Veritas Pharma Signs R&D Cannabis Supply Agreement with Foliumed S.A.S.
Vancouver-based biotechnology company Veritas Pharma Inc. (CSE:VRT) (OTC:VRTHF) has entered into a cannabis supply agreement with the Colombian medical cannabis company Foliumed S.A.S.
Both companies have signed a Memorandum of Understanding (MOU) for the research and development of medical cannabis products.
According to the official press release, the agreement will also involve commercializing these products through Veritas’ research subsidiary Cannevert Therapeutics Ltd.
Foliumed with be providing Veritas with medical cannabis that has been extracted from a specific Colombian strain of cannabis.
The main focus of the agreement is to create unique cannabis strains “for specific disease and chronic conditions through joint Intellectual Property Development and commercialization of certain trademark medicinal products.”
Veritas and Foliumed plan to have formulations ready and produced by the first quarter of 2019. These products would be commercially distributed within Latin America and Western Europe.
CEO of Veritas, Lui Franciosi, has said that “Foliumed will assist [the company] in further developing proprietary strains that can produce consistent and optimal therapeutic effects in patients.”
Franciosi added that “Foliumed is looking forward to [leveraging] the capabilities of both parties in producing medicines for patients in Latin America and Western Europe through [their] international distribution network.”
Veritas hopes to provide patients with tested and clinically proven types of cannabis therapies.
Founder and Executive Chairman of Foliumed, Oliver Zugel has said that they “are pleased to be working with Veritas and their Cannevert scientists to develop medically relevant cannabis strains and cannabinoid formulations with optimal therapeutic properties with Colombian genetics.”
Shares of Veritas went down 11.11% on Monday after the announcement had been made. The company was able to close at a share value of $0.32 CAD, after opening at a value of $0.36.
On Friday, the company was able to close at a share value of $0.36 and reached a high of nearly $0.40.
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