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.
TORONTO – December 20, 2018 – FSD Pharma Inc. (“FSD Pharma” or “FSD”) (CSE: HUGE) (OTCQB: FSDDF) (FRA: 0K9) has completed a strategic investment of $1.3 million or just under 9.9% in Huge Shops, a Toronto-based cannabis retailer. Huge Shops has a strategic alliance with Chairman’s Brands, parent company of Coffee Time, a well-established operator of retail coffee shops with more than 75 locations in Canada and other locations worldwide.
As part of the investment, Huge Shops has the option to acquire a minimum of ten retail locations under Chairman’s umbrella of properties, and, subject to availability and further negotiation, purchase additional Coffee Time sites. Huge Shops has identified ten initial key locations across Ontario, which meet the company’s strategic objective to become a premiere recreational cannabis supplier. Under the province’s current model for recreational cannabis, Huge Shops will file expressions of interest with the Alcohol and Gaming Commission of Ontario (AGCO) in the five designated regions across Ontario in order to obtain one of the province’s first retail locations while strengthening its foothold in Canada’s largest market. Huge Shops stores will be branded and operated independently of Coffee Time shops, but the agreement provides access to the Coffee Time’s highly experienced retail management team and large commercial real estate portfolio.
FSD Pharma Executive Co-Chairman and Co-Founder, Anthony Durkacz, says, “Huge Shops’ strategic alliance with Chairman’s Brands enables the company the ability to quickly create a network, with a well-established consumer base, in key demographic areas throughout the province. FSD Pharma, through its investment in Huge Shops, will offer leading cannabis products to consumers in the province.”
As the province rolls out its private retail model, Huge Shops is planning rapid expansion in key markets throughout Ontario to meet its target of operating 75 locations pursuant to the company receiving its retail operator license.
Huge Shops President and Director, Michael Potts, says, “FSD’s investment and our partnership Chairman’s Brands will help us achieve our goal of rapidly reaching Ontario’s 14 million consumers (1), an estimated CAD $2.3 billion opportunity (2). The strategic alliance gives us an advantage by allowing us to avoid cumbersome leasing arrangements, a problem facing many competitors in our industry.”
Steve Michalopoulos, Vice President of Brand Development at Chairman’s Brands stated, “The legalization of cannabis in Canada presents tremendous opportunity for companies across a number of industries that have a retail footprint. We’ve been observing closely what’s been happening in the Cannabis space and what other brands have been doing within the coffee space. Aligning our coffee brand with Huge Shops presents opportunity to carefully evaluate our real estate network and potentially maximize the real estate to the benefit of all stakeholders. We were very careful to strategically align ourselves with a group that has the wherewithal and capability of building a sustainable long term business”.
The first retail shop is expected to open by April 1, 2019, pending receipt of a retail operator’s license.
Toronto, ON, December 17, 2018 − FSD Pharma Inc. (“FSD” or the “Company”) (CSE: HUGE) (OTCQB: FSDDF) (FRA: 0K9) would like to congratulate High Tide Inc. (“High Tide”) for its listing approval and commencement of trading on the Canadian Securities Exchange (“CSE”) today under the stock symbol “HITI”.FSD has been a founding shareholder of High Tide since participating in its non-brokered private placement that closed on May 2, 2018, while adding to its position by participating in High Tide’s offering of special warrants that closed on October 2, 2018.
Anthony Durkacz, Co-Chairman of the Board and Founder of FSD, said, “I am extremely proud of Raj Grover and his team at High Tide for achieving this incredible milestone. High Tide is an established company with nearly 10 years of experience in developing highly competitive products and retail concepts and I am pleased that its shares are now widely available on the CSE to investors. The High Tide group of companies has achieved a lot over the last decade, especially over the last year, and FSD looks forward to working with High Tide on mutually beneficial growth opportunities long into the future.”
