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Should You Invest in Veritas Pharma?

Veritas Pharma, Inc. VRTHF (OTC)

Recommendation: See Below

Veritas Pharma, Inc. engages in the production and distribution of medical products. It also provides cannabis strains specific to pain, nausea, epilepsy and PTSD, solving the critical need for real science to support medical marijuana claims. They also cannabis testing and analysis services. The company was founded on May 14, 2014 and is headquartered in Sechelt, Canada.

Should you invest in Veritas Pharma Inc.?

Fundamentals
Profile:
HQ: Vancouver, Canada
Incorporated: 2014
Symbol: VRTHF (OTC), VRT (CSE), 2VP (Frankfurt, Germany)

Focus: Neutral
Veritas Pharma Inc. is an emerging pharmaceutical and IP development company whose 100% owned subsidiary Cannevert Therapeutics Ltd.  is attempting to advance the science behind medical cannabis. It aims to develop cannabis strains with proven scientific evidence of efficacy for pain, nausea, epilepsy, and PTSD, solving a need for clinical data to support medical marijuana claims.

CTL uses a low-cost R&D model to drive value and speed-to-market. Its management team consists of veteran academic pharmacologists, anesthetists & chemists. The company plans to patent IP strains and sell or license them to cancer clinics, the insurance industry, and pharma, targeting a multi-billion-dollar market.

Through over 250 experiments and over 150 pharmacological and biological studies, it has discovered two cannabis strains as potentially therapeutic—one for pain (CTL-X, acute pain) and the other for nausea.



Size:
Market Cap: US $2.23 mil
Enterprise Value: US $2.07 mil

Markets: Neutral
No markets yet. If it develops a product, it will target Puerto Rico first, then other countries where it will be allowed to sell. It has agreements with companies in UK, Columbia, and Israel to help it market in other countries.

Operations: Neutral
Still in the drug development stage

Distribution: 
Direct sales: No products yet
Agreements: Firms in the UK, Columbia, Israel to assist in global marketing (product dependent)

Subsidiaries and Partnerships:
Cannevert Therapeutics and 3 Carbon Extractions

Financials: Weak
12.16 million outstanding shares, negative income ($12 mil) from 12 months ending July 2019

Management: Neutral
CEO: Peter McFadden
Medical Director: Dr. M. Scott Alexander MBBS
Controller: Barbara J. Joe

Branding: Neutral
None yet with no products. CTL-X in human clinical trials (Phase 1) soon.

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Valuation: Neutral
Current share price: US $0.17
Price to Sales: NA, no sales (Biopharma industry average = 7.5)
Price to Book: 3.40
52 week low/high: US $0.14-1.70

Risks: High
The risks of investing in any cannabis company are currently high given the newness of the market. The risks of investing in this company are very high since it does not yet have products and R&D pipelines are very early in clinical trial development.

Should You Invest in Veritas Pharma?

Recommendation: Weak
Veritas is an emerging pharmaceutical and IP development company that does not yet have a marketable product or any revenue. After expenses, it lost $12 million last year. It is currently conducting small scale clinical trials in Puerto Rico of a proprietary CBD product for pain. If the trials are successful, it will begin selling the product in Puerto Rico next year.

Because the company has no sales, it is impossible to calculate the price to sales. Typically the lower the price to sales the better. In this case, stay away.

In the meantime, the company is running low on money. It tried to raise $2.5 million last fall by selling 13 million shares at $0.19 per share but only succeeded in selling 8.5 million shares and raising $1.56 million. It spent $1.25 million of this on a facility in British Columbia to grow cannabis for further testing. This year they’ve spent only 150,000 on research and development. This amount is nowhere near what is needed to take a drug candidate into clinical trials suggesting halted or delayed implementation.

They’ve announced plans to sell scientific expertise at cannabis testing to other cannabis producers to raise revenue last year. This didn’t happen. Hopefully, they get back on track to achieve their mission to discover cannabis strains and develop CBD products, that have scientifically proven evidence of pain management. It seems to have hit a snare.

We do not feel the company is far enough along or convincing enough yet in its ability to generate revenue, to invest in it. We at Cannin will keep you posted on Veritas‘ progress over the coming years.


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