– New license positions FSD to serve the growing medicinal use markets –
TORONTO–(BUSINESS WIRE)–lt;a href=”https://twitter.com/hashtag/FSDDF?src=hash” target=”_blank”gt;#FSDDFlt;/agt;–FSD Pharma Inc. (CSE:HUGE) (OTCQB:FSDDF) (FRA:0K9) (“FSD” or the
“Company”), announced today that its wholly-owned subsidiary FV Pharma
Inc. has received its Sale for Medical Purposes license to sell cannabis
under the Cannabis Act (Canada). The license went into effect
on April 18, 2019.
The license allows the current FSD facility to supply and sell cannabis
products. The company anticipates receiving the amended sales license
that will include the sale of dried and fresh cannabis flower in the
near future.
Dr. Raza Bokhari, Executive Co-Chairman and CEO congratulated the FSD
Pharma team, shareholders and stakeholders on this much anticipated
achievement. Dr. Bokhari stated, “Our sales license is a key development
for FSD Pharma and a huge success and step forward for our Cobourg
Facility.”
“We have achieved this milestone thanks to the efforts of our dedicated
team. We are exceptionally proud of this achievement and look forward to
accelerating our efforts,” commented Dr. Sara May, President of FV
Pharma Inc.
Zeeshan Saeed, President and Founder, added, “The granting of our sales
license allows FSD to serve the growing medicinal use markets in Canada.
We intend to quickly scale up production at our current facility, while
continuing to build out the plant to add additional grow capacity. In
addition, our sales license opens the door for our
partner Canntab Therapeutics to commence sales of its suite of novel
cannabis oral dose delivery platforms, including CBD and THC capsules,
in Canada and global markets. We expect that this will provide an
immediate benefit to both parties, since FSD is entitled to a share
of Canntab’s revenue from sales as a result of the collaboration and
profit sharing agreement that we entered into this past fall.”
Anthony Durkacz, Founder and Executive Co-Chairman of the board speaking
on behalf of the FSD Pharma Board of Directors stated, “We are proud of
the leadership at FSD Pharma. This industry is transforming very rapidly
and the leadership has positioned the company well to generate top tier
revenue from our medicinal grade cannabis production.”
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. 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.
Forward-Looking Information
Neither 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 FSD Pharma’s current belief or assumptions as to the
outcome and timing of such future events. Actual future results may
differ materially. Actual results and developments may differ materially
from those contemplated by these. The forward-looking information
contained in this press release is made as of the date hereof, and FSD
Pharma is not 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: zeeshan@fsdpharma.com,
Telephone: (416) 854-8884
Investor Relations: Email: ir@fsdpharma.com,
Website: www.fsdpharma.com
Media Relations: Nic Johnson, Email: nic.johnson@russopartnersllc.com,
Tel: (212) 845-4242