During 2018, the High Tide group of companies – RGR Canada, Famous Brandz, Smoker’s Corner, Canna Cabana and the majority of KushBar – was strategically reorganized to form a vertically-integrated accessory and cannabis network prior to legalization. Over the course of the year, the company successfully completed an offering of special warrants, opened its first four retail cannabis stores in Alberta with over 20 more currently in various stages of construction, secured approximately 20 retail locations in Ontario, acquired one of the industry’s foremost e-commerce platforms in Grasscity and recently announced a brokered private placement of convertible debentures. Continue Reading
Toronto – December 12, 2018 – FSD Pharma Inc. (“FSD Pharma”) (CSE: HUGE) (OTCQB: FSDDF) (FRA: 0K9) today announced that it is the featured company in the CannaInvestor Magazine December 2018 Issue. CannaInvestor Magazine is the leading industry investment magazine for cannabis investors, analysts, executives, entrepreneurs, and the financial media. The digital version of the magazine is accessible and free to all subscribers who enter their email address. FSD Pharma’s cover feature can be found by clicking on this link https://joom.ag/0j5a or visiting CannaInvestor Magazine’s website www.cannainvestormag.ca. Continue Reading
TORONTO–(BUSINESS WIRE)–FSD Pharma Inc. (“FSD Pharma”) (CSE: HUGE) (OTCQB: FSDDF) (FRA: 0K9), which, through its wholly-owned subsidiary, FV Pharma Inc. (“FV Pharma”), is a licensed producer pursuant to the Cannabis Act, announced today that it has entered into a definitive Collaboration and License Agreement (the “Agreement”) with World Class Extractions Inc. (“World Class”), a company that has developed a unique extraction process designed to produce quality, potent cannabis extracts. World Class is also in the process of completing its own previously announced reverse takeover of CBD Med Research Corp. (the “RTO”), and submitted its initial listing application to the Canadian Securities Exchange (the “CSE”) late last week.
Under the terms of the agreement and a related lease, FSD Pharma will provide World Class with space at its 620,000 square foot facility in Cobourg, Ontario (the “FSD Facility”), assist it in obtaining an extraction license from Health Canada, and provide World Class with the raw cannabis needed to produce cannabis extracts. In return, World Class will provide FSD Pharma with certain royalty rights over the profits derived from the sale of those cannabis extracts.
FSD Pharma will provide World Class with up to 5,000 square feet of space at the FSD Facility (the “World Class Premises”). World Class will build and install, at its expense, its own manufacturing facility within the larger FSD Facility, at which it intends to extract and process CBD enriched oil and other extracts (the “World Class Products”). In addition, FSD Pharma will assist World Class in preparing an application to Health Canada under the Cannabis Act to obtain the necessary license (the “License”) to carry out its cannabis extraction activities. In particular, FSD Pharma will assist with the following components of the application:
a) drafting, or coordinating drafting of, all application materials;
b) sourcing all necessary third-party consultants required to prepare the application, and;
c) communicating with Health Canada throughout the application process.
FSD Pharma will, through FV Pharma, also provide World Class with substantial assistance in producing the World Class products. During the period prior to World Class obtaining the License, the parties will produce the World Class products under a license that FV Pharma intends to obtain. In addition, FSD Pharma will provide World Class with all of the raw cannabis needed to produce the World Class Products, both before and after World Class obtains the License.
As consideration for the significant assistance provided by FSD Pharma, there will be no capital obligations required. All considerations will be paid in the form of a tolling fee structure whereby World Class will retain 7% of the value of all World Class Products produced at the World Class Premises, which will be payable, at World Class’s option, in cash or World Class Products.
Rupert Haynes, CEO of FSD Pharma commented, “FSD Pharma has entered into this agreement to take advantage of World Class’s proprietary WCE Technology, which we believe provides us with a competitive advantage due to its unique benefits, such as the ability to process live and wet cannabis plants in their entirety. Under the terms of the agreement, we will have access to the highest quality CBD extracts produced from our own indoor, hydroponically-grown cannabis plants. We intend to work closely with the World Class team to help expedite the application process and the granting of the company’s extraction license from Health Canada.”
Michael McCombie, CEO of World Class stated, “Setting up our operations in the FSD Pharma facility ensures that we have access to both a steady supply of quality cannabis plants for processing and to a team of experts in the license application process. We expect to be listed on the CSE shortly and will be setting up our operations at the FSD Pharma facility in early 2019. This is an exciting time for World Class to be entering the cannabis marketplace with our patent-pending proprietary WCE technology and to be supplying the growing market for CBD extracts.” Continue Reading
Toronto – December 3, 2018 – FSD Pharma Inc. (“FSD” or the “Company”) (CSE: HUGE) (OTCQB: FSDDF) (FRA: 0K9) announced today that the Company has traded over four Billion Class B subordinate voting shares in its first six months of trading on the Canadian Securities Exchange (“CSE”). During the period of May 29, 2018 to November 29, 2018, the Company traded exactly 4,041,346,300 Class B subordinate voting shares on the CSE. This is the largest total quantity of share volume ever traded by a CSE listed issuer within one year of consecutive days of trading as confirmed by the CSE.
