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.
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.”