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Veritas Pharma sells property slated for marijuana production

Veritas Pharma, the Vancouver-based company that took over Sechelt Organic Marijuana Corp. (SOM) in 2018, has announced the sale of SOM’s property. In the Dec.
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Veritas Pharma, the Vancouver-based company that took over Sechelt Organic Marijuana Corp. (SOM) in 2018, has announced the sale of SOM’s property.

In the Dec. 9 announcement, Veritas, a publicly traded company, said the land was sold for $350,000 to Lis Holdings Ltd.

SOM first hit the public radar on the Coast in 2014, when it was one of the potential buyers for part of the district-owned property in East Porpoise Bay know as Lot L, a deal that was left to lapse after a new council was elected.

Veritas did not disclose the exact Sechelt location of the current property, but said it was purchased in February 2015 with the intention of building a medical cannabis production facility, and when it took over SOM it said the application to Health Canada for licensing to begin production was in the fifth of seven approval stages.

“However, due to significant and unforeseen changes to the licensing requirements, the property could no longer qualify for the intended use,” according to Veritas interim CEO Peter McFadden. “This asset no longer provided any strategic value to our shareholders; as such we believe it to be prudent to sell the asset. It has been our aim to consolidate the company’s assets to assets with potential to provide revenue within near to medium term.”

Veritas is working to develop cannabis-based pharmaceuticals for treatment of conditions such as chronic pain, chemotherapy-induced nausea and vomiting and post-traumatic stress disorder. It also owns Cannevert Therapeutics Ltd., described in company documents as “a high-level research and development company, with facilities at the University of British Columbia.”