TORONTO, July 19, 2018 /PRNewswire/ - FSD Pharma Inc. ("FSD Pharma") (CSE:HUGE) (OTC:FSDDF) today announced that its wholly-owned subsidiary, FV Pharma Inc. ("FV Pharma") has entered into a non-binding memorandum of understanding ("MOU") with High Tide Ventures Inc. ("High Tide") dated July 18, 2018 to supply the Saskatchewan market on a wholesale basis with up to 5,000 kilograms of cannabis products over the next year when available. FSD Pharma is working together with Auxly (formerly Cannabis Wheaton Income Corp.) (TSX.V:XLY) to achieve its mission to develop the largest hydroponic indoor cannabis cultivation facility in Cobourg, Ontario, Canada.
High Tide is in the process of becoming a licensed wholesaler of cannabis products in the province of Saskatchewan. Thomas Fairfull, President and CEO of FSD Pharma, stated, "This non-binding MOU is the result of FSD Pharma's focus on growing high quality indoor hydroponic cannabis, which I expect will yield more opportunities to build on our relationship in the near future." Raj Grover, President & Chief Executive Officer of High Tide, added, "High Tide has achieved an important strategic milestone by securing its first wholesale business partner for Saskatchewan and its 51 retail cannabis outlets. It is very important to us to be able to provide the highest quality of indoor grown cannabis. We want to ensure that High Tide is able to offer consumers a variety of options that they actually enjoy."
High Tide is focused on becoming a strong downstream player in the legal recreational cannabis industry in Canada. Through its subsidiaries, High Tide has also applied for over 30 retail cannabis licenses and associated development permits in Alberta, with applications in British Columbia expected to be submitted shortly.
About FSD Pharma Inc. (CSE:HUGE) (OTC:FSDDF)
FSD Pharma, owns, through its wholly-owned subsidiary FV Pharma Inc., a license to produce marijuana under the Access to Cannabis for Medical Purposes Regulations (ACMPR) which was originally granted on October 13, 2017. Headquartered at the former Kraft plant in Cobourg, Ontario, approximately an hour's drive from Toronto, FSD Pharma's management's mission is to transform the facility into the largest hydroponic indoor cannabis facility in the world. FSD Pharma intends to target all legal aspects of the cannabis industry, including cultivation, processing, manufacturing, extracts and research and development. Please visit www.fsdpharma.com for more information.
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.
About High Tide Ventures Inc.
High Tide is a privately-held, Alberta-based, retail-focused cannabis corporation. It is among the most vertically-integrated players in the Canadian cannabis market, with portfolio companies including Famous Brandz, RGR Canada, Smoker's Corner and Canna Cabana. High Tide's strategy as a parent company is to extend and strengthen its integrated value chain, while providing a complete customer experience and maximizing shareholder value.
Famous Brandz is a dominant manufacturer of licensed lifestyle accessories, through partnerships with celebrities and entertainment companies like Snoop Dogg and Paramount Pictures, respectively, which are sold to wholesalers and retailers around the world. Representing the core of High Tide's business, RGR Canada is a high-quality and innovative designer, manufacturer and distributor of lifestyle accessories. Founded in 2009 and approved by the Canadian Franchise Association, Smoker's Corner is Canada's largest counter-culture chain with 19 current locations. Upon recreational legalization across Canada on October 17, 2018, Canna Cabana is positioned to become a sizeable retailer through a modern concept with a sophisticated yet playful customer experience. For more information about High Tide Ventures Inc., please visit www.hightideventures.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.
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SOURCE FSD Pharma Inc.
Released July 19, 2018