FSD Pharma Receives Cannabis Sales License from Health Canada
TORONTO--(BUSINESS WIRE)--FSD Pharma Inc. (CSE:HUGE) (OTCQB:FSDDF) (FRA:0K9) (“FSD” or the “Company”), announced today that its wholly-owned subsidiary FV Pharma Inc. has received its Sale for Medical Purposes license to sell cannabis under the Cannabis Act (Canada). The license went into effect on April 18, 2019.
The license allows the current FSD facility to supply and sell cannabis products. The company anticipates receiving the amended sales license that will include the sale of dried and fresh cannabis flower in the near future.
Dr. Raza Bokhari, Executive Co-Chairman and CEO congratulated the FSD Pharma team, shareholders and stakeholders on this much anticipated achievement. Dr. Bokhari stated,
Our sales license is a key development for FSD Pharma and a huge success and step forward for our Cobourg Facility
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
commented Dr. Sara May, President of FV Pharma Inc.
Zeeshan Saeed, President and Founder, 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
Anthony Durkacz, Founder and Executive Co-Chairman of the board speaking on behalf of the FSD Pharma Board of Directors 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.”
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.
FSD facilities sit on 70 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.
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