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Press Release

Veritas Pharma Provides Comment on Canadian Senate Recommendation for a One-Year Deferment Legalizing Cannabis


Posted on: 10 May 18

VANCOUVER, British Columbia, May 10, 2018 (GLOBE NEWSWIRE) -- Veritas Pharma Inc. (CSE:VRT) (OTC:VRTHF) (Frankfurt:2VP), (“Veritas” or the “Company”) provides the following statement to the recommendation issued by Members of the Standing Senate Committee on Aboriginal Peoples calling for a one-year deferment to allow for further consultation with Indigenous groups on May 1, 2018.

Members of the of the Standing Senate Committee on Aboriginal Peoples in the Canadian Senate are recommending the Liberal government hold back on legalizing cannabis for up to a year in order to address its potential for harmful effects in Indigenous communities. The committee, chaired by Liberal Saskatchewan Sen. Lillian Dyck, said in its report on Bill C-45 that the government simply did not consult enough with First Nations, Inuit and Métis communities before pushing ahead with its plan to legalize the drug.

Veritas believes that any amendment to Bill C-45 would not affect the Company as its current interest is patient populations in Puerto Rico, USA as well as Latin America and it is strictly related to the medical cannabis marketplace with both export and import of medical cannabis.

Scott Alexander, Medical Director at Veritas Pharma stated, "We believe that due diligence should be done in structuring Bill C-45 to ensure that all Canadians concerns are addressed. Veritas is solely focused on the medicinal properties of cannabis and our work in Canada is completed in a Health Canada approved facility. We will not be affected by any delays in the passing of Bill C-45 in our continued pursuit of scientific research into the use of cannabis for medical purposes as we seek to maximize its therapeutic effects and minimize the adverse effects that some patients experience."

Veritas would like to assure shareholders that we continue to be committed to advancing the science in medical, not recreational, cannabis where it’s legal and accessible, and the Company will continue to pursue our existing strategy through its 100% owned subsidiary Cannevert Therapeutics Ltd. on research the growing demand for reliable medical grade cannabis to develop the most effective cannabis strains.

The community of Americans who now rely on legal medical cannabis, estimated to be 2.6 million people in 2016, includes a variety of mainstream constituency groups like veterans, senior citizens, cancer survivors, and parents of epileptic children.

Presently, over 60% of Americans live in a state where cannabis is legal either medically or recreationally, and a recent poll revealed that about 8 in 10 adults support the legalization of marijuana for medical treatment (82% 2016), while half of Americans support legalizing marijuana for recreational use,  with a majority indicating that enforcing prohibition isn’t worth the cost.

Veritas continues to actively engage with our advisors to provide assistance to government officials on the ongoing policy making initiatives related to medical cannabis in Canada, the United States and other parts of the World.

About Veritas Pharma Inc.

Veritas Pharma Inc. is an emerging pharmaceutical and IP development company, who, through its 80% owned subsidiary Cannevert Therapeutics Ltd. ("CTL"), is advancing the science behind medical cannabis. It is the Company’s aim, through its investment in CTL, to develop the most effective cannabis strains (cultivars) specific to pain, nausea, epilepsy and PTSD, solving the critical need for clinical data to support medical marijuana claims. CTL’s unique value proposition uses a low-cost research and development model to help drive shareholder value, and speed-to-market. Veritas investment in CTL is led by strong management team, bringing together veteran academic pharmacologists, anesthetists & chemists. The company's commercial mission is to patent protect IP (cultivars & strains) and sell or license to cancer clinics, insurance industry and pharma, targeting multi-billion dollar global markets.

Veritas Pharma Inc. is a publicly traded company which trades in three countries including Canada, on the Canadian Stock Exchange under the ticker VRT; in the United States, on the OTC under the ticker VRTHF; and in Germany, on the Frankfurt exchange under the ticker 2VP.

For more information, please visit our website: veritaspharmainc.com

On behalf of the Board of Directors

"Dr. Lui Franciosi"
Dr. Lui Franciosi
President and Chief Executive Officer                              

Further information about the Company is available on our website at www.veritaspharmainc.com or under our profile on SEDAR at www.sedar.com and on the CSE website at www.thecse.com.

Investor and Public Relations Contact
Veritas Pharma Inc.
Sam Eskandari
Telephone: +1.416.918.6785
Email: ir@veritaspharmainc.com
Website: www.veritaspharmainc.com  

Neither the Canadian Securities Exchange nor its Market Regulator (as that term is defined in the policies of the Canadian Securities Exchange) accepts responsibility for the adequacy or accuracy of this release. The Canadian Securities Exchange has not in any way passed upon the merits of the proposed transaction and has neither approved nor disapproved the contents of this press release.

GlobeNewswire
globenewswire.com

Last updated on: 10/05/2018

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