Toronto, February 14, 2019 (CNW) – FSD Pharma Inc. (CSE: HUGE) (OTCQB: FSDDF) (FRA: 0K9) (“FSD”), a licensed producer under the Cannabis Act, today provided a corporate update on operations, strategy and leadership changes.
On February 6, 2019, the Company announced it had implemented changes in leadership and business practices to optimize operations. Accordingly, the Company announced that Dr. Raza Bokhari, Executive Co-Chairman, has been appointed interim Chief Executive Officer of FSD Pharma.
“It is with great pleasure that I return to the role of the interim CEO at such a momentous time for the company,” said Dr. Raza Bokhari, Executive Co-chairman & interim CEO.
To optimize operations, FSD’s Board of Directors terminated a definitive agreement with Auxly Cannabis Group Inc. (“Auxly”) on February 6th, 2019. FSD believes that Continue Reading
– FSD enters into 3-way supply agreement to purchase up to 1,000 kg of 2018 hemp crop –
Toronto, February 12, 2019 (CNW) – FSD Pharma Inc. (CSE: HUGE) (OTCQB: FSDDF) (FRA: 0K9) (“FSD”), a licensed producer under the Cannabis Act, announced today that it has entered into a supply agreement (the “Agreement”) with Canntab Therapeutics Ltd. (“Canntab”) and World Class Extractions Inc. (“World Class”) (the “Purchasers”) to purchase hemp flower from Thomas Elcome (the “Supplier”). Pursuant to the agreement, the Purchasers have agreed to buy approximately 1,000 kg of the Supplier’s 2018 hemp crop at a purchase price of $100.00 per kg per 1% of CBD extracted from the flower.
Working alongside Canntab and World Class, FSD will extract CBD from the organic hemp obtained in the purchase order. The Purchasers will process the hemp flower into gel capsules and tablets at the FSD facility in Cobourg, Ontario. This facility is currently being transformed into a large hydroponic indoor cannabis production and processing facility, with multiple business units co-supporting each other and operating under a single roof to exploit economies of scale and operational efficiencies.
The Purchasers are in the process of executing a second agreement with the Supplier for the right and option to purchase the Supplier’s entire 2019 hemp crop and beyond.
“We look forward to working with Canntab, World Class and Mr. Elcome to obtain and produce high-quality hemp and hemp derived products in this burgeoning market where the opportunity is sizable across North America,” said Dr Raza Bokhari, Executive Co-chairman & Interim CEO. “FSD recognizes the significant value and revenue potential that hemp holds in the cannabis industry and is confident in the excellence of Mr. Elcome’s product and the abilities of Canntab and World Class to produce.”
“This is an exciting industry where we see tremendous growth potential for our company and is a great opportunity for Canntab to begin processing at the FSD Facility. Our collaboration and profit sharing agreement signed in September provides us with up to 10,000 square feet of space at the facility to build, install and manufacture a suite of novel cannabis oral dose delivery platforms, including gel capsules and tablets, and other types of cannabis-based products, including sleep aids and pain relievers. This agreement allows our three complimentary companies to realize a common goal of creating value for our shareholders,” stated Mr. Jeffrey Renwick, Chief Executive Officer of Canntab.
Michael McCombie, CEO of World Class, added, “World Class expects to begin installing our patent-pending proprietary extraction technology at the FSD’s Cobourg facility following our imminent listing on the CSE. This agreement will provide us with significant raw hemp supply for processing CBD enriched oil and extracts, which will be available for sale by World Class and/or conversion to gel capsules and tablets by Canntab.”
“FSD, Canntab and World Class are ideal companies to make the most of the 1,000 kg of organic hemp crop produced at my farm in Rockwood, Ontario,” said Mr. Thomas Elcome, President of 10975443 Canada Inc. “Preliminary testing has shown an average of 3% CBD and I am confident that we will be able to extract a very high quality and very valuable full spectrum CBD, and that this will be the beginning of a long and mutually beneficial relationship.” Continue Reading
Toronto, February 8, 2019 – FSD Pharma Inc. (CSE: HUGE) (OTCQB: FSDDF) (FRA: 0K9) a licensed producer under the Cannabis Act, responded today to a press release by its former partner, Auxly Cannabis Group Inc. (“Auxly”) to correct misleading claims.
