FSD Pharma Inc. (NASDAQ: HUGE) (CSE: HUGE) (FRA: 0K9A) (“FSD Pharma” or the “Company”), a life sciences holding company dedicated to building a portfolio of assets and biotech
solutions, announced on Friday, February 25, 2022 that it has entered into a firm agreement in connection with the sale of its former cannabis processing facility (the “Facility”) located in Cobourg, Ontario and the 64.43 acre property on which the facility is located (the “Transaction”). In consideration for the purchase of the Facility, the Purchaser has agreed to pay a cash sum of CAD$16,500,000, including a deposit of CAD$660,000 (the “Deposit”). The Deposit was received by the Company on February 24, 2022 and the Transaction is expected to close on May 31, 2022. If closed the injection of money will be non-dilutive to shareholders. The sale remains subject to the satisfaction of a number of conditions.
About FSD Pharma
FSD Pharma Inc. is a biotechnology company with three drug candidates in different stages of development. FSD BioSciences, Inc. (“FSD BioSciences”), a wholly owned subsidiary, is focused on
pharmaceutical research and development of its lead compound, ultra-micronized palmitoyl ethylamine (“PEA”) or FSD-PEA (formerly called FSD-201). Lucid Psycheceuticals Inc. (“Lucid”), a wholly owned subsidiary, is focused on the research and development of its lead compounds, Lucid-PSYCH (formerly Lucid-201) and Lucid-MS (formerly Lucid-21-302). Lucid PSYCH is a molecular compound identified for the potential treatment of mental health disorders. Lucid-MS is a molecular compound identified for the potential treatment of neurodegenerative disorders.
Forward Looking Information
Certain statements contained herein are “forward-looking statements.” Often, but not always, forwardlooking statement can be identified by the use of words such as “if”, “plans”, “expects”, “expected”, “scheduled”, “estimates”, “intends”, “anticipates”, “hopes”, “planned” or “believes”, or variations of such words and phrases, or states that certain actions, events or results “may”, “could”, “would”, “might”, “potentially” or “will” be taken, occur or be achieved. Forward-looking statements contained in this press release include the comments made with respect to the Company’s normal course issuer bid, advancing the Company’s research and efforts to enhance shareholder value. FSD cannot give any assurance that
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