Veritas Pharma Inc., the Canadian developer of new medicinal cannabis cultivars that are targeted toward specific diseases, announced that its planned $1 million private placement has been listed on Bay Street Cannabis – the newly launched, and first online equity crowdfunding portal dedicated to the cannabis sector.

Launched at the beginning of March by Vancouver-based Ascenta Finance Corp -a registered Exempt Market Dealer in the jurisdictions of British Columbia, Alberta, Saskatchewan, Manitoba and Ontario,
Bay Street Cannabis is now able to leverage regulatory developments in both the marijuana industry and new prospectus exemptions in the securities industry to give the Canadian cannabis space a new avenue for growth and a new access point to Canadian investors.

“Equity crowdfunding is a transformative new phenomenon that is beginning to significantly impact investment markets across North America. Bringing investors and cannabis investment opportunities together in one place is a real game changer,” said Marshall Farris, President and Dealing Representative of Ascenta‎ in a company release.

Veritas will be the first listing on Bay Street according to a company statement.

“We believe that online investing portals are the future of investing in Canada and that, with the assistance of Bay Street Cannabis, we can share the Veritas opportunity with a more expansive and diverse shareholder base than we could have reached on our own, “said Veritas CEO, Dr. Lui Franciosi.

Under the terms of the offering, Veritas has structured a non-brokered private placement of 3,125,000 shares at $0.40 per share with an increased proceeds target of $1,250,000. The company has also granted agents an over-allotment of 468,750 additional shares, which may be exercised in whole or in part, at any time prior to the closing date of the offering.