Veritas Pharma (CSE:VRT) has announced that it has signed a letter of intent with Sechelt Organic Marijuana allowing Veritas the exclusive option to acquire a 100 percent ownership of PrivCo pursuant to obtaining an ACMPR/MMPR license and permission issued by Health Canada for the building of a cannabis growing facility.
As quoted in the press release:
Further, and as part of the agreement, Veritas will manage and help facilitate the application process with Health Canada, and will pay all out-of-pocket expenses during the approval process.
The target acquisition (“PrivCo”), currently owns a secure commercial facility and land located in Sechelt, British Columbia, Canada and, since July 4th, 2014, has had an application pending with Health Canada for a new MMPR (Marihuana for Medical Purposes Regulations) license. PrivCo personnel includes an experienced grow master who is currently a ‘designated grower’ under current MMAR licensing guidelines.
Dr. Lui Franciosi (CEO, Veritas Pharma) comments, “This is a win-win scenario for Veritas and its shareholders. We believe this transaction is both tactical and value driven. Further and most importantly, it is representative of the steps we will take to secure and maximize our position along the medical marijuana supply chain.