TORONTO, Aug. 21, 2018 /PRNewswire/ - 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 Access to Cannabis for Medical Purposes Regulations (the "ACMPR"), completed the harvest of its first lot of cannabis and successfully passed microbial testing required by Health Canada under the ACMPR and will be harvesting its second lot this week so as to conduct full analytical testing, thereby positioning FV Pharma 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 ACMPR.
Thomas Fairfull, President and CEO of FSD Pharma stated, "This marks an important milestone for our Company as we expedite the growth of our business and the delivery of our business plan. We are extremely proud of our cultivation team that has delivered five high-quality strains and an impressive yield. Requesting our Pre-Sales License Inspection from Health Canada will position FV Pharma as one of the few independent companies with a cannabis sales license under the ACMPR in Canada. Once fully licensed, FV Pharma can begin selling cannabis for both the medicinal and recreational markets."
FSD Pharma operates its current cultivation facility in the former Kraft plant located in Cobourg, Ontario. The facility sits on a 70 acre parcel of land with 40 acres primed for development and an expansion capability of up to 3,896,000 square feet. The Company is currently in phase 1 of its growth plans with 25,000 square feet available to grow high-quality pharmaceutical grade cannabis flower. A further 220,000 square feet of growing capacity is under development with an anticipated completion date of December 2018. This expanded Phase 1 is expected to begin growing cannabis plants in January 2019 subject to approval by Health Canada.
"We are extremely pleased with the result of our first crop," said Zeeshan Saeed, EVP and Director of FSD Pharma. "We have delivered a highly efficient yield in our first harvest, which will be followed by a subsequent crop this week. We are well-positioned to complete our second harvest by the end of August 2018. We intend to continue to deliver the highest quality hydroponic indoor-grown pharmaceutical-grade cannabis from this point forward."
About FSD Pharma (CSE: HUGE) (OTC: FSDDF) (FRA: 0K9)
FSD Pharma through its wholly-owned subsidiary FV Pharma, is a licensed producer of marijuana under the Access to Cannabis for Medical Purposes Regulations (ACMPR) having received its cultivation license on October 13, 2017. Headquartered at the former Kraft plant in Cobourg, Ontario, approximately an hour's drive from Toronto, FV Pharma management's mission is to transform the facility into the largest hydroponic indoor cannabis facility in the world. FV Pharma intends to target all legal aspects of the cannabis industry, including cultivation, processing, manufacturing, extracts and research and development.
About FV Pharma
FV Pharma is a licensed producer under the Access to Cannabis for Medical Purposes Regulations (ACMPR), having received its cultivation license on October 13, 2017. Headquartered at the former Kraft plant in Cobourg, Ontario, approximately an hour's drive from Toronto, FV Pharma management's mission is to transform the facility into the largest hydroponic indoor cannabis facility in the world. FV Pharma intends to target all legal aspects of the cannabis industry, including cultivation, processing, manufacturing, extracts and research and development. For more information about FV Pharma, please visit www.fvpharma.com.
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. In particular, 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.
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SOURCE FSD Pharma Inc.
Released August 21, 2018
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