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TORONTO, May 29, 2018 /CNW/ - FSD Pharma Inc. ("FSD" or the "Company") (CSE: HUGE), a Canadian cannabis company focused on building the world's largest indoor hydroponic cultivation and processing facility through its wholly owned subsidiary FV Pharma Inc. ("FV"), a Licensed Producer ("LP") pursuant to the Access to Cannabis for Medical Purposes Regulations ("ACMPR"), is pleased to announce the company has commenced trading publicly on the Canadian Securities Exchange ("CSE") under the symbol "HUGE".
Becoming a public listed issuer is one of the company's largest achievements to date. Furthermore, we are excited to be progressing forward with our business plan and having executed the following financing, licensing, investing and operational goals to date:
- Closed the purchase of the former KRAFT food manufacturing facility in Cobourg, Ontario, which is owned with no debt. The facility is an existing 620,000 sq. ft. indoor facility sitting on a 70 acre parcel of land with 40 acres primed for development. The facility has an electrical sub-station on site, natural gas lines, multiple water-intakes, rail lines directly into the facility and 26 loading docks. The facility is ideally situation just off the 401 Highway approximately 1 hour east of Toronto, ON.
- $53,000,000 of equity capital raised to date and led exclusively by First Republic Capital
- On October 13, 2017, FV Pharma Inc. obtained its ACMPR license to cultivate as a federally Licensed Producer
- Strategic partnership through a joint-venture agreement with Cannabis Wheaton Income Corp. (TSX.V: CBW) ("Wheaton") whereby Wheaton will develop all aspects of our cultivation facility in mutually agreed staged-phases to create the largest indoor cultivation and processing facility in the world. Wheaton will receive 49.9% of all cannabis and cannabis related production from the facility, in perpetuity. It is anticipated that at full capacity this will result in FV receiving approximately 200,000,000 grams of dried cannabis flower per annum. The facility is expected to be an aggregate of approximately 3,800,000 sq. ft. at full capacity
- Completed two strategic investments to deliver long-term value to our shareholders and strategically enhance and support our core operating business at the former KRAFT facility:
- High-Tide: A fully integrated retail distribution company that has applied for 31 retail cannabis permits across Canada and owns 4 prominent brands: RGR Canada Inc, Smokers Corner, Canna Cabana and subject to shareholder approval, may obtain Famous Brandz.
- Cannara Biotech Inc.: FSD currently owns 25%. Cannara plans to be the largest indoor cultivation facility in Québec that wholly owns a 625,000 sq. ft. indoor cultivation facility on 32 acres of land strategically positioned one hour north of Montreal, QC.
- Hired veteran pharmaceutical executive Michael Ash to lead the company's diversified products, pharmaceutical development and strategic growth initiatives.
Thomas Fairfull, President and CEO of FSD, stated: "Today marks an exciting achievement for us to become a publicly traded on the CSE. From inception to where the company has grown today is tremendously exciting and I wish to thank the world-class team we have assembled and the investors that have supported our vision. The Canadian cannabis industry is developing with pace and we believe quality cannabis will be the backbone of all our future cannabis, cannabis products, ancillary business and pharmaceutical development initiatives. As such, we are committed to cultivating the highest quality cannabis at scale by building out the world's largest, state of the art, hydroponic cultivation and processing facility, which will support all our planned business units under one massive roof. Going forward, we will continue to aggressively pursue our business plan and update our shareholder community in an ultimate effort to deliver significant shareholder value."
About FSD Pharma Inc.
FSD Pharma, owns, through its wholly-owned subsidiary FV Pharma Inc., a license to produce marijuana under the Access to Cannabis for Medical Purposes Regulations (ACMPR) which was originally granted on October 13, 2017. Headquartered at the former Kraft plant in Cobourg, Ontario, approximately an hour's drive from Toronto, FSD Pharma's management's mission is to transform the facility into the largest hydroponic indoor cannabis facility in the world. FSD Pharma intends to target all legal aspects of the cannabis industry, including cultivation, processing, manufacturing, extracts and research and development. Please visit www.fsdpharma.com for more information.
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.
Chief Executive Director, FSD Pharma Inc.
SOURCE FSD Pharma Inc.
For further information: Investor Relations: Email: [email protected], Website: www.fsdpharma.com