FSD Pharma Inc (CSE: HUGE) (OTCQB: FSDDF) announced some leadership changes and said it had finished a strategic assessment of the group.
Dr. Raza Bokhari, the executive co-chairman, has been appointed as interim CEO with immediate effect. His appointment follows the termination of Rupert Haynes.
In addition, 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.
FSD also announced the termination of a definitive agreement with Auxly Cannabis Group Inc effective from February 6, 2019.
Under the terms of the agreement dated March 3, last year. 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.”
Yesterday, the company said that it and Solarvest BioEnergy Inc (CVE: SVS), a tech company, which has developed an algal-baseD production platform capable of producing health products, signed a non-binding letter of intent (LOI).
The pair aim to enter into a definitive agreement, under which Solarvest would conduct research using its algal expression technology to develop pharma-grade cannabinoids.
The parties would make mutual investments into one another, and Solarvest would grant FSD Pharma an exclusive license over a subset of the Project Cannabinoids and certain royalty rights over all of the other Project Cannabinoids.
The parties also aim to establish a joint scientific review committee, comprised of representatives from both parties, to assess the progress of the CBD research project against these budgets and timelines.