TORONTO, June 12, 2018 (GLOBE NEWSWIRE) -- FSD Pharma Inc. ("FSD" or the "Company") (CSE:HUGE), a Canadian cannabis company focused on building the world’s largest indoor hydroponic cultivation and processing facility through its wholly owned subsidiary FV Pharma Inc. ("FV"), a Licensed Producer ("LP") pursuant to the Access to Cannabis for Medical Purposes Regulations ("ACMPR"), held its first meeting of the board of directors of the Company (the "Board") on June 12, 2018 since becoming a public listed issuer on the CSE.
The Company announces that pursuant to its Stock Option Plan, the Board approved the grant of 9,000,000 stock options for class B subordinate voting shares of the Company (the "Options") to certain directors of the Company. The Options vest immediately and are exercisable at a price of $0.09 for a period of five years.
Stock Option Plan
The Company's stock option plan was approved by the Board on February 19, 2018 (the "Stock Option Plan"). The Stock Option Plan provides that the aggregate number of securities reserved for issuance will be 10% of the number of common shares of the Corporation issued and outstanding from time to time.
The Stock Option Plan was established to provide incentive to qualified parties to increase their proprietary interest in the Corporation and thereby encourage their continuing association with the Corporation. Management proposes stock option grants to the Board based on such criteria as performance, previous grants, and hiring incentives. All grants require Board approval. The Stock Option Plan is administered by the Board and provides that options will be issued to directors, officers, employees or consultants of the Corporation or a subsidiary of the Corporation. The Board has full and final authority with respect to the granting of all options under the Stock Option Plan. A copy of the Stock Option Plan is available on the Company's issuer profile on SEDAR at www.sedar.com.
About FSD Pharma Inc.
FSD Pharma, owns, through its wholly-owned subsidiary FV Pharma Inc., a license to produce marijuana under the Access to Cannabis for Medical Purposes Regulations (ACMPR) which was originally granted on October 13, 2017. Headquartered at the former Kraft plant in Cobourg, Ontario, approximately an hour’s drive from Toronto, FSD Pharma's management’s mission is to transform the facility into the largest hydroponic indoor cannabis facility in the world. FSD Pharma intends to target all legal aspects of the cannabis industry, including cultivation, processing, manufacturing, extracts and research and development. Please visit www.fsdpharma.com for more information.
Chief Executive Director, FSD Pharma Inc.
Certain statements contained in this press release constitute forward-looking information. These statements relate to future events or future performance. The use of any of the words "could", "intend", "expect", "believe", "will", "projected", "estimated" and similar expressions and statements relating to matters that are not historical facts are intended to identify forward-looking information and are based on the Corporation’s current belief or assumptions as to the outcome and timing of such future events. Actual future results may differ materially. In particular, this release contains forward-looking information relating to the development of the Corporation's indoor cannabis facility and its business goals and objectives. The forward-looking information contained in this press release is made as of the date hereof, and the Corporation is not obligated to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as required by applicable securities laws. Because of the risks, uncertainties and assumptions contained herein, investors should not place undue reliance on forward-looking information. The foregoing statements expressly qualify any forward-looking information contained herein.