cannabis

Posts, updates and videos about cannabis – updated automatically.

World-Class Signs LOI with Canntab Therapeutics to Deploy its Second Extraction & Processing Facility

World-Class Extractions Inc. (CSE:PUMP)(FRA:WCF) (the “Company” or “World-Class“), a vertically integrated provider of advanced extraction and processing systems is pleased to announce the signing of a binding Letter of Intent (“LOI“) to establish a joint venture (the “Joint Venture“) with Canntab Therapeutics Limited (CSE:PILL.CN) (“Canntab“) to set-up, manage and operate a cannabis and hemp extraction and processing facility at Canntab’s manufacturing center in Markham, Ontario (the “Facility“).

World-Class is entering into various joint venture agreements to deploy its systems and this agreement represents the second Canadian deployment. Canntab, a leading innovator in cannabinoid and terpene blends in hard pill form for therapeutic application, is a late stage applicant under the Cannabis Act (Canada). The Facility will process high-quality cannabis and hemp oils and derivatives upon Canntab receiving its Standard Processing license from Health Canada.

World-Class and Canntab will each hold a 50% interest in the Joint Venture. The Joint Venture will generate revenue from extraction and processing of cannabis and hemp through its biomass extraction and processing services for third-party license holders (“Toll Processing“).

The Facility is expected to commence operation by the end of 2019 (pending Health Canada approval) and will initially have an extraction and processing capacity of up 220 kilos of biomass per day, which, for example, could provide approximately 18 kilos of oil from high potency cannabis, depending on the concentration levels of the input biomass. The net operating income generated from operations of the Joint Venture will be paid to World-Class until the Systems are fully paid. Thereafter, World-Class and Canntab will share the net profit generated in the Joint Venture 50/50.

As part of the Joint Venture, World-Class will provide equipment and systems (the “Systems“) as well as its expertise and management in the production of cannabis and hemp extracts to be used in Canntab’s solid pill and gel-capsule formulations. Under the agreement, the Systems will remain under World-Class ownership until fully paid for, at which time the Systems will become the property of the Joint Venture.

Canntab has completed the construction of the area for the Facility, and under the guidance of World-Class, Canntab and World-Class are working together to finalize the installation plan of the Systems to set-up and deploy the Facility. Deployment of the Systems commence in October 2019, and include two (2) second generation BOSS CO2 Extraction Systems (the “BOSS“), along with all other required processing equipment, from the preparation of biomass to the final refinement of oil, including remediation equipment to clean and remove undesirable elements from the oil.

“We are excited to announce this strategic Joint Venture with Canntab and we are pleased that Canntab places their trust in our technology, people and our breadth of knowledge and experience in the cannabis and hemp extraction and processing space,” states Rosy Mondin, CEO of World-Class. “We look forward to supporting Canntab’s growth as a global leader of research and production of hard-pill oral dosage therapeutic cannabis product forms. Our World-Class team has spent the last half-decade concentrating on R&D to bring leading technology and solutions to cannabis and hemp oil extraction. The Joint Venture will receive recurring revenue through its Toll Processing services and will increase World-Class’ market presence. Joint venture partnerships, such as the ones with FV Pharma Inc. and Canntab, are key to the growth and success of World-Class.”

“The availability of supply and unsustainable pricing within the extraction marketplace is a concern,” said Jeff Renwick, Co-Founder and CEO of Canntab. Mr. Renwick continues, “having the BOSS and World-Class’ expertise will give Canntab the ability to control its own destiny by securing an ongoing supply for its manufacturing operations, where required. Multiple separation technologies including chromatography will also allow Canntab to separate the various cannabinoids and terpenoids, in order to diversify and expand its portfolio of cannabis based solid oral dosage forms. With these elements, such as CBN and CBG, Canntab will be able to do further research into promising formulations that may approach a range of medical conditions.”

The BOSS provides proprietary systems and methods for producing cannabis extracts. Its technology performs sub-critical and super-critical CO2 extraction; combines proprietary max flow technology with advanced thermodynamics, automated features, exclusive plug and play design with a CIP (Clean-in-Place) system. The BOSS can process up to 110 kg per day, providing cannabis and hemp license holders with access to cost-efficient technology to extract oil to produce value-added products.