FSD Pharma strongly denies that it caused any breaches of the Streaming Agreement relating to its management and staffing obligations or otherwise, and rejects the claim that there are material issues with the infrastructure of its cultivation facility in Cobourg, Ontario.
“FSD’s Board and management team are focused on taking action to deliver on a strategy that promotes growth and creates shareholder value. Our work is guided by our drive to capitalize on the opportunities before us in this exciting space and ensure that our efforts serve the strategic and operational goals of the business.
As disclosed on Wednesday, February 6, FSD terminated the Definitive Agreement with Auxly. FSD believes that Auxly was under clear obligation to develop all aspects of the Company’s cannabis cultivation facility in mutually agreed upon staged phases. Auxly issued a press release on July 3, 2018 in which they anticipated that the first phase of construction would be completed and ready for Health Canada approval by the end of December 2018. We simply couldn’t wait any longer for our vendor to perform its obligations and therefore we terminated the agreement” said Dr Raza Bokhari, Executive Co-chairman & Interim CEO.
Dr. Bokhari continued, “under the terms and conditions of the Streaming Agreement, FSD Pharma and Auxly are subject to a number of non-disclosure obligations that survive the termination. FSD Pharma intends to continue to live up to its surviving obligations, we are hopeful that Auxly will do the same.” Continue Reading
FSD receives exclusive, perpetual license to manufacture and sell oral film strips in Canada
Toronto, February 7, 2019(CNW) – FSD Pharma Inc. (CSE: HUGE) (OTCQB: FSDDF) (FRA: 0K9)(“FSD” or the “Company), a licensed producer under the Cannabis Act,announced today that it has completed a strategic investment of $1.5 million in Pharmastrip Corp. and signed a definitive collaboration and profit sharing agreement with the company, effective January 23, 2019. Under the terms of the agreement, FSD will install Pharmastrip proprietary equipment at its facility in Cobourg, Ontario. FSD will use the equipment to manufacture organic medical cannabis infused in oral thin film strips. Pharmastrip will grant FSD an exclusive, perpetual license to manufacture and sell the oral thin film strips in Canada.
FSD will seek all approvals and licenses required under the Access to Cannabis for Medical Purposes Regulations and manufacture the product in compliance with all applicable laws and regulations. FSD will submit an application to Health Canada in order to obtain the license to produce and sell the products. FSD will be responsible for all costs, expenses and fees payable to complete and submit the application. Profits from the sale of the products will be shared equally by both parties.
Zeeshan Saeed, Founder and President of FSD, commented, “FSD made this strategic investment because of the potential we see in alternative delivery methods for cannabis, such as Pharmastrip’s oral thin strips. We expect the demand for alternative delivery methods for both THC and CBD to increase as the market continues to develop. We are excited to install Pharmastrip’s proprietary equipment under this collaboration agreement at our Cobourg plant and look forward to beginning production once the necessary license has been granted.” Continue Reading
FSD Pharma Announces Strategic Business Developments
– Dr. Raza Bokhari appointed interim CEO –
– Rupert Haynes departs as FSD Pharma CEO –
– FSD Pharma terminates agreement with Auxly –
Toronto, February 6, 2019 (CNW) – FSD Pharma Inc. (CSE: HUGE) (OTCQB: FSDDF) (FRA: 0K9) (“FSD” or the “Company”), announced that its Board of Directors has concluded a strategic assessment of the Company and has implemented changes in leadership and business practices to optimize operations. Accordingly, the Company announced today that Dr. Raza Bokhari, Executive Co-Chairman, has been appointed interim Chief Executive Officer of FSD Pharma, effective immediately. Dr. Bokhari’s appointment follows the termination of Rupert Haynes.
To assist with the search for a pharmaceutical executive and other senior executives to lead FSD Pharma’s pharmaceutical business practices, the Company has hired Greg Button, Global Head of HealthCare recruiting at Korn Ferry, a leading global organizational consulting firm. Mr. Button has over two decades of experience placing C-suite executives into public and private equity-backed companies.
Additionally, the Company announced termination of a definitive agreement with Auxly Cannabis Group Inc. (“Auxly”) effective today, February 6, 2019. Under the terms of the agreement dated March 3, 2018, Auxly was obligated to develop all aspects of the Company’s cannabis cultivation facility in mutually agreed upon staged phases.
