Vancouver, British Columbia--(Newsfile Corp. - April 23, 2019) - FSD Pharma Inc. (CSE: HUGE) (FSE: 0K9) (OTCQB: FSDDF) announced that its wholly-owned subsidiary FV Pharma, currently a licensed cannabis producer, has received its "Sale for Medical Purposes" license under the Cannabis Act in Canada. This additional license permits the current FSD facility to supply and sell cannabis products, with management anticipating an amended sales license in the near future to include the sale of dried and fresh cannabis flower.
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FSD Pharma has 25,000 square feet available for production at its Ontario facility, which sits on 70 acres of land with 40 acres primed for development, and an expansion capability of up to 3.9 million square feet. 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, covering all aspects of this exciting new industry, including cultivation, legal, processing, manufacturing, extracts and research and development.
Dr. Raza Bokhari, Executive Co-Chairman and CEO, stated: "Our sales license is a key development for FSD Pharma and a huge success and step forward for our Cobourg Facility."
Dr. Bokhari is participating in the Arcview Investor Forum, held April 23 to April 25, 2019, at the Vancouver Westin Bayshore Hotel, an event featuring leading public and private companies and thought leaders who are shaping the future of the industry. He will be the Diamond Keynote speaker on April 24th and will discuss investment opportunities emerging in the field of cannabinoid science and the promise of cannabinoid pharmaceuticals as a growth opportunity.
Zeeshan Saeed, President and Founder of FSD Pharma, added: "The granting of our sales license allows FSD to serve the growing medicinal use markets in Canada. We intend to quickly scale up production at our current facility, while continuing to build out the plant to add additional grow capacity. In addition, our sales license opens the door for our partner Canntab Therapeutics to commence sales of its suite of novel cannabis oral dose delivery platforms, including CBD and THC capsules, in Canada and global markets. We expect that this will provide an immediate benefit to both parties, since FSD is entitled to a share of Canntab's revenue from sales as a result of the collaboration and profit sharing agreement that we entered into this past fall."
In 2018, FSD Pharma signed a number of Royalty Agreements, including with CannTab Therapeutics (CSE:PILL), which has access to up to 10,000 square feet of space at FSD Pharma's Cobourg facility. Canntab has developed patent-pending technology to deliver standardized medical cannabis extract from selective strains in a variety of extended- release/sustained-release pharmaceutical dosages for therapeutic use.
Anthony Durkacz, Executive Co-Chairman and Founder, stated: "We are proud of the leadership at FSD Pharma. This industry is transforming very rapidly and the leadership has positioned the company well to generate top tier revenue from our medicinal grade cannabis production."
Dr. Sara May, President of FV Pharma Inc., commented: "We have achieved this milestone thanks to the efforts of our dedicated team. We are exceptionally proud of this achievement and look forward to accelerating our efforts."
The shares which began trading on the CSE on May 29th, setting several trading records for volume, are currently trading at $0.27.
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