About World-Class

World Class Extractions Inc. develops industrial grade extraction and processing systems for cannabis and hemp and is establishing extraction and processing facilities through strategic joint venture relationships. World-Class is commercializing its processes, providing cost-effective and at-scale production to produce high margin, high-quality cannabis oils and premium refined oil products. World-Class operates through two wholly owned subsidiaries: Soma Labs Scientific Ltd. and Greenmantle Products Ltd.

About Canntab Therapeutics

Canntab Therapeutics Ltd. is a Canadian company engaged in the research and development of advanced, pharmaceutical-grade formulations of cannabinoids and terpenes. In doing so, Canntab has developed a suite of precision oral dose products that are unavailable elsewhere in the marketplace, formulated in multiple doses and time release combinations. Canntab’s proprietary hard pill cannabinoid formulations will provide doctors, patients and the general consumer with a medical grade solution with all the features you would expect from any prescription or over the counter medication. Canntab can produce these unique products with relatively minimal capital expenditure requirements therefore positioning the Company to maintain high gross profit margins due to its extensive inventory of machinery and equipment.

Investor Contact

Christina Rao & Daniel Mogil
World-Class Investor Relations
1-604-723-7480
ir@worldclassextractions.com

Cautionary Note Regarding Forward-Looking Statements

Certain information set forth in this news release may contain forward-looking statements that involve substantial known and unknown risks and uncertainties, certain of which are beyond the control of the Company. Forward-looking statements are frequently characterized by words such as “plan”, “continue”, “expect”, “project”, “intend”, “believe”, “anticipate”, “estimate”, “may”, “will”, “potential”, “proposed” and other similar words, or statements that certain events or conditions “may” or “will” occur. These statements are only predictions. Readers are cautioned that the assumptions used in the preparation of such information, although considered reasonable at the time of preparation, may prove to be imprecise and, as such, undue reliance should not be placed on forward-looking statements. Forward looking statements include, but are not limited to, the anticipated closing of any acquisitions by the Company, the continued growth and expansion of the Company’s operations, and the receipt of regulatory approvals, including the approval of the CSE. The Company assumes no obligation to update forward-looking statements, whether as a result of new information, future events or otherwise, except as required by applicable law.

Neither the CSE nor its Market Regulator (as that term is defined in the policies of the CSE) accepts responsibility for the adequacy or accuracy of this release.

SOURCE: World Class Extractions

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World Class Extractions Reports Financial Results With 59% Gross Margin for The Three-Month Period Ended July 31, 2019

World-Class Extractions Inc. (“World-Class” or the “Company“) (CSE: PUMP) (FRA:WCF) is pleased to report the financial and operating results for its first quarter ended July 31, 2019.

First quarter highlights (unaudited):

Financial

  • The Company had cash (available and restricted) at July 31, 2019 of $13,901,616
    (April 30, 2019 – $16,002,152) to settle current liabilities of $1,474,093 (April 30, 2019 – $325,281).
  • Net Total Asset position as at July 31, 2019 is $51,358,368.
  • The net loss and comprehensive loss for the three months ended July 31, 2019 was $4,222,132 as compared to July 31, 2018 of $286,880). The increased loss for the quarter includes sales revenue of $167,802; cost of sales of $69,074; acquisition fees of $982,675; amortization expense of $702,611; consulting fees of $262,773; development and research of $254,258; professional fees of $359,549; management fees of $54,500; remuneration and benefits of $237,519; share-based payments of $993,135; and travel expenses of $365,734.
  • Revenue of $167,802 for the quarter ended July 31, 2019 compared to nil revenue for the quarter ended April 30, 2019. Gross margin for the quarter ended July 31, 2019 was 59%.
  • Operating activities generated a net cash outflow of $1,883,725. The increased use of cash is primarily attributable to marketing to attract new customers, research and development of current potential new product lines, purchasing of inventory and increase in staffing all related to an expected further expansion of the Company’s revenue.

Corporate

  • After completing a $23 million financing, World-Class completed a merger transaction with Quadron Cannatech Corporation (“Quadron”). Management believes the synergy with Quadron is optimal as the Company continues to develop industrial grade extraction and processing systems for cannabis and hemp. World-Class is commercializing its processes by providing cost-effective and at-scale production to produce high margin, high-quality extracts, premium derivative products, and consumer brands.
  • Entered into a hemp supply agreement with certain suppliers to purchase hemp crop at an agreed price and share in the proceeds.
  • Announced a Revenue Collaboration Agreement with Parity Partners PBC (“Parity”), whereby Parity sources appropriate locations in the United States to locate the Company’s extraction and processing systems.

