TORONTO, June 6, 2018 /CNW/ - PRESS RELEASE - FSD Pharma Inc. has announced that its wholly-owned subsidiary FV Pharma Inc. has entered into a strategic alliance with SciCann Therapeutics Inc. by executing a binding Memorandum of Understanding (MOU) dated May 28, 2018, pursuant to which FV Pharma shall invest up to $3M in SciCann for a 15-percent 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."