• November 20, 2018

FSD Pharma Announces Issuance of Cannabis License under Excise Act - Odessa American: Business

e-Edition Subscribe

FSD Pharma Announces Issuance of Cannabis License under Excise Act

Print
Font Size:
Default font size
Larger font size

Posted: Thursday, October 25, 2018 6:31 am | Updated: 7:02 am, Thu Oct 25, 2018.

TORONTO--(BUSINESS WIRE)--Oct 25, 2018--FSD Pharma Inc. ( “FSD Pharma ” or the “ Company ”) (CSE: HUGE) (OTCQB: FSDDF) (FRA: 0K9) announced today that the Company’s application for a cannabis license under the Excise Tax Act has been conditionally approved by the Canada Revenue Agency (the “ CRA ”) and is effective as of October 17, 2018. The issuance of a cannabis license by the CRA is a requirement to sell cannabis and is a prerequisite to obtaining a sales license under the Cannabis Act.

Zeeshan Saeed, EVP, Director and Co-Founder of FSD Pharma stated, “The granting of this cannabis license by the CRA brings the Company one step closer to selling to the marketplace as we approach the granting of our sales license from Health Canada. In the meantime, we are continuing to deliver on our business plan and expanding our indoor grow facility in Ontario where an additional 220,000 square feet is currently under development.”

About FSD Pharma (CSE: HUGE) (OTCQB: FSDDF) (FRA: 0K9)

FSD Pharma is focused on the development of the highest quality indoor grown pharmaceutical grade cannabis and on the research and development of cannabinoid therapies targeting a multitude of ailments. The Company is currently in phase 1 of its growth plans with 25,000 square feet of indoor grow space available at its Ontario facility and an additional 220,000 square feet in development with an expected completion date of January 2019. The facility sits on 72 acres of land with 40 acres primed for development and an expansion capability of up to 3,896,000 square feet. Pending approval by Health Canada, the expanded 220,000 square feet of grow space is expected to be operational in the first quarter 2019.

FV Pharma, a wholly-owned subsidiary of FSD Pharma, is a licensed producer of cannabis having received its cultivation license under the Access to Cannabis for Medical Purposes Regulations (ACMPR) on October 13, 2017 and is now operating under the recently enacted Cannabis Act. 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.

Forward-Looking Information

Neither the Canadian Securities Exchange nor its regulation services provider accept responsibility for the adequacy or accuracy of this release.

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.

View source version on businesswire.com:https://www.businesswire.com/news/home/20181025005275/en/

CONTACT: Additional Information

FSD Pharma Inc.

Zeeshan Saeed, Executive Vice President, Co-Founder and Director

Email: zeeshan@fsdpharma.com

Telephone: (416) 854-8884

or

Investor Relations

Email:IR@fsdpharma.com

Website:www.fsdpharma.com

or

Media Relations

Russo Partners

Ned Berkowitz

Email:Ned.Berkowitz@russopartnersllc.com

Tel: (646) 942-5629

KEYWORD: NORTH AMERICA CANADA

INDUSTRY KEYWORD: HEALTH PHARMACEUTICAL PROFESSIONAL SERVICES FINANCE

SOURCE: FSD Pharma Inc.

Copyright Business Wire 2018.

PUB: 10/25/2018 07:30 AM/DISC: 10/25/2018 07:31 AM

http://www.businesswire.com/news/home/20181025005275/en

© 2018 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

Odessa, TX

Current Conditions

Partly Cloudy
44°
Humidity: 56%
Winds: ESE at 8mph
Feels Like: 40°

Your Extended Forecast

Tomorrow

weather
High N/A°/Low 36°
Partly cloudy. Lows overnight in the mid 30s.

wednesday

weather
High 54°/Low 37°
Partly cloudy. Highs in the mid 50s and lows in the upper 30s.

thursday

weather
High 62°/Low 48°
Cloudy. Highs in the low 60s and lows in the upper 40s.
Online Features

Pet Central

pets

Having a pet is a lot of responsibility, and we’ll help by giving you lots of tips and tricks! More >>

Fitness

Fitness

Our fitness articles will help teach you how to work out with gym- and home-based exercises. More >>

Crosswords

Crosswords

Enjoy the crosswords challenge in our free daily puzzles, from the harder Sunday crossword to the quicker daily. More >>

Sudoku

Sudoku

Every Sudoku has a unique solution that can be reached logically. Enter numbers into the blank spaces so that each row, column and 3x3 box contains the numbers 1 to 9. More >>




  • ALL-ACCESS: Subscribe to our e-edition and premium website at myoaoa.com.
    You can read your daily newspaper without taking a walk to the driveway.
    Look back at yesterday's newspaper, or issues from months ago with our archive feature.
    Call circulation at 432-337-7670 to sign up today.