Vancouver, British Columbia–(Newsfile Corp. – April 30, 2021) – Veritas Pharma Inc. (CSE: VRT) (OTC: VRTHF) (FSE: 2VP) (“Veritas” or the “Company“) is happy to announce the outcomes of its Annual and Special Meeting of the Shareholders (the “Meeting“) held on April 29th, 2021. At the Meeting, shareholders authorised the acquisition of Indigenous Bloom Hemp Corporation (“HempCo“) by particular decision. Details of the acquisition are within the Company’s Information Circular dated March 1, 2021, the modification thereto dated March 24, 2021 and within the Company’s information launch dated September 9, 2020. The acquisition additionally acquired minority approval of shareholders pursuant to the provisions of Multilateral Instrument 61-101 Protection of Minority Shareholders in Special Transactions (“MI 61-101“). The acquisition was authorised by 99.98% of the votes forged by all shareholders and by 99.94% of the votes forged by the minority shareholders. The acquisition was exempt from the formal valuation necessities of MI 61-101 underneath part 5.5(b) thereof in that no securities of Veritas are listed on the Toronto Stock Exchange, Aequitas NEO Exchange, the New York Stock Exchange, the American Stock Exchange, the NASDAQ Stock market, or a inventory change exterior of Canada and the United States aside from the Alternative Investment market of the London Stock Exchange or the PLUS markets operated by PLUS Markets Group plc.
Shareholders additionally authorised the consolidation of the Company’s widespread shares on the premise of 1 post-consolidation widespread share for each two pre-consolidation widespread shares by the use of particular decision.
The acquisition and share consolidation stay topic to acceptance for submitting by the Canadian Securities Exchange.
Veritas’ Interim CEO, Mr. Peter McFadden, commented, “we are extremely pleased to see that our shareholders have the same level of enthusiasm as the management in acquiring HempCo. I believe that this acquisition provides a new dawn for Veritas where we can begin to deliver on our promise to shareholders to create value by engaging in projects that have potential to be profitable in short to mid-term.”
Shareholders additionally voted on the election of administrators and Mark Roseborough, Blair Lowther, Sharon Brady, Howard Ash and Greg Van Wyk had been elected to board of administrators. Mark Rosenborough can be appointed as Chairman and CEO and Peter McFadden can be appointed as CFO.
About Indigenous Bloom Hemp Corporation
HempCo presently operates a large-scale industrial hemp farm in Southern Manitoba on roughly 347 acres of zoned farmland. The major focus of HempCo is the sale of hemp biomass, flower, and phytocannabinoid wealthy extracts derived from hemp biomass. This rising area in Manitoba is extensively regarded within the trade as the most effective climates in North America for the cultivation of Hemp, and is a key a part of the Company’s progress technique.
HempCo presently operates underneath a third-party license to domesticate and deal with hemp, per the 2018 Cannabis Act. HempCo has utilized for its personal license and can transition to that license as soon as authorised. Beyond Manitoba, HempCo is presently both engaged in, or negotiating, processing agreements in British Columbia and different provinces, making it attainable to have gross sales of Bulk PCR Hemp Extract in late 2020 or early 2021.
HempCo is presently planting a crop throughout these 347 acres utilizing cannabidiol dominant genetics. Additionally, HempCo has mechanized substantial components of its operation, together with the harvesting of merchandise, in addition to tunnel/barrel dryers for publish harvesting. The Company presently has marketed three major merchandise, and is within the means of diversifying its product line because the Company grows.
HempCo’s long-term imaginative and prescient is to realize vertical integration of its operations, positioning it as a number one producer of commercial hemp and hemp derived merchandise in North America and globally.
About Veritas Pharma
Veritas has developed mental property relating to varied cannabis strains. It is the Company’s purpose to advance the science behind medical cannabis, by creating the best cannabis-based therapies for particular illness situations and to accumulate income-producing belongings within the cannabis trade. The Company’s mission is to commercialize its proprietary cannabis merchandise. In addition, Veritas goals to make the most of its experience to enter into mergers and acquisitions with numerous cannabis trade individuals as a way to fulfill its goals to enter income technology.
Veritas Pharma Inc. is a publicly traded firm in Canada, on the Canadian Securities Exchange underneath the ticker VRT; within the United States, on the OTC underneath the ticker VRTHF; and in Germany, on the Frankfurt change underneath the ticker 2VP.
For extra info, please go to our web site: www.veritaspharmainc.com.
On behalf of the Board of Directors
Interim Chief Executive Officer & CFO
Investor and Public Relations Contact
To view the supply model of this press launch, please go to https://www.newsfilecorp.com/release/82455.