Subsequent to July 31, 2019:

Certification

  • Obtained additional provincial CRN pressure-vessel certification for its proprietary, automated, next-generation BOSS CO2 Extraction System. The BOSS CO2 Extraction System is now officially certified in British Columbia, Alberta and Ontario.

Joint Venture with FV Pharma Inc.

  • Entered into an agreement with FV Pharma Inc. to establish a Joint Venture to develop, manage and operate a large capacity extraction and processing facility for cannabis and hemp in Cobourg, Ontario (the “Facility”). The agreement amends, supersedes, and replaces in its entirety, the Collaboration and License Agreement dated November 23, 2018 between World-Class and FV Pharma Inc.
  • The Facility will be deployed in multiple phases to satisfy the increasing market demand as the legal recreational market for cannabis extracts and extract-based products rapidly approaches.
  • The Joint Venture is entering into a 5-year lease agreement with an additional 5-year renewal option with FV Pharma Inc. The lease (and initial phase of production), is scheduled to commence December 1, 2019 which contains provisions for the expansion of the Facility.
  • During the initial phase, World-Class, through its wholly-owned subsidiary Soma Labs Scientific Inc. (“Soma Labs”), will deploy several BOSS CO2 Extraction Systems as well as the BEAST Ethanol Extraction System, along with all the ancillary equipment required for the preparation of the biomass, as well as refining and distillation processes.
  • As part of the Joint Venture, FV Pharma Inc. will provide its Standard Processing license under the Cannabis Act (Canada), which it received in February 2019.
  • With ample room to expand, the Facility will initially have an extraction and processing capacity of up 5,000 pounds of biomass per day. As market demand increases, additional equipment will be deployed by the Joint Venture to accommodate the extraction and processing of up to 75,000 pounds per day.
  • The Joint Venture is expected to provide revenue growth through processing material for FV Pharma Inc. as well as additional revenue growth through partnership opportunities as the processing center can perform toll processing extraction for third-party license holders utilizing FV Pharma Inc’s processing license. The Joint Venture marks a significant milestone for World-Class in preparation for the legalization of recreational cannabis extracts, edibles and topical products which will be available to consumers in upcoming months.

Following the execution of Definitive Agreements, the parties will each have a 50% interest in the Joint Venture.

About World-Class

World-Class develops industrial grade extraction and processing systems for cannabis and hemp and is establishing extraction and processing facilities through strategic joint ventures. World-Class is commercializing its processes by providing cost-effective and at-scale production to produce high margin, high-quality extracts, premium derivative products, and consumer brands. World-Class operates through two wholly-owned subsidiaries: Soma Labs Scientific Ltd. and Greenmantle Products Ltd.

Investor Contact

Christina Rao & Daniel Mogil

World-Class Investor Relations

1-604-723-7480

ir@worldclassextractions.com

Cautionary Note Regarding Forward-Looking Statements

Certain information set forth in this news release may contain forward-looking statements that involve substantial known and unknown risks and uncertainties, certain of which are beyond the control of the Company. Forward-looking statements are frequently characterized by words such as “plan”, “continue”, “expect”, “project”, “intend”, “believe”, “anticipate”, “estimate”, “may”, “will”, “potential”, “proposed” and other similar words, or statements that certain events or conditions “may” or “will” occur. These statements are only predictions. Readers are cautioned that the assumptions used in the preparation of such information, although considered reasonable at the time of preparation, may prove to be imprecise and, as such, undue reliance should not be placed on forward-looking statements. Forward-looking statements include, but are not limited to, the anticipated closing of any acquisitions by the Company, the continued growth and expansion of the Company’s operations, and the receipt of regulatory approvals, including the approval of the CSE. The Company assumes no obligation to update forward-looking statements, whether as a result of new information, future events or otherwise, except as required by applicable law.

Neither the CSE nor its Market Regulator (as that term is defined in the policies of the CSE) accepts responsibility for the adequacy or accuracy of this release.

SOURCE: World-Class Extractions Inc.

