Holdings Ltd. (“Santa Marta”) where both companies will share the intellectual property (“IP”) jointly developed as part of a proposed agreement that outlines a medical cannabis research collaboration.
Under the terms of the MOU, both companies wish to collaborate in a structured, scientific manner with respect to formally identifying and cooperating on the advancement of medical cannabis strains or cultivars as well as to jointly develop, commercialize and patent protect medicinal products to treat specific diseases and chronic conditions.
Veritas’ CEO, Dr. Lui Franciosi stated, “Santa Marta will enable the scientists at Cannevert Therapeutics Ltd. (“CTL”) to obtain a variety of cannabis strains in the near future with the aim of discovering and developing proprietary products that have consistent and optimal clinical effects. This will be another example of a great partnership for the science and business of medical cannabis”.
Santa Marta’s director, Rafael Cotes Pardo, stated, “After meeting with Dr. Franciosi, and Prof. Michael Walker this week in Vancouver, and touring the Cannevert lab at UBC, I am extremely excited to enter into this agreement with the Veritas and Cannevert teams to explore the medical benefits of cannabis in a scientific manner. Our primary goal is to improve people’s quality of life through the medical cannabis, and we feel that this is the perfect team to align ourselves with to reach that goal”.
The definitive agreement is expected to be finalized by Q2 of this year.
About Santa Marta Gold Holding Ltd.
Santa Marta Gold Holdings Ltd. is a Canadian company with a wholly owned subsidiary VDL Colombia SAS, a Colombian company, which has a late stage application with the Colombian government to a be licensed producer of both cannabis and hemp. It has access to 35 hectares of farm land just outside of Santa Marta, Colombia, including a genetic library of nearly 1000 different cannabis cultivars registered with the Instituto Colombiano Agropecuario. SMGH also has plans to do outdoor industrial hemp production as well as indoor controlled environments for CBD and THC dominant strains to manufacture high grade cannabis oils for the international medical market. Their facilities are designed to European Union Good Manufacturing Practices (GMP) standards.
About Veritas Pharma Inc.
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’ investment in CTL 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 according to Deloitte’s Insights and Opportunities.
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
"Dr. Lui Franciosi"
Dr. Lui Franciosi
President and Chief Executive Officer
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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