TORONTO, June 6, 2018 /CNW/ - FSD Pharma Inc. (the "Company") (CSE: HUGE), is pleased to announce that its wholly- owned subsidiary FV Pharma Inc ("FV Pharma") have entered into a strategic alliance with SciCann Therapeutics Inc. ("SciCann") by executing a binding Memorandum of Understanding (the "MOU") dated May 28, 2018, pursuant to which FV Pharma shall invest up to $3M in SciCann for a 15% equity stake.
In addition, FV Pharma will receive an exclusive license in Canada for the production and distribution of a line of proprietary cannabinoid-based, patent pending and indication-specific products developed by SciCann.
Under the MOU, FV Pharma shall receive premium access to the cannabinoid scientific research platform developed by SciCann in Israel, which includes a network of leading researchers, academic institutions and medical centers. This platform will enable FV Pharma to execute a series of rigorous clinical studies for cannabis-based products in a highly time and cost-efficient environment, to fulfil its stated goal of becoming the global leader in the new emerging field of clinically proven cannabinoid-based therapies
Thomas Fairfull, President and CEO of FSD Pharma, stated, "The collaboration With SciCann Therapeutics marks a very exciting moment for FV Pharma. This partnership provides FV Pharma premium access directly to the heart of Israel's thriving cannabis scientific R&D ecosystem. Through this platform, FV Pharma will be able to perform a large set of pre-clinical and clinical rigorous studies with novel cannabis medical products, and thus position itself as a leading developer and distributor of pharmaceutical grade medical cannabis therapies, tested and verified in a strict scientific way. In addition, we are proud to bring the novel and patent pending line of indication- specific products developed by SciCann to patients in Canada, and we see great prospects for this line of proprietary and differentiated products in our country."
Dr. Zohar Koren, co-founder and CEO of SciCann Therapeutics stated, "We are delighted to partner with FV Pharma as the exclusive manufacturer and distributor of our existing line of proprietary products for the booming Canadian cannabis markets. There are very few people in the industry that have the capability to construct such a large scale and cutting edge indoor cannabis cultivation and processing facility as FV Pharma does, and we are proud to be part of this great endeavor. SciCann Therapeutics will be dedicated to bringing the most novel and rigorous scientific research from Israel to FV Pharma's facility."
About FSD Pharma
FSD Pharma through its wholly-owned subsidiary FV Pharma, is a licensed producer of marijuana under the Access to Cannabis for Medical Purposes Regulations (ACMPR) having received its cultivation license on October 13, 2017. Headquartered at the former Kraft plant in Cobourg, Ontario, approximately an hour's drive from Toronto, FV Pharma management's mission is to transform the facility into the largest hydroponic indoor cannabis facility in the world. FV Pharma intends to target all legal aspects of the cannabis industry, including cultivation, processing, manufacturing, extracts and research and development.
About SciCann Therapeutics
SciCann Therapeutics is a Canadian-Israeli specialty pharmaceutical company, dedicated to the development and commercialization of novel and disruptive pharmaceutical products that target and modulate the endocannabinoid system. SciCann Therapeutics is active in the fields of oncology, pain management, neurodegenerative diseases and inflammatory disorders, and develops a line of proprietary products for the treatment of chosen life-threatening conditions that present a high level of unmet need.
SciCann has created a network of collaborations with leading academic centers and medical institutions in Israel in order to engage in cutting edge science and rigorous clinical studies to develop its products, while using the permissive regulatory climate in Israel for performing its R&D programs quickly and efficiently.
Forward looking 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.
SOURCE FSD Pharma Inc.
For further information: ON BEHALF OF SCICANN: Dr. Zohar Koren, Chief Executive Officer, Email: firstname.lastname@example.org, Cell: +972-52-733-1424; ON BEHALF OF FSD PHARMA:Thomas Fairfull, President and Chief Executive Officer, Email: email@example.com,Telephone: (905) 686-7079