The Company wishes to again thank all its shareholders and stakeholders for their support to date, which has resulted in another record-breaking launch into the Canadian cannabis marketplace.
TORONTO, November 30, 2018 – FSD Pharma Inc. (“FSD Pharma” or the “Company”) (CSE: HUGE) (OTCQB: FSDDF) (FRA: 0K9) today reported its financial and operational results for the third quarter of fiscal 2018, ended September 30, 2018. These filings are available for review on the Company’s SEDAR profile at www.sedar.com.
Financial and Operational Highlights for the Company:
• Mark to market investment gain of $6.8 million in Q3
• Positive Earnings per share in Q3 of $0.003
• Strong cash position, exiting September 30, 21018 with $33.8 million and no debt
• Successfully achieving transformational milestones of targeting all legal aspects of the cannabis industry, including cultivation, processing, manufacturing, extraction and cannabinoid pharmaceutical research and development
• Received license to sell to other licensed producers while also increasing production footprint
• Construction timeline and budget remain in line with expectations for the 220,000 square foot phase 1 expansion at the facility in Cobourg in partnership with Auxly Cannabis Group Inc.
• Full sales license in progress for Cobourg facility
The construction in Cobourg, Ontario remains on schedule with cultivation expected to commence in the first half of 2019. The Company maintained a strong balance sheet with cash of $33.8 million, no debt, and continues to execute on the transformational vision of becoming the largest indoor grow facility in the world, while also having expertise in processing, manufacturing, extraction and cannabinoid pharmaceutical research and development.
FSD Pharma continues to realize the financial benefits of its strategic investments in the cannabis space, which is evidenced by the Company’s Q3 mark to market profit of $6.8 million for its investment portfolio. Investments in strategic partners as of September 30, 2018 had a market value of $20.1 million adding to the strength of the balance sheet.
The Company recently added tremendous depth to both its senior executive team and its Board of Directors. FSD Pharma intends to continue to build out its team to ensure a successful transformation into being a global leader in cannabinoid pharmaceutical based treatments and will continue to invest heavily in research and development to realize this vision.
“We are pleased with our achievements since going public. We continue to work tirelessly towards our goal of becoming a global leader in cannabinoid pharmaceutical based treatments,” said Zeeshan Saeed, President and Founder of FSD Pharma. “Construction with our partners Auxly is on schedule and we expect to have our sales license shortly. Our strong balance sheet affords us the luxury of being able to ensure success as we transform the Company into a renowned leader in the cannabinoid pharmaceutical space, while building out the largest indoor cultivation facility in the world.”
On Behalf of the Board of Directors,
FSD Pharma Inc. Continue Reading
Toronto – November 29, 2018 – FSD Pharma Inc. (“FSD Pharma”) (CSE: HUGE) (OTCQB: FSDDF) (FRA: 0K9) announced today that Dr. Zohar Koren, CEO of its Strategic Partner SciCann Therapeutics (“SciCann”) and Head of its Scientific Advisory Board, will present at the International Cannabinoid-Derived Pharmaceuticals Summit (“iCDP Summit”) in Boston, on December 11-12, 2018.
The iCDP Summit is a central meeting place for leading pharma companies, research experts and clinical pioneers in the field of Cannabinoid Derived Pharmaceutical development, including delegates of field leaders such as GW Pharmaceuticals plc, Tilray Inc. and GB Sciences Inc. The Summit speakers and participants will discuss issues such as complex Cannabinoid pharmacology, formulations and delivery systems, clinical studies, patient education and commercial challenges.
Dr. Koren will present the latest scientific results achieved by SciCann in the field of anti-inflammatory CBD based therapies and discuss the revolutionary implications these breakthrough technologies can have for the benefit of patients suffering from acute and chronic inflammation such as inflammatory bowel diseases, auto-immune disorders and cardiovascular conditions. He will also discuss the line of proprietary CBD combination products licensed from SciCann to FSD Pharma for commercialization in Canada.
Dr. Raza Bokhari, Co-Chairman and interim CEO of FSD Pharma, stated “Dr. Koren has set for himself the goal of becoming a leading pharmaceutical developer of novel and disruptive cannabinoid derived products and this is a great opportunity for him to share his research and unique findings with global key opinion leaders and scientific experts in the field of cannabinoid research attending the Summit. We are happy to have him as the Head of our Scientific Advisory Board and look forward to working with him and his team.”
For more information on the conference: https://international-cdp.com/