Vancouver, Canada-based medical cannabis science firm Veritas Pharma Inc. (CSE: VRT; OTC: VRTHF; and Frankfurt: 2VP) will offer needed cannabis testing services to cannabis and hemp licensed producers as a means of producing revenue.
Veritas’ subsidiary, Cannevert Therapeutics Ltd. (CTL) will offer analytical and biological testing services at its Vancouver location and at its new facility in Burnaby, BC, that will be opening in the new year.
Dr. Lui Franciosi commented, “There has been a growing demand from LPs in Canada and abroad to better understand the pharmacology and therapeutic potential of their strains and related products. Therefore, alongside Cannevert’s focus on developing its own propriety medical cannabis products for pain and seniors’ care, it will assist producers to obtain analytical and biological profiles of their own products for revenue with the potential of entering into a co-development agreement.”
“Cannevert will then help them develop propriety products combined with monograph to inform clinicians and patients on their therapeutic use.”
To address the demand, Veritas has entered into a lease agreement for an 18,000+ sf facility in Burnaby, BC. The operations are contingent on Cannevert obtaining the appropriate Health Canada licenses, for which the applications are in progress.
Veritas Pharma Inc. is an emerging pharmaceutical and IP development company whose 100% owned subsidiary Cannevert Therapeutics Ltd. is working 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 critical 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, insurance industry and pharma, targeting a multi-billion-dollar market. Its stock trades on the OTC, CSE and Frankfurt exchanges.
Risk of Prosecution for Marijuana-Related Companies. If you are considering investing in a company that is connected to the marijuana industry, be aware that marijuana-related companies may be at risk of federal, and perhaps state, criminal prosecution. The Department of Treasury recently issued guidance noting: “[T]he Controlled Substances Act (“CSA”) makes it illegal under federal law to manufacture, distribute, or dispense marijuana. Many states impose and enforce similar prohibitions. Notwithstanding the federal ban, as of the date of this guidance, 20 states and the District of Columbia have legalized certain marijuana-related activity.”