PROCEEDING TO BUILD STATE-OF-THE-ART CANNABIS CULTIVATION FACILITY
Veritas Pharma Inc. (VRT.V) is preparing to begin construction of a state-of-the-art cannabis growing facility upon receiving Health Canada's licence under the access to cannabis for medical purposes regulations (ACMPR). Veritas Pharma, through its subsidiary Sechelt Organic Marijuana Corp., has initiated the tendering process and is awaiting bids for the construction of its proposed growing facility.
Veritas CEO, Lui Franciosi stated, "This is an important milestone for Veritas. Sechelt has taken a meaningful step towards building a state-of-the-art medical marijuana growing facility and we feel that this, combined with recent alterations to the licensing process (see news release June 6, 2017) and indications from the Federal Government that they are concerned by the lack of marijuana cultivation capacity, bodes extremely well for our project and our shareholders. With the Federal Government's aim to legalize recreational marijuana by July 1st, 2018, our target is to be able to have our products ready for market by that date. Sechelt team's goal will be to select the most economic proposals that can effectively meet the level of quality we require for our medical-grade marijuana without compromise. We believe that we have the capacity to be the first company in Canada to produce high-quality marijuana whose efficacy and potency is profiled through comprehensive scientific evidence. These are exciting times for Veritas as the company currently is well-funded and both the research and production plans are well on track."
Since July 4th, 2014, Sechelt has had an application pending with Health Canada for a ACMPR license for the cultivation/production and processing of 4500 kg/yr of marijuana and, in February 2017, received notification that it is in the final review stage of the application. Sechelt has entered into a lease with an option to purchase 0.73 acres of fenced, geo-tech industrial property in an approved jurisdiction to build a 2-story facility totalling 20,000 square feet in Sechelt, British Columbia, Canada. The plans for this facility include 6,800 sq. ft. of budding rooms, 3,000 sq. ft. of cloning rooms, as well as a small testing lab and secure storage room. The building will contain a Level 9 safe, which will provide ample room for increased production capacity going forwards. The building and the security requirements have been designed and implemented in compliance with Canadian Federal Government requirements. Sechelt personnel include an experienced grow team who will comply with all of the ACMPR licensing guidelines. Sechelt's personnel will also utilize a unique "no till" technique which results in the growth of consistent strains both of which are 100% organic and cost efficient. The proposed grow rooms are unique both in construction and design with each unit meeting airflow management and electrical light requirements. Additionally, Veritas' growing methods focus on organic procedures for soil management and the complete exclusion of spraying any types of chemical additives. Finally, the unique soil conditions and growing environment is designed to maximize both quality and quantity of marijuana produced.
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'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 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 markets.
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.
About Sechelt Organic Marijuana Inc.
Sechelt Organic Marijuana Corp. ("Sechelt") was formed with the purpose of becoming a licensed producer under the Access to Cannabis for Medical Purposes (ACMPR) regulations. In 2016, Veritas entered into an agreement with Sechelt to acquire 100% ownership of Sechelt, subject to it obtaining an ACMPR license. This agreement was reached with aims to allow Veritas to grow and bring to market its proprietary cannabis strains.
Sechelt owns a secure commercial facility and land and leases with an option to purchase 0.73 acres of fenced, geo — tech industrial property in an approved jurisdiction to build a 2 story, 10,000 square foot MMPR facility in Sechelt, British Columbia, Canada.
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. Veritas, through its investment of $1.5 million, in CTL as of April 2017 has obtained an 80% ownership interest in CTL. 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.