TORONTO--(BUSINESS WIRE)--PRESS RELEASE--FSD Pharma Inc. has reported its financial and operational results for the third quarter of fiscal 2018, ended Sept. 30, 2018. These filings are available for review on the Company’s SEDAR profile at www.sedar.com.
Financial and Operational Highlights for the Company:
- Mark to market investment gain of $6.8 million in Q3
- Positive comprehensive earnings per share in Q3 of $0.003
- Strong cash position, exiting Sept. 30, 2018 with $33.8 million and no debt
- Successfully achieving transformational milestones of targeting all legal aspects of the cannabis industry, including cultivation, processing, manufacturing, extraction and cannabinoid pharmaceutical research and development
- Received license to sell to other licensed producers while also increasing production footprint
- Construction timeline and budget remain in line with expectations for the 220,000-square-foot phase 1 expansion at the facility in Cobourg in partnership with Auxly Cannabis Group Inc.
- Full sales license application in progress for Cobourg facility
The construction in Cobourg, Ontario remains on schedule with cultivation expected to commence in the first half of 2019. The company maintained a strong balance sheet with cash of $33.8 million, no debt, and continues to execute on the transformational vision of becoming the largest indoor grow facility in the world, while also having expertise in processing, manufacturing, extraction and cannabinoid pharmaceutical research and development.
FSD Pharma continues to realize the financial benefits of its strategic investments in the cannabis space, which is evidenced by the company’s Q3 mark to market profit of $6.8 million for its investment portfolio. Investments in strategic partners as of Sept. 30, 2018 had a market value of $20.1 million adding to the strength of the balance sheet.
The company recently added tremendous depth to both its senior executive team and its Board of Directors. FSD Pharma intends to continue to build out its team to ensure a successful transformation into being a global leader in cannabinoid pharmaceutical based treatments and will continue to invest heavily in research and development to realize this vision.
“We are pleased with our achievements since going public. We continue to work tirelessly towards our goal of becoming a global leader in cannabinoid pharmaceutical based treatments,” said Zeeshan Saeed, president and founder of FSD Pharma. “Construction with our partners Auxly is on schedule and we expect to have our sales license shortly. Our strong balance sheet affords us the luxury of being able to ensure success as we transform the Company into a renowned leader in the cannabinoid pharmaceutical space, while building out the largest indoor cultivation facility in the world.”