Veritas Pharma signs letter of intent to secure ACMPR license, growing facility
By Veritas Pharma
Nov. 21, 2017, Vancouver - Veritas Pharma Inc. has announced that it has signed a Binding Letter of Intent with 906474 Alberta Ltd. subject to regulatory authority to acquire 100 per cent ownership of Sechelt Organic Marijuana Corp., free and clear of all liens, charges and encumbrances in exchange for $800,000 payable in shares of Veritas priced at the last trading day immediately preceding the closing. Veritas is also issuing to 906474 Special Warrant Shares which would entitle 906474 to additional shares of Veritas equal to $800,000 less the current market price of the Veritas Shares times the market price on the last trading day immediately following the four month holding period.
By Veritas Pharma
SOM, currently owns a secure commercial facility and land located in Sechelt, British Columbia, Canada and, since July 4, 2014, has had an application with Health Canada to become a licensed producer under the ACMPR.
Dr. Lui Franciosi, CEO, Veritas Pharma comments, “This is a win-win scenario for Veritas and its shareholders. We believe this transaction is both tactical and value driven. Further and most importantly, it is representative of the steps we will take to secure and maximize our position along the medical marijuana supply chain. We are making great strides advancing our investment in R&D through Cannevert Therapeutics, targeting pain, nauseas and PTSD solutions. This strategic acquisition will bring together our valuable IP surrounding our disease specific medical marijuana strains.”
Dr. Franciosi continues, “With this acquisition, Veritas will control and have ownership of the entire process from developing our patented strains through Cannevert, to cultivation, thereby ensuring that the medical marijuana product is backed by scientific data, and that it is ready for market.”