FSD Pharma delays 2018 Year-End Filings, working with new auditing firm in advance of listing on the NYSE

TORONTO–(BUSINESS WIRE)–lt;a href=”https://twitter.com/hashtag/FSDDF?src=hash” target=”_blank”gt;#FSDDFlt;/agt;–FSD Pharma Inc. (CSE: HUGE) (OTC: FSDDF) (FRA: 0K9) (“FSD Pharma” or
“FSD”) announces this morning that it has been delayed in filing its
audited annual financial statements for the period ending December 31,
2018, the related management’s discussion and analysis and the
certificates of its CEO and CFO (collectively the “Required Filings”)
with Canadian securities regulators.

“2018 was an extraordinary year for FSD” said recently appointed CEO Dr
Raza Bohkari. “It is important that UHY, our new auditor appointed in
April 2019 for reasons outside of our control, take the required time
and spend the necessary resources to thoroughly review all required
filings which are substantial for a growth company our size. It’s
unfortunate that we missed the filing deadline and I take full
responsibility for this delay and ask our shareholders for their
patience and forbearance as we are working with a new auditing firm in
advance of our listing on the New York Stock Exchange. Rest assured that
we will release the Required Filings to our shareholders and regulators
as quickly as possible and that this will not be repeated in the future.”

In connection with the delay, FSD understands that the Ontario
Securities Commission may, at any time and without further notice, issue
a failure to file cease trade order. “While I deeply apologize to
shareholders for this delay I know that our new audit firm is working
diligently under a compressed time frame to ensure accurate and complete
filings” said Dr Raza Bokhari, executive Co-Chairman and CEO.

Subject to the completion of remaining customary
audit procedures, the Company expects to complete the required filings
on or before Monday, May 6, 2019.

About FSD Pharma

FSD Pharma is focused on the development of the highest quality indoor
grown, pharmaceutical grade cannabis and on the research and development
of novel cannabinoid-based treatments for several central nervous system
disorders, including chronic pain, fibromyalgia and irritable bowel
syndrome. The Company has 25,000 square feet available for production at
its Ontario facility.

FSD facilities sit on 70 acres of land with 40 acres primed for
development and an expansion capability of up to 3,896,000 square feet.

FSD’s wholly-owned subsidiary, FV Pharma, is a licensed producer under
the Cannabis Act and Regulations, having received its cultivation
license on October 13, 2017 and its Sale for Medical Purposes license on
April 18, 2019. FV Pharma’s vision is to transform its current
headquarters in a Kraft plant in Cobourg, Ontario into the largest
hydroponic indoor grow facility in the world. FV Pharma intends to cover
all aspects of this exciting new industry, including cultivation, legal,
processing, manufacturing, extracts and research and development.

Neither the Canadian Securities Exchange (the “CSE”) nor its
Market Regulator (as that term is defined in the policies of the CSE)
accepts responsibility for the adequacy or accuracy of this release.

Certain statements contained in this press release constitute
forward-looking information.

These statements relate to future events or future performance. The use
of any of the words “could”, “intend”, “expect”, “believe”, “will”,
“projected”, “estimated” and similar expressions and statements relating
to matters that are not historical facts are intended to identify
forward-looking information and are based on the FSD Pharma’s current
belief or assumptions as to the outcome and timing of such future
events. Actual future results may differ materially. In particular, this
release contains forward-looking information relating to the Parties’
plans to develop and carry out the CBD Research Project, Solarvest’s
development of the Proof of Concept, the ability of the Parties to
commercialize Project Cannabinoids, the execution of the Exclusive
License Agreement, and the Parties’ intentions to make equity
investments into one another. Actual results and developments may differ
materially from those contemplated by these statements depending on,
among other things, the risk that the requisite regulatory and board of
direct approvals are not obtained, the failure of Solarvest to develop
the Proof of Concept, and the failure of the Parties to successfully
commercial Project Cannabinoids. The forward-looking information
contained in this press release is made as of the date hereof, and the
neither FSD Pharma nor Solarvest is obligated to update or revise any
forward-looking information, whether as a result of new information,
future events or otherwise, except as required by applicable securities
laws. Because of the risks, uncertainties and assumptions contained
herein, investors should not place undue reliance on forward
looking-information. The foregoing statements expressly qualify any
forward-looking information contained herein.

Contacts

Zeeshan Saeed, President, Founder and Director, FSD Pharma Inc., Email: [email protected],
Telephone: (416) 854-8884
Investor Relations: Email: [email protected],
Website: www.fsdpharma.com