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FSD Pharma To Surrender Marijuana Licenses To Health Canada

Canada-based FSD Pharma Inc. said it has informed Health Canada of its decision to forfeit the marijuana cultivation and sale licenses of its wholly-owned subsidiary, FV Pharma, Inc. and suspend all activities by FV Pharma within 30 days.

FSD Pharma has initiated a process to liquidate all FV Pharma assets, including the sale of its cannabis production facility in Cobourg, Ontario. The company held licenses to cultivate cannabis in approximately 25,000 square feet.

FV Pharma received its Health Canada cannabis cultivation license in October 2017 and its full sale for medical purposes license in June 2019.

"It is now clear to us that our shareholder value is best served in closing down our medicinal grade cannabis operation in Cobourg, Ontario and reinforcing steps to advance pharmaceutical R&D efforts on our lead compound FSD201 (ultra-micronized PEA) and continuing to explore the acquisition of other compelling compounds to expand our drug development pipeline," said Raza Bokhari, Executive Co-Chairman & CEO of FSD Pharma.

FSD Pharma said it is actively working to submit an Investigational New Drug Application or IND to the U.S. Food and Drug Administration or FDA for the use of FSD201 to treat hospitalized COVID-19 patients by down-regulating the over-expressed pro-inflammatory cytokine immune response to SARS-CoV-2 virus infection.

FSD Pharma expects to initiate a phase 2 clinical trial before the end of this year and remain cautiously optimistic that its study may improve treatment outcome for COVID-19 patients.

However, the company added it is not making any express or implied claims that its product has the ability to eliminate, cure or contain COVID-19 at this time.

FSD Pharma is a publicly traded holding company since May 2018.

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