TORONTO, Aug. 30, 2018 /PRNewswire/ - FSD Pharma Inc. ("FSD Pharma" or the "Company") (CSE: HUGE) (OTC: FSDDF) reported its financial and operational results for the second quarter of fiscal 2018, ended June 30th, 2018. These filings are available for review on the Company's SEDAR profile at www.sedar.com.
Highlights of The Company:
- Completion of 25,000 square feet solely owned by FSD Pharma
- Construction underway of the Auxly partnership Phase 1 approx. 220,000 Sq Ft expansion at Cobourg, Ontario, with a total budget of $55,000,000
- Construction of Phase 1, approx. 105,000 Sq FT by Cannara partnership at the facility close to Montreal, Quebec underway
- The first cannabis crop has been harvested and tested which is an essential step in the granting of a sales license
- Strong Cash position at June 30, 2018 with $31.7 Million Cash and even more in liquid assets
- No Debt
The construction in Coburg, 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 $31,700,000, no debt, significant assets and continues to execute on management's vision of becoming the largest indoor grow facility in the world with total grow capacity, once completed, in excess of 3,000,000 square feet. With an expected annual output of 400,000,000 grams of which FSD Pharma would benefit 200,000,000 grams.
FSD Pharma continues to make Strategic early stage investments in the Cannabis industry with like minded companies that 1) provide excellent investment potential and 2) will assist FSD strategically in its business. An example of this is evidenced by this quarters mark to market asset revaluation of FSD's holding in Cannara Biotech resulting in a $7,500,000 gain.
FSD Pharma continues to hire highly skilled and experienced staff to ensure that the large investments being made in infrastructure provide a strong return on capital as quickly and efficiently as possible. The Cannabis space is evolving quickly and the Company believes in having very skilled employees.
FSD Pharma is investing in research and development initiatives which are expected to bring new technologies to commercialization within the pharma, nutraceutical and genetics areas to maintain the highest quality and consistency of product.
"We are pleased with the achievements that have been made since going public. We continue to invest in ensuring we have the right assets and infrastructure in place to position us as the largest indoor cannabis grow operation in the world," said Thomas Fairfull, FSD Pharma's CEO. "Construction with our partners Auxly is moving forward and we expect to have our sales license shortly. We will pursue R&D initiative to better position us for growth on the pharma side of the industry. We have the necessary cash balance and partnership to complete our expansion quickly," continued Fairfull.
On Behalf of the Board of Directors,
FSD Pharma Inc.
About FSD Pharma (CSE: HUGE) (OTC: FSDDF) (FRA: 0K9)
FSD Pharma through its wholly-owned subsidiary FV Pharma, is a licensed producer of marijuana under the Access to Cannabis for Medical Purposes Regulations (ACMPR) having received its cultivation license on October 13, 2017. 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.
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.
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SOURCE FSD Pharma Inc.