VANCOUVER, British Columbia, May 15, 2019 (GLOBE NEWSWIRE) — PRESS RELEASE — Veritas Pharma Inc. has announced that it has undertaken steps to restructure and rebuild Cannevert Therapeutics Ltd. (CTL), a wholly owned subsidiary of Veritas.
This restructuring includes both permanent and temporary cutbacks of the number of staff currently working with CTL with the exception of senior members of the research team. The company’s intention is to rehire several researchers on a contract basis. Dr. Michael Walker and Dr. Andrew Hagel will continue to lead and restructure the CTL team.
Veritas’ aim through this restructuring is to create a more focused and nimble research and development infrastructure that reduces costs, can effectively further the company’s achievements from recent clinical trials conducted in Puerto Rico, and is able to scale effectively to provide testing and analytical services to the rapidly expanding cannabis industry.