Veritas Pharma has made a deal to exchange 41.6 million shares to three separate individuals at $0.12 per share, for their 2 million per $2.5 per share.
In particular, the exchange will see 14,583,333, 14,583,333 and 12,500,000 common shares of Veritas at $0.12 per share in exchange for their 700,000, 700,000, and 600,000 shares at $2.50 per share, respectively, of the private cannabis growing company, Indigenous Bloom Corp. (IB) of Kelowna, BC. Therefore, a total of 41,666,666 Company shares will be exchanged for 2,000,000 shares of IB.
This is a strategic investment in cannabis production for future cannevert R&D needs, Veritas said.
Dr. Lui Franciosi, CEO of the Veritas expects this investment to enable the company’s research arm, “Cannevert Therapeutics Ltd., to obtain a consistent and reliable supply of cannabis strains as well as help fund important research and development efforts from the revenues generated.”