Veritas Pharma Inc. (OTCMKTS:VRTHF) has announced approval for an Investigational License in a partnership agreement with the Fundacion de Investigaticion and the Institute for Medical cannabis. The license was approved by the Puerto Rico Commonwealth Medicinal Cannabis Regulatory Board to carry out clinical evaluation of its lead cannabis product CTL-X that alleviates acute pain.
FDI and IMC represent the leading researchers in Puerto Rico in medical cannabis. The concession is the first of its kind and it represents the first such collaboration by local partners with a publicly traded and foreign-owned entity.
Commencement of human trials
The license of the three entities marks the initiation of human trials for the first time in Puerto Rico for medical cannabis since the enactment of the 2017 Medical Cannabis Act by the Commonwealth government. The company has licensed intellectual properties for its patented strains to the Institute of Medical Cannabis. The IMC similarly offers research samples to the FDI in the San Jose clinical research facilities. The human trials are expected to begin this week and expected to take up to three months to complete.
FDI operates an ultra-modern facility that has a 30-bed phase in the first unit with an in-house bio-analytical lab, latest medical technology as well experienced personally. The FDI clinical trials have received sponsorship from seven of the leading pharmaceutical companies.
Working towards a marketable product
Nick Standish, Veritas Director, indicated that the company was delighted to receive the research license on the Island. He added that the company and Cannevert teams have put so much effort to this point and the issuance of the license means that the company can now take significant steps towards the realization of a marketable medical cannabis product developed from real and credible tech.
Medical Director at Veritas, Dr. Scott Alexander indicates that after several delays following the U.S. Government shutdown and the extended holiday season in Puerto Rico, the company was pleased to receive the investigational license and they are ready and eager to begin CTL-X trials in humans. The trials demonstrated the company’s latest advancements in the nascent Puerto Rican market.