Vancouver, Canada-based medical cannabis science firm Veritas Pharma Inc. (CSE: VRT; OTC: VRTHF; and Frankfurt: 2VP) agreed recently to sell 100% of the outstanding shares of Sechelt Organic Marijuana Inc. to Leis Industries Limited.
Leis will acquire all of the Sechelt common shares for $350,000. Leis will advance $180,000 to Veritas immediately and pay the remaining $170,000 in shares. Completion of the sale is subject to conditions, including CSE acceptance.
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, insurance industry and pharma, targeting a multi-billion-dollar market. Its stock trades on the OTC, CSE and Frankfurt exchanges.
Source Veritas press release