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TORONTO, Oct. 10, 2018 /CNW/ – FSD Pharma Inc. (CSE: HUGE) (OTCQB: FSDDF) (FRA: OK9) (“FSD Pharma” or the “Company“) would like to congratulate High Tide Inc. (“High Tide“) on closing the second tranche of its brokered private placement (the “Offering“), for gross proceeds of approximately $18.3 million. The Offering, which was initially a $10 million financing, was upsized by over 83% due to strong demand from over 135 participating investors.
In line with its strategic direction, FSD Pharma has placed a lead order of $2 million in the Offering, for 1,449,276 special warrants of High Tide. This is the second time that the Company has provided a lead order in funding High Tide. FSD Pharma’s strategic investments and partnerships across the burgeoning Canadian cannabis industry continue to pave the way for the Company to achieve milestones in Canada and internationally. FSD Pharma will remain a strong support to High Tide as both companies continue to grow, and will continue to work collaboratively with High Tide as a supplier of cannabis products and accessories across Canada.
“In addition to High Tide currently being in various stages of securing dozens of retail locations for Cannabis sales in Alberta, British Columbia and Saskatchewan, with the change in recreational cannabis distribution policy by the new Ontario provincial government, we believe it offers a number of new exciting retail opportunities in Canada’s biggest province and we see further value in our partner High Tide,” stated Zeeshan Saeed, EVP and Director of FSD Pharma.