FSD Pharma announces receipt of cannabis sales license from Health Canada.
Global Banking News-April 22, 2019-FSD Pharma announces receipt of cannabis sales license from Health Canada
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FSD Pharma Inc (CSE:HUGE) (OTCQB:FSDDF) (FRA:0K9) announced on Monday the receipt by its wholly-owned subsidiary, FV Pharma Inc, of its Sale for Medical Purposes license to sell cannabis under the Cannabis Act (Canada).
This license went into effect on 18 April 2019.
According to the company, this license allows the current FSD facility to supply and sell cannabis products. The company anticipates receiving the amended sales license that will include the sale of dried and fresh cannabis flower in the near future.
Also, the granting of sales license allows FSD to serve the growing medicinal use markets in Canada. The company intends to quickly scale up production at its current facility, while continuing to build out the plant to add additional grow capacity.
In addition, this sales license opens the door for the company's partner Canntab Therapeutics to commence sales of its suite of novel cannabis oral dose delivery platforms, including CBD and THC capsules, in Canada and global markets.
This is expected to provide an immediate benefit to both parties, since FSD is entitled to a share of Canntab's revenue from sales as a result of the collaboration and profit sharing agreement that we entered into this past fall."
FSD Pharma is focused on the development of the highest quality indoor grown, pharmaceutical grade cannabis and on the research and development of novel cannabinoid-based treatments for several central nervous system disorders, including chronic pain, fibromyalgia and irritable bowel syndrome. The company has 25,000 square feet available for production at its Ontario facility.
FSD's wholly-owned subsidiary, FV Pharma, is a licensed producer under the Cannabis Act and Regulations, having received its cultivation license on 13 October 2017.
((Distributed via M2 Communications - http://www.m2.com))
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|Publication:||Global Banking News (GBN)|
|Date:||Apr 22, 2019|
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