FSD Pharma Announces Strategic Business Developments

– Dr. Raza Bokhari appointed interim CEO

Rupert Haynes departs as FSD Pharma CEO –

– FSD Pharma terminates agreement with Auxly

TORONTO–(BUSINESS WIRE)–lt;a href=”https://twitter.com/hashtag/FSDDF?src=hash” target=”_blank”gt;#FSDDFlt;/agt;–FSD Pharma Inc. (CSE: HUGE) (OTCQB: FSDDF) (FRA: 0K9) (“FSD” or the
“Company”), announced that its Board of Directors has concluded a
strategic assessment of the Company and has implemented changes in
leadership and business practices to optimize operations. Accordingly,
the Company announced today that Dr. Raza Bokhari, Executive
Co-Chairman, has been appointed interim Chief Executive Officer of FSD
Pharma, effective immediately. Dr. Bokhari’s appointment follows the
termination of Rupert Haynes.

To assist with the search for a pharmaceutical executive and other
senior executives to lead FSD Pharma’s pharmaceutical business
practices, the Company has hired Greg Button, Global Head of HealthCare
recruiting at Korn Ferry, a leading global organizational consulting
firm. Mr. Button has over two decades of experience placing C-suite
executives into public and private equity-backed companies.

Additionally, the Company announced termination of a definitive
agreement with Auxly Cannabis Group Inc. (“Auxly”) effective today,
February 6, 2019. Under the terms of the agreement dated March 3, 2018,
Auxly was obligated to develop all aspects of the Company’s cannabis
cultivation facility in mutually agreed upon staged phases.

“We are taking these momentous steps to unlock shareholder value and
re-energize execution of our company’s vision” said Dr. Bokhari,
Executive Co-chairman and Interim CEO of FSD Pharma. “The Board believes
the Company has unique and invaluable assets and is taking appropriate
actions that will support long-term positive cash flow and shareholder
value.”

About FSD Pharma

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 with an additional 220,000 square feet currently in
development (with an estimated cost of $250 per square foot to be
completed in 2019).

FSD facilities sit on 70 acres of land with 40 acres primed for
development and an expansion capability of up to 3,896,000 square feet.

FSD’s wholly-owned subsidiary, FV Pharma, is a licensed producer under
the Cannabis Act and Regulations, having received its cultivation
license on October 13, 2017. FV Pharma’s vision is to transform its
current headquarters in a Kraft plant in Cobourg, Ontario into the
largest hydroponic indoor grow facility in the world. FV Pharma intends
to cover all aspects of this exciting new industry, including
cultivation, legal, processing, manufacturing, extracts and research and
development.

Forward-Looking Information

Neither the Canadian Securities Exchange nor its regulation services
provider accept responsibility for the adequacy or accuracy of this
release.

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 company’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 company’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 company 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.

Contacts

Zeeshan Saeed, President, Founder and Director, FSD Pharma Inc.
Email:[email protected]a.com
Telephone:
(416) 854-8884

Investor Relations
Email: [email protected]
Website: www.fsdpharma.com

Media Relations
Nic Johnson / Caroline Cunningham
Email:
[email protected]
/ [email protected]
Tel:
(212) 845-4242 / (212) 845-4292

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