Veritas Pharma to acquire new processing facility from TG Initiatives for $900,000

By nat blo

Veritas Pharma, an emerging pharmaceutical and IP development company, announced today plans to purchase a commercial processing facility for hemp and cannabis products from TG Initiatives Ltd. The facility Veritas will acquire is capable of making making a variety of hemp and cannabis products including edibles for human and animal use.

The facility also has the capacity to produce a variety of cannabinoid topical creams and ointments for pain relief, which Veritas is currently developing through its acute pain reduction human trials recently announced in Puerto Rico.  

According to the terms of the deal, Veritas will pay a combined cash and shares consideration to TG Initiatives Ltd to the sum of US$907,362.11 over three years.

SEE ALSO: 

iAnthus Capital Holdings completes $1.6bn merger with MPX Bioceutical

Price of Cannabis in Canada increases following legislation

What effect has the legalisation of recreational cannabis had on the Canadian market?

Click here to read the February edition of Business Chief Canada 

A recent report by Grand View Research predicted that the global legal marijuana market is expected to reach $146.4bn by 2015.

“This is an exciting development for Veritas,” commented company director Nick Standish, “as it further develops our ability to commercialize our proprietary hemp and cannabis products, in addition to expanding our production potential to topical creams and edibles along with oil extracts. This purchase gives Veritas the potential to generate profits from toll manufacturing as well as moves the company closer to having a vertically integrated business model that supports the research of medicinal hemp and cannabis on a long term basis.”

 

Share

Featured Articles

How Elon Musk pulled off a $44bn hostile takeover of Twitter

As the world’s richest man, Elon Musk, takes over tech giant Twitter, we highlight the timeline that led to this titanic takeover

Amazon, Alphabet, Wells Fargo best workplaces, says LinkedIn

The top 50 workplaces to grow careers prioritise flexible work and tuition-support programs, as top-ranking firms Amazon and Alphabet prove, says LinkedIn

Top 10 women in technology in the US

These 10 women in tech are forging a path into bold areas of innovation and technological ambition, according to sister publication Technology Magazine

8 executive moves to crypto – from mainstream to startup

Technology & AI

Digital Twins tech ‘missing link’ in urban decarbonisation

Technology & AI

The Metaverse Foundry from Infosys is a business playground

Technology & AI