TORONTO, Jan. 14, 2019 /CNW/ - FSD Pharma Inc. ("FSD" or the "Company") (CSE: HUGE) (OTCQB: FSDDF) (FRA: 0K9) would like to congratulate Cannara Biotech Inc. ("Cannara") for its listing approval and commencement of trading on the Canadian Securities Exchange ("CSE") today under the stock symbol "LOVE". 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.
Anthony Durkacz, Co-Chairman of the Board and Co-Founder of FSD, said, "I want to congratulate Zohar Krivorot and his team at Cannara for achieving this significant milestone and for their ongoing efforts to build out the largest indoor cannabis grow facility in Quebec. The listing of Cannara's shares on the CSE today will give investors the chance to share in the company's continued success and growth. FSD fully supports Cannara's strategic vision and expansion plans and intends to continue working in partnership with Cannara to take advantage of opportunities that benefit both companies."
About Cannara Biotech Inc.
Cannara Biotech is building the largest indoor cannabis cultivation facility in Quebec, a modern and secure 625,000 square foot facility located in Farnham, less than 45 minutes from downtown Montreal. Leveraging Quebec's low electricity costs, Cannara will produce high-grade indoor cannabis and derivative products for the Canadian and international markets. Working with partners from various industries, Cannara will generate licensing revenues, rental revenues and revenue streams from joint-venture arrangements leveraging this highly valuable property. For more information, visit our website: www.cannara.ca
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 available for production at its Ontario facility with an additional 220,000 square feet currently in development (with an estimated cost of $250 per square foot to be completed in 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 under the Cannabis Act and Regulations, having received its cultivation license on October 13, 2017. 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.
Neither the Canadian Securities Exchange nor its regulation services provider accept 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 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.
SOURCE FSD Pharma Inc.
For further information: Zeeshan Saeed, President and Founder, FSD Pharma Inc., Email: [email protected], Telephone: (416) 854-8884; Investor Relations: Email: [email protected], Website: www.fsdpharma.com; Media Relations: Ned Berkowitz, Email: [email protected], Tel: (646) 942-5629