-Full license allows FSD to deliver cannabis to medicinal use markets-
TORONTO, June 24, 2019 /CNW/ - FSD Pharma Inc. (CSE: HUGE) (OTCQB: FSDDF) (FRA: 0K9) ("FSD" or the "Company"), announced today that its wholly-owned subsidiary FV Pharma Inc. ("FV Pharma") has received its Full Sale for Medical Purposes license to sell cannabis under the Cannabis Act (Canada). The license is effective as of June 21, 2019.
The latest amendment to the license, originally granted on April 18, 2019, allows the FSD facility in Cobourg, Ontario to supply and sell cannabis products, including dried and fresh cannabis to the medicinal use marketplace. FV Pharma can now begin delivering cannabis to patients who hold prescriptions from authorized healthcare providers.
Raza Bokhari, M.D., Executive Co-Chairman and CEO stated, "Achieving this final step in the sales licensing process is much awaited positive news for all of our shareholders and stakeholders. I am grateful for their continued support and patience. Everyone at our Cobourg facility has worked diligently under the leadership of Dr. Sara May, who deserves special recognition for her commitment to excellence. We can now serve the needs of patients who rely on medicinal cannabis products to manage a range of illnesses and diseases."
Dr. Bokhari continued, "We would not have realized this coveted milestone without the vision and missionary commitment of our founders Zeeshan Saeed and Anthony Durkacz, who right from the outset through sheer grit, hard work and unwavering conviction in the promise of the medicinal cannabis ecosystem, provided their tireless support to me as board members and trusted colleagues and others before me to make this day possible. I am thankful for their support and the vote of confidence of the entire FSD Pharma Board of Directors, as we begin writing the next chapters of the FSD Pharma story."
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 that is licensed at its Ontario facility and expansion is currently underway.
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 by 2025.
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. For additional information on the company, please visit our website at www.fsdpharma.com.
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.
SOURCE FSD Pharma Inc.
Released June 24, 2019