“We are taking these momentous steps to unlock shareholder value and re-energize execution of our company’s vision” said Dr. Bokhari, Executive Co-chairman and Interim CEO of FSD Pharma. “The Board believes the Company has unique and invaluable assets and is taking appropriate actions that will support long-term positive cash flow and shareholder value.” Continue Reading
PHARMA GRADE PROCESS COULD REDUCE THE PRODUCTION TIME FOR TARGETED CANNABINOID MOLECULE(S)
Toronto, February 5, 2019 (CNW) – FSD Pharma Inc. (CSE: HUGE) (OTC: FSDDF) (“FSD Pharma”) and Solarvest BioEnergy Inc. (TSX-V: SVS) (“Solarvest”) (collectively, the “Parties”), a technology company which has developed an algal-based flexible production platform capable of producing health products, are pleased to announce that they have signed a non-binding letter of intent (“LOI”). The parties intend to enter into a definitive agreement (the “Collaborative Research Agreement”), under which Solarvest would conduct research using its algal expression technology to develop pharma-grade cannabinoids (the “Project Cannabinoids”), the Parties would make mutual investments into one another, and Solarvest would grant FSD Pharma an exclusive license over a subset of the Project Cannabinoids and certain royalty rights over all of the other Project Cannabinoids.
The Collaborative Research Agreement
The Parties intend to use commercially reasonably efforts to execute the definitive Collaborative Research Agreement within 30 days, provided that, subject to the receipt of any regulatory approvals including the TSX Venture Exchange, FSD Pharma may extend this by up to an additional 60 days.
CBD Research Project
Solarvest plans to develop and carry out a research project (the “CBD Research Project”) using its algal expression system for the purpose of developing a proof of concept that algae can express the Project Cannabinoids (the “Proof of Concept”). The Parties intend to develop a formal budget and timelines to carry out the CBD Research Project under the Collaborative Research Agreement, and will establish a joint scientific review committee, comprised of representatives from both Parties, to assess the progress of the CBD Research Project against these budgets and timelines.
License and Royalties
Once Solarvest successfully develops the Proof of Concept, Continue Reading
TORONTO, February 4, 2019 – FSD Pharma Inc. (CSE: HUGE) (OTCQB: FSDDF) (FRA: OK9) (“FSD Pharma” or the “Company”) would like to congratulate High Tide Inc. (“High Tide”) for entering into a letter of intent with a winner of one of the 25 opportunities to apply for a license to operate a cannabis retail store (the “Winner”) as a result of the Alcohol and Gaming Commission of Ontario’s Expression of Interest Application Lottery conducted on January 11, 2019. Under the terms of the LOI, High Tide will acquire a minority interest in the Winner and will assist the Winner with establishing and operating a cannabis retail store in Ontario.
“The announcement today by our partners High Tide is exciting news. The Ontario marketplace provides a significant opportunity for High Tide to leverage its extensive experience to assist the Winner in establishing a successful cannabis store operation in Canada’s most populated province. High Tide is also one of the few suppliers of smoking accessories to the Ontario Cannabis Store, which puts it in a unique position to capitalize on the burgeoning Ontario marketplace. We look forward to continuing to support and collaborate with High Tide as both of our companies continue to grow and expand our offerings in Canada and internationally”, said Zeeshan Saeed, President and Founder of FSD Pharma.
FSD Pharma is a shareholder of High Tide, having placed lead orders in two previous rounds of funding prior to High Tide’s listing on the Canadian Securities Exchange. The Company also announced that itswholly-owned subsidiary, FV Pharma Inc. had entered into a non-binding memorandum of understanding with High Tide dated July 18, 2018 to supply the Saskatchewan market on a wholesale basis with up to 5,000,000 grams of cannabis products over the next year when available. Continue Reading
TORONTO, Jan. 11, 2019 /CNW/ – FSD Pharma (“FSD“) announced today that, in connection with the business combination (the “Business Combination“) completed on December 31, 2018 among Cannara Biotech Inc. (formerly, Dunbar Capital Corp.) (the “Issuer“), Cannara Biotech Inc. and 11038427 Canada Inc., FSD Pharma, directly or indirectly, acquired ownership of 85,003,750 common shares (“Common Shares“) of the Issuer, representing 12.25% of the issued and outstanding Common Shares of the Issuer.
