Dr. Lui Franciosi reports

VERITAS' RESEARCH ARM CANNEVERT THERAPEUTICS SIGNS LETTER OF INTENT WITH FUNDACION (FDI) OF PUERTO RICO USA TO BEGIN HUMAN TRIALS OF ITS LEAD CANNABIS STRAIN FOR PAIN

Veritas Pharma Inc.'s research arm, Cannevert Therapeutics Ltd. (CTL), has signed a letter of intent with the Fundacion de Investigacion (FDI) in San Juan, Puerto Rico, to conduct the first human study of CTL-X, its lead cannabis strain targeting pain.

The study will be done in two stages to assess the analgesic effects of this lead strain. The first stage will have an open-label design to look at the feasibility of two doses of CTL-X in five subjects while the second stage will use a randomized, double-blind, crossover design to assess one dose of CTL-X against a placebo control strain in 16 subjects who will be exposed to various modalities of acute pain.

Veritas's chief executive officer, Dr. Lui Franciosi, stated: "We are pleased to see Cannevert's lead strain for pain is finally heading into human trials. It's important to us to move quickly into this next phase of providing clinical proof of cannabis's effectiveness, this after our chemical and animal assays delivered favourable results. FDI is a reputable group of clinicians and clinical trialists with a long history of evaluating treatments for major pharmaceutical companies. The Puerto Ricans are becoming world leaders in investigating and selling cGMP medical cannabis and their insights will be valuable. We aim to provide physicians and patients with scientifically tested and clinically proven cannabis therapies targeting pain. In the next year, Veritas's goal is to have a branded analgesic strain in which its dose and method of administration are standardized to actively compete with over-the-counter analgesics as well as potentially reducing or eliminating opioid use in the acute and chronic pain markets."

Puerto Rico is one of the world's best-known pharmaceutical production and development centres with a growing biotech presence. Most of the biggest pharmaceutical companies have used this U.S. territory as a manufacturing or outsourcing base due to its established infrastructure, highly skilled labour force, popular tax incentives, and immediate access to the U.S. market. Around 60 per cent of Puerto Rico's export value is pharma related and over 25 per cent of the country's GDP (gross domestic product) comes from the pharma industry (Puerto Rico Report, 2017). In 2015, the territory legalized the use of medical cannabis to treat at least 14 preapproved conditions including pain, HIV (human immunodeficiency virus), cancer, multiple sclerosis, migraines, anxiety and epilepsy. According to the popular on-line magazine the Cannabist, there are nearly 9,000 Puerto Ricans who have paid $25 (U.S.) a year for a permit to use medical cannabis, 27 dispensaries, 11 grow facilities, five manufacturing centres and two laboratories responsible for analyzing all medical marijuana before it is sold (the Cannabist, 2017).

About Veritas Pharma Inc.

Veritas Pharma is an emerging-stage pharmaceutical and IP (intellectual property) development company, which, through Cannevert Therapeutics, 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 a strong management team, bringing together veteran academic pharmacologists, anesthetists and chemists.