Veritas Announces Restructuring of Cannevert Therapeutics Ltd.

VANCOUVER, British Columbia, May 15, 2019 (GLOBE NEWSWIRE) -- Veritas Pharma Inc. (CSE: VRT; OTC: VRTHF; and Frankfurt: 2VP) (“Veritas” or the “Company”) announces that it has undertaken steps to restructure and rebuild Cannevert Therapeutics Ltd. (“CTL”), a wholly owned subsidiary of Veritas.

This restructuring includes both permanent and temporary cutbacks of the number of staff currently working with CTL with the exception of senior members of the research team. The company’s intention is to rehire several researchers on a contract basis. Dr. Michael Walker and Dr. Andrew Hagel will continue to lead and restructure the CTL team.

Veritas’ aim through this restructuring is to create a more focused and nimble research and development infrastructure that reduces costs, can effectively further the company’s achievements from recent clinical trials conducted in Puerto Rico, and is able to scale effectively to provide testing and analytical services to the rapidly expanding cannabis industry.

About Veritas Pharma

Veritas Pharma Inc. is an emerging pharmaceutical and IP development company, who, through its 100% 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’ is led by a 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 markets.

Veritas Pharma Inc. is a publicly traded company in 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: www.veritaspharmainc.com

On behalf of the Board of Directors

"Peter McFadden"
Peter McFadden
Interm Chief Executive Officer & CFO

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.
Telephone: +1.416.918.6785
Email: [email protected]
Website: www.veritaspharmainc.com

The CSE has not reviewed, nor approved or disapproved the content of this press release.