FSD Pharma Reports 2018 Year-End Results

FSD Pharma Inc. (CSE:HUGE) (OTC:FSDDF) (FRA:0K9) (“FSD Pharma”, “FSD” or “the Company”) today reported its financial and operational results for the fourth quarter and fiscal year-ended December 31, 2018. These filings are available for review on the Company’s SEDAR profile at www.sedar.com.

“2018 was a year of major accomplishments for FSD Pharma,” said Executive Co-Chairman & Founder Anthony Durkacz, “in which we are pleased to report:

• Strategic investments were valued at $18 million with a mark-to-market unrealized gain of $10 million;
• Total net assets in excess of $52 million with no long-term liabilities; and
• Cash position on December 31, 2018 of $22 million.”

“FSD has fully complied with all Required Filings with Canadian securities regulators. It’s unfortunate that we missed the filing deadline and I take full responsibility for the delay,” said Dr Raza Bokhari, Executive Co-chairman & CEO. “I’m grateful to all shareholders for their patience and forbearance. We are working with a new auditing firm that started its work in the beginning of April 2019 in advance of our listing on the New York Stock Exchange and other factors were simply beyond our control. It was important that they took the time they needed to finalize the audit. I want to personally assure all shareholders and regulators that we fully realize that such delays are unacceptable and we have strengthened all internal controls and governance processes to ensure that all future filings are completed on time.

“Looking ahead, FSD Pharma continues to make progress in its efforts to being a global leader in cannabinoid pharmaceutical based treatments and will continue to invest heavily in milestone based research & development to unlock the promise the cannabinoid molecule offers in alleviating the pain and suffering of countless around the world. In addition, after receiving the sales license for medicinal cannabis in April 2019, we are tightly focused on developing a robust expansion plan at our Cobourg, Ontario facility under the leadership of Dr. Sara May. Finalizing the next phase of expansion, with drawings, a construction budget and timeline is our top priority,” concluded Dr. Bokhari.