InvestmentPitch Media Video Discusses FSD Pharma’s Granting of Exclusive Rights to Revolutionary Recreational Alcohol Misuse Technology to Celly Nutrition

VANCOUVER, British Columbia, June 23, 2023 (GLOBE NEWSWIRE) -- FSD Pharma Inc. (NASDAQ:HUGE) (CSE:HUGE) (FSE:0K9A), a biopharmaceutical company dedicated to building a portfolio of innovative assets and biotech solutions for the treatment of challenging neurodegenerative, inflammatory and metabolic disorders, has entered into a non-binding letter of intent with 1319741 B.C. Ltd., an unlisted reporting issuer, which will be renamed Celly Nutrition Inc.

It is intended that FSD Pharma and Celly Nutrition or “Celly Nu” will enter into a definitive licencing and loan agreement whereby FSD will provide Celly Nu an exclusive licence to commercialize products developed using FSD’s IP for alcohol misuse technology for recreational applications.

A Media Snippet accompanying this announcement is available by clicking on the image or link below:

For more information, please view the InvestmentPitch Media video which provides additional information about this news and the company, including video comments from Kevin Harrington about the new technology. The video is available for viewing on “InvestmentPitch” and on “YouTube”. If these links are not enabled, please visit www.InvestmentPitch.com and enter “FSD Pharma” in the search box.

Concurrent with closing of the transaction, FSD intends to loan Celly Nu up to $1,000,000 on a secured basis with a term of 3 years, bearing interest at 10% per annum. Celly Nu will pay FSD a licence fee by issuing 100,000,000 shares and a 7% royalty on gross revenue should a product be commercialized. FSD may distribute some or all of the Celly Nu shares to its shareholders in the future.

The product being developed, UNBUZZD, is designed to accelerate alcohol detoxification.

Celly Nu will appoint John Duffy as CEO. Mr. Duffy is a strategy-driven and results-oriented Executive with close to three decades of successful consumer goods experience. Most recently, John was Co-Founder, Executive VP and Chief Commercial Officer at Legends Access LLC where he created and managed the influencer, social media and e-commerce platforms while developing partnerships with fortune 500 clients. Prior to Legends Access, John spent more than 22 years in the Coca-Cola system including roles of increasing responsibilities across multiple functions, including Vice President of National Sales, where he led the customer management team responsible for the Coca-Cola systems’ largest foodservice distributor, Sysco.