FSD Pharma Inc. (CSE: HUGE) (OTCQB: FSDDF) has been focused on building out its board of directors and advisory board since becoming a full Canadian licensed producer earlier this year. After receiving its cultivation license in 2017, the company began work on a massive cultivation facility that could house nearly four million sq. ft. on 70 acres of land before receiving its sales license in April of this year.
By building an independent board to oversee governance and provide expertise, the company is building a solid foundation as it looks to become a medical cannabis leader.
Noteworthy New Appointments
FSD Pharma recently announced the addition of James A. Datin and Robert J. Ciaruffoli, CPA, to its Board of Directors. Both of these board members bring significant industry experience and connections at some of the largest companies in their respective sectors.
Mr. Datin is the President and CEO of BioAgilytix, a leading global bioanalytical contract research organization (CRO). Since becoming CEO, he has been instrumental in growing the company’s customer base and capacity, including an expansion into Europe. BioAgilytix was recently acquired by a private equity fund after being named to the Inc. 5000 list of the Fastest Growing Private Companies in America six times.
Mr. Ciaruffoli is the co-founder of Broad Street Angels, which is the largest angel investor network in the Philadelphia region with over 100 members. As a CPA, he also served as Chairman and CEO of ParenteBeard/Baker Tilly accounting and advisory firm. He orchestrated the merger of ParenteBeard and Baker Tilly in 2014 to create the 12th largest U.S. accounting and advisory firm.
FSD Pharma also added two prominent cannabis researchers to its scientific advisory board as it looks to solidify its footprint in the medical side of the industry. The two new board members join an existing team that brings widespread expertise.
Dr. Ziva Cooper, Ph.D., is the Research Director of UCLA’s Cannabis Research Initiative in the Semel Institute for Neuroscience and Human Behavior. She has been overseeing and publishing studies investigating cannabis neurobiology and dependence for over a decade, including the effects of cannabinoids on experimentally-induced pain. She’s currently focused on understanding how cannabinoids impact various medical conditions.
Dr. Mallory Loflin, Ph.D., is a research scientist for Veterans Affairs San Diego Healthcare System and an Assistant Professor of Psychiatry at the University of San Diego’s School of Medicine. She has dedicated her entire research career to the study of cannabinoids with the goal of informing both prevention efforts for problematic use and the development of cannabinoid-based therapeutics.
Building Towards a Long-term Goal
FSD Pharma received its sales license earlier this year from Health Canada, which enables it to start monetizing its various projects. In addition to building out its facility, the license enables its partner, Canntab Therapeutics, to commence sales of its suite of novel cannabis oral dose delivery platforms, including CBD and THC capsules, in Canada and other global markets, while paving the way for other tenants to do the same.
For example, FSD Pharma announced a $1.5 million strategic investment in and profit-sharing agreement with Pharmastrip Corp., developer of medical cannabis-infused oral thin film strips. Under the terms of the agreement, FSD will install Pharmastrip’s proprietary equipment at its Cobourg, Ontario facility and use the equipment to manufacture oral thin film strips and Pharmastrip will grant FSD an exclusive license to manufacture and sell in Canada.
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The company also continues to look for ways to scale up production and improve quality. For instance, its agreement with Solarvest BioEnergy Inc. (TSX-V: SVS) will research the use of algal expression technology in developing pharmaceutical-grade cannabinoids. The company is already using algae to create omega-3 products for the nutraceutical industry, and the same approach could be used to develop cannabinoids in a much faster and more reliable process.
The company’s new board members and advisors could be instrumental in helping build out these initiatives at its own facility and continue to explore new research initiatives. In the meantime, investors can look forward to seeing early revenue in the near-term from Canntab’s production and potential long-term revenue as it continues to build out its massive cultivation facility that could eventually become a leading medical cannabis supplier.
FSD Pharma Inc. (CSE: HUGE) (OTCQB: FSDDF) (FRA: 0K9) continues to invest heavily in cutting-edge technologies that could revolutionize the way cannabis is grown and consumed. At the same time, the company continues to appoint board members and advisors that could become instrumental in bringing its vision to life. Investors may want to take a closer look at the stock given these dynamics and the potential for near-term revenue.
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