Vancouver, Canada-based medical cannabis science firm Veritas Pharma Inc. (CSE: VRT; OTC: VRTHF; and Frankfurt: 2VP) gave a corporate update on its activities in 2018 and a revenue outlook for 2019.
Veritas Pharma plans to generate revenue from two sources in 2019.
First, if human trials of its subsidiary Cannevert’s lead product, CTL-X, demonstrate pain relief, it will be placed in Puerto Rican medical cannabis dispensaries for sale.
Second, its subsidiary Cannevert will offer analytical and biological testing services to cannabis and hemp licensed producers. These will enable producers to better understand and protect the therapeutic potential of their products for consumers and existing research programs. The work will be done either as a joint development program or a straight fee-for-service.
Cannevert will offer testing services at its Vancouver location and its new facility in Burnaby, BC. It has signed 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.
Human Trials of CTL-X in Puerto Rico
Clinical trials of Cannevert’s CBD drug candidate CTL-X will be held in Puerto Rico using a randomized, double- blind, crossover design to assess one dose of CTL-X against a placebo control strain in 16 subjects exposed to various amounts of acute pain. The start of these trials is expected in October, and it should take approximately three weeks to complete.
Cancer project downgraded
Cannevert was working with Fibroblast Consulting on a cancer research project since November 2017. Cannevert supplied it with cannabis extracts to assess their effects in several human cancer cell lines. While there was some anti-cancer activity discovered, the results were inconclusive. Cannevert has decided to downgrade this project’s priority until more funding could be allocated.
Partnerships for Global Commercialization and Cooperative IP
Cannevert needs more diverse cannabis strains to better understand the effects that cannabis can produce. Hence, it entered various agreements with firms in Columbia, UK and Israel to gain access to unique strains and also sell and promote its own branded products in specific regions of the world.
Cannevert’s dealer license amendment
Cannevert recently requested an update to its dealer license, from being allowed to possess, produce, analyze, sell, send, transport, and deliver cannabis, hemp and related products, to also package and label its own products. It anticipates an answer before legalization in October.
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.
Source Veritas press release