TORONTO, Dec. 17, 2018 /CNW/ - 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.
About High Tide Inc.
High Tide is an Alberta-based, retail-focused cannabis corporation. It is among the most vertically-integrated companies in the Canadian cannabis market, with portfolio subsidiaries including RGR Canada Inc., Smoker's Corner Ltd., Famous Brandz Inc., Canna Cabana Inc. and the majority of KushBar Inc. High Tide's strategy as a parent company is to extend and strengthen its retail-focused integrated value chain, while providing a complete customer experience and maximizing shareholder value.
Representing the core of High Tide's business, RGR Canada Inc. is a high-quality and innovative designer, manufacturer and distributor of cannabis accessories. Founded in 2009 and approved by the Canadian Franchise Association, Smoker's Corner Ltd. is Canada's largest counter-culture chain with 19 current locations. Famous Brandz Inc. is a dominant manufacturer of licensed lifestyle accessories, through partnerships with celebrities and entertainment companies including Snoop Dogg and Paramount Pictures. Famous Brandz' products are sold to wholesalers and retailers around the world. With the deregulation of recreational cannabis for adult use across Canada, Canna Cabana Inc. is positioned to become a sizeable retail brand through a modern concept with a sophisticated yet playful customer experience, while KushBar Inc. is a retail concept that will also be focused on the valued Canadian cannabis consumer.
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.
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