Veritas Pharma (VRT.C) jumps 11% on Health Canada approval

Medicinal cannabis research startup Veritas Pharmaceuticals (VRT.C) had a good day Tuesday when they received approval from Health Canada to legally perform cannabis research.

Whistler Medical Marijuana will be the preferred supplier to the company, and CEO Dr. Lui Franciosi said in a statement, “Cannevert welcomes this government decision, since the regulatory approval and authorization enables the researchers to obtain sufficient varieties of cannabis on a regular basis to ensure rapid scientific progress.”

According to Dr. Franciosi, the chemical and pharmacological assays needed have been already calibrated and standardized, and the plan is to engage in a full analysis of 2-3 strains per week going forward.

I spoke to the CEO last week as part of our podcast series, and he clarified the goals of Veritas as focusing on finding the best possible strains to treat nausea, vomiting and pain, or a combination of strains and other ingredients, with a view to patenting IP and licensing that to pain and cancer clinics moving forward.

Recent appointments to the executive have reiterated that focus, with Dr. Donald R. Carlow, past CEO of the Canadian Association of Provincial Cancer Agencies (CAPCA), past President and CEO of the Ontario Cancer Institute/Princess Margaret Hospital, and the past President and CEO of the British Columbia Cancer Agency joining the board of directors. The company followed that by partnering with a respected plant IP law firm.

So it’s little surprise the company’s stock drove higher today, moving up $0.06 to $0.59, a jump of 11%. That sets the company to an $11m market cap.

–Chris Parry

http://www.twitter.com/chrisparry

FULL DISCLOSURE: I’m a consultant to the company, and own a stock position. Before you buy, do your own due diligence.

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