FSD Pharma Inc. (NASDAQ:HUGE) (CSE:HUGE) (FRA:0K9A) has entered into a firm agreement in connection with the sale of its former cannabis processing facility located in Cobourg, Ontario and the 64.43 acre property on which the facility is located. In consideration for the purchase of the facility, the purchaser has agreed to pay a cash sum of CAD$16.5 million (US$12.9 million), including a deposit of CAD$0.66 million. The deposit was received by the company on February 24, 2022 and the transaction is expected to close on May 31, 2022. If closed the injection of money will be non-dilutive to shareholders. The sale remains subject to the satisfaction of a number of conditions.
FSD Pharma Inc. is a biotechnology company with three drug candidates in different stages of development. FSD BioSciences, Inc. a wholly owned subsidiary, is focused on pharmaceutical research and development of its lead compound, ultra-micronized palmitoyl ethylamine or FSD-PEA.
Lucid Psycheceuticals Inc. a wholly owned subsidiary, is focused on the research and development of its lead compounds, Lucid-PSYCH and Lucid-MS. Lucid PSYCH is a molecular compound identified for the potential treatment of mental health disorders, and Lucid-MS is a molecular compound identified for the potential treatment of neurodegenerative disorders.