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FSD Pharma granted full sales license from Health Canada to supply and distribute medicinal cannabis

The Toronto-based company is now able to sell dried and fresh cannabis flower from its Coburg, Ontario facility

cannabis plants
FSD Pharma grows medical-grade cannabis at its 25,000 square foot facility in Ontario

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

The full license, granted by Health Canada, went into effect on June 21, 2019 and is amended from its original sales license received in April 2019, the company said in a statement.

Shares of FSD shot up 13.8% on Monday morning at C$0.17 and on OTC markets nearly 23% higher at US$0.13.

READ: FSD Pharma granted cannabis sales license from Health Canada

The Toronto-based company is now able to sell dried and fresh cannabis flower from its Coburg, Ontario facility to deliver medical-use cannabis to patients who hold prescriptions from authorized health care providers.

FSD Pharma CEO Raza Bokhari said that achieving the full license is “much awaited positive news” for the company’s shareholders and stakeholders.

“I am grateful for their continued support and patience,” Bokhari said in a statement. “Everyone at our Cobourg facility has worked diligently under the leadership of Dr. Sara May, who deserves special recognition for her commitment to excellence. We can now serve the needs of patients who rely on medicinal cannabis products to manage a range of illnesses and diseases."

Bokhari also credited FSD’s founders Zeeshan Saeed and Anthony Durkacz for their vision and commitment to advancing the medicinal cannabis industry.

“I am thankful for their support and the vote of confidence of the entire FSD Pharma board of directors, as we begin writing the next chapters of the FSD Pharma story,” Bokhari said.

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.

--Update with share price--

Contact Angela at [email protected]

Follow her on Twitter @AHarmantas

Quick facts: FSD Pharma

Price: 5.26 CAD

CSE:HUGE
Market: CSE
Market Cap: $41.11 m
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