TORONTO, May 29, 2018 /CNW/ - PRESS RELEASE - FSD Pharma Inc. (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., a Licensed Producer pursuant to the Access to Cannabis for Medical Purposes Regulations (ACMPR), has announced 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, it is progressing forward with its business plan and has 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, Ontario.
- $53,000,000 of equity capital raised to date and led exclusively by First Republic Capital.
- On Oct.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) whereby Wheaton will develop all aspects of the cultivation facility in mutually agreed staged-phases to create the largest indoor cultivation and processing facility in the world. Wheaton will receive 49.9 percent 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 percent. 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, Quebec.
- 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."