Veritas Pharma announced a new memorandum of understanding with Foliumed, a Colombian medical cannabis company.
Veritas Pharma (CSE:VRT) announced a new memorandum of understanding with Foliumed, a Colombian medical cannabis company.
As quoted in the press release:
Under the terms of the MOU, Veritas and Foliumed will jointly conduct scientific research, undertake product development activities, and commercialize select medical cannabis products with the help of Veritas’ research arm, Cannevert Therapeutics Ltd. (“CTL”). Foliumed will provide Veritas with pharma grade medical cannabis extracts derived from unique Colombian cannabis strains, manufactured in a GMP certified extraction facility.
The focus of the collaboration will be aimed at advancing specific cannabis cultivars for specific disease and chronic conditions through joint Intellectual Property Development and commercialization of certain trademark medicinal products. Veritas Pharma and Foliumed Colombia aim to have products based upon Cannevert formulations produced and ready for commercial distribution in Latin America and Western Europe by Q1 2019. The product’s dosing and method of administration will be standardized to actively compete with over-the-counter medicines. With the help of Cannevert scientists, the Company wants to provide physicians and patients with scientifically tested and clinically proven cannabis therapies.