VANCOUVER, August 23, 2016 /PRNewswire/ --

Veritas Pharma Inc. (CSE: VRT; OTC: VRTHF; and Frankfurt: 2VP), ("Veritas" or the "Company"), an emerging discovery and IP development company, has announced that Cannevert Therapeutics Ltd., the Company's exclusive partner and high-level R&D arm, has been awarded a research grant through Mitacs Inc. for research and development work related to the discovery of new cannabis strains for specific disease conditions. 

Mitacs is a national not-for-profit organization that has designed and delivered research and training programs for 15 years, with aims to support industrial and social innovation through partnership with provincial governments, federal government, academia, and industry.  Cannevert Therapeutics President, Professor Michael Walker commented, "we are extremely pleased to have received the financial support of Mitacs and look forward to working with them.  Collaborating with both industry and academic research partners is a key part of our strategy to discover new cannabis strains for specific disease conditions."  Dr. Walker further explained, "we believe that Mitacs' grant is a vote of confidence by our informed colleagues suggesting that we are on the right path in our work with cannabis based treatments."

Veritas' CEO, Dr. Lui Francioisi stated, "this is a positive development for our investors as it directly funds Cannevert in a manner that is non-dilutive to Veritas shareholders."  This funding will be used to identify medical marijuana cultivars with novel therapeutic potential.  Specifically the research will be done to evaluate the potential therapeutic efficacy of different cannabis cultivars using sophisticated animal models.  Neuropsychological assays will be used for Cannabis cultivars that vary in their constituent cannabinoids.  These assays will allow for studies on both clinical properties as well as on the potential adverse events.  Cannevert's industry partners will combine their expertise in neurochemistry with other results to help Cannevert to identify key cultivars for clinical testing in humans.

About Veritas Pharma Inc. 

Veritas Pharma Inc. is an emerging discovery and IP development company, advancing the science behind medical cannabis. The company's current R&D efforts are to develop the most effective cannabis strains (cultivars) specific to pain, nausea, epilepsy and PTSD, solving the critical need for real science to support medical marijuana claims.

Our unique value proposition employs a whole plant methodology, using a low cost research and development model to help drive shareholder value and speed-to-market. Veritas is led by strong management, bringing together veteran academic pharmacologists, anesthetists & chemists. The company's commercial mission is to patent protect its IP (cultivars/ strains) and sell or license to cancer clinics, insurance industry and pharma, targeting multi-billion dollar global markets.

Veritas Pharma Inc. is a publicly traded company which trades in three countries including 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: veritaspharmainc.com

On behalf of the Board of Directors; Veritas Pharma Inc.

"Dr. Lui Franciosi"

Dr. Lui Franciosi

Chief Executive Officer

Further information about the Company is available on our website at http://www.veritaspharmainc.com or under our profile on SEDAR at http://www.sedar.com and on the CSE website at http://www.thecse.com

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

DISCLAIMER: Forward-Looking Information: This news release contains certain forward-looking information. All information, other than information regarding historic fact that addresses activities, events or developments that the Company believes, expects or anticipates will or may occur in the future is forward-looking information. The forward-looking information contained in this news release reflects the current expectations, assumptions and/or beliefs of the Company based on information currently available to the Company. With respect to the forward-looking information contained in this news release, the Company has made assumptions regarding, among other things, the results of the research and development activities, and the continued ability of the Company to raise additional financing. The forward-looking information contained in this news release is subject to a number of risks and uncertainties that may cause actual results or events to differ materially from current expectations, including the any future changes to laws pertaining to the use of cannabis derived pharmaceuticals, prices and demand for cannabis derived pharmaceuticals, future currency and interest rates. Additionally, if the Company is unable to obtain additional financing, the Company may be required to curtail activities and/or liquidate its assets or the Company's creditors may seek to seize its assets. Any forward-looking information speaks only as of the date on which it is made and, except as may be required by applicable law, the Company disclaims any obligation to update or modify such forward-looking information, either because of new information, future events or for any other reason. Although the Company believes that the assumptions inherent in the forward-looking information are reasonable, forward-looking information is not a guarantee of future performance and accordingly undue reliance should not be put on such information due to the inherent uncertainty therein. The CSE has not reviewed, nor approved or disapproved the contents of this press release.

Investor and Public Relations Contact
Veritas Pharma Inc.
Sam Eskandari
Telephone: +1-416-918-6785
Email: ir@veritaspharmainc.com
Website: http://www.veritaspharmainc.com

SOURCE Veritas Pharma Inc.