FSD holds 75,003,750 of the Common Shares through its wholly-owned subsidiary, FV Pharma. The Common Shares are held in escrow in accordance with the rules of the Canadian Securities Exchange. Immediately prior to the completion of the Business Combination, FSD did not own or exercise control or direction over any securities of the Issuer.
FSD holds and controls its Common Shares of the Issuer for investment purposes only and FSD may increase or decrease its beneficial ownership or control over the Common Shares of the Issuer, which it may do, subject to the terms of the escrow arrangements, from time to time, depending on market or other conditions and to the extent deemed advisable in light of its general investment strategy.<!–more–>
This news release is being disseminated as required by National Instrument 62-103 – The Early Warning System and Related Take-Over Bids and Insider Reporting Issues in connection with the anticipated filing of an early warning report (the “Early Warning Report“). A copy of the Early Warning Report will be available on SEDAR under the Issuer’s issuer profile at www.sedar.com and can be obtained by contacting the Company as set out below.
SOURCE FSD Pharma Inc.
– Company in position for pre-sales license inspection, last step to issuance of a Sales License –
TORONTO, January 8, 2019 /CNW/ – FSD Pharma Inc. (“FSD Pharma” or the “Company”) (CSE: HUGE) (OTC: FSDDF) (FRA: 0K9) is pleased to announce that its wholly-owned subsidiary, FV Pharma Inc. (“FV Pharma”), a licensed cannabis producer under the Cannabis Act, has completed the harvest of its second lot of cannabis and successfully passed all analytical testing, thereby positioning the Company to request a Pre-Sales License Inspection from Health Canada. The Pre-Sales License Inspection is the last step prior to the issuance of a Sales License under the Cannabis Act and Regulations.
Zeeshan Saeed, President and Founder of FSD Pharma stated, “With the completion of analytical testing and the recent addition of grow rooms to our license, we are now positioned to submit our readiness report for a pre-sale inspection, while at the same time being able to continuously cultivate and harvest all existing licensed space so as to maximize supply to the medicinal and recreational markets. This is yet another significant step in the Company’s strategic implementation of its business plan to be the largest indoor licensed producer of cannabis.” Continue Reading
TORONTO – December 21, 2018 – FSD Pharma Inc. (“FSD Pharma” or “FSD”) (CSE: HUGE) (OTCQB: FSDDF) (FRA: 0K9) in response to Therapix Biosciences’ termination of the company’s binding letter of intent (LOI) to be acquired by FSD Pharma, Dr. Raza Bokhari, Executive Co-Chairman of the Board of FSD Pharma, released the following statement:
“While we are disappointed that Therapix Biosciences has given notice to terminate, we determined through the course of our negotiations and due diligence that a reset of some of the terms was in our shareholders’ best interests. FSD Pharma remains very interested in synthetic cannabinoid platforms and will continue to pursue accretive opportunities in this area.”
Bokhari added, “It is important to note that our efforts to gain full US exchange listing is advancing as planned. We are also in active and positive conversations with potential strategic and investment partners across the globe”.
On October 22, FSD Pharma announced the signing of the binding LOI to acquire Therapix Biosciences as part of the company’s strategic objective to develop pharmaceutical assets in the cannabinoid research space.
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’s phase one growth plan involves the development of 25,000 square feet of indoor grow space at its Ontario facility and an additional 220,000 square feet, which pending approval by Health Canada, is expected to be operational in the first quarter 2019.
FSD facilities sit on 72 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 of cannabis having received its cultivation license under the Access to Cannabis for Medical Purposes Regulations (ACMPR) on October 13, 2017 and is now operating under the recently enacted Cannabis Act. FV Pharma 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.
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 Corporation’s current belief or assumptions as to the outcome and timing of such future events. Actual future results may differ materially. This release contains forward-looking information relating to the development of the Corporation’s indoor cannabis facility and its business goals and objectives. The forward-looking information contained in this press release is made as of the date hereof, and the Corporation 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.
Neither the Canadian Securities Exchange nor its regulation services provider accept responsibility for the adequacy or accuracy of this release.