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Veritas Pharma Inc
Symbol VRT
Shares Issued 51,016,949
Close 2018-02-16 C$ 0.50
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Veritas seeks fairness opinion for Cannevert takeover

2018-02-16 16:22 ET - News Release

Dr. Lui Franciosi reports


Veritas Pharma Inc. and its research arm, Cannevert Therapeutics Ltd. (CTL), are in the process of obtaining a fairness opinion from Davidson & Company LLP of Vancouver, Canada, regarding Veritas's planned takeover of Cannevert in the first quarter of 2018.

According to Davidson, a fairness opinion is defined as any written communication containing a conclusion as to the fairness of a proposed transaction to securityholders from a financial point of view. In other words, Veritas and Cannevert will come to an agreement on the potential value of taking over the remaining 20 per cent of Cannevert not already owned by Veritas, and Davidson will provide its opinion on whether that value is fair based on the skill sets of the Cannevert team, its scientific and clinical accomplishments, including the acquisition of a Health Canada dealer licence, and the current state of the medical cannabis industry.

Veritas's chief executive officer, Dr. Lui Franciosi, stated: "We are very close to taking over Cannevert. Having a reputable accounting firm, such as Davidson & Company, will give Veritas a solid opinion on what they think Cannevert is worth after two years of extensive cannabis research."

Davidson will perform this process over the next three weeks with a final report prepared for the first week of March.

About Veritas Pharma Inc.

Veritas Pharma is an emerging pharmaceutical and IP (intellectual property) development company, which, through its 80-per-cent-owned subsidiary 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 (posttraumatic stress syndrome), 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's investment in CTL is led by a strong management team, bringing together veteran academic pharmacologists, anesthetists and chemists.

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