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FSD Pharma granted cannabis sales license from Health Canada

FSD Pharma announced it had received its cannabis sales license from Health Canada on Monday, allowing the company to supply and sell cannabis products
cannabis plant
The cannabis producer plans to ramp up production at its current facility

FSD Pharma Inc (CSE:HUGE) (OTCMKTS:FSDDF) announced Monday that its wholly-owned subsidiary FV Pharma Inc had received its sales license to supply and sell cannabis products, a key milestone for the licensed producer.

The license, granted by Health Canada, went into effect on April 18, 2019.

The terms allow the current FSD facility to supply and sell cannabis products, while an amended sales license, expected in the near future, will include the sale of dried and fresh cannabis flower.

READ: FSD Pharma taps Charles Pollack Jr as chairman of its scientific advisory board

“Our sales license is a key development for FSD Pharma and a huge success and step forward for our Cobourg facility,” said Dr. Raza Bokhari, executive co-chairman and CEO at FSD Pharma.

The Toronto-based company plans to ramp up production at its current facility while continuing to build out the plant to add additional grow capacity, its founder and president Zeeshan Saeed said in a statement. 

The sales license also allows FSD’s partner Canntab Therapeutics (CSE:PILL) to begin sales of its cannabis oral dose delivery platforms, including CBD and THC capsules, in Canada and internationally.

“We expect that this will 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,” said Saeed.

FSD Pharma grows medical-grade cannabis at its 25,000 square foot facility in Ontario, with an additional 220,000 expected to be added by the end of 2019.

Shares of FSD Pharma were trading at C$0.23 in Canada and US$0.17 in the US at Friday’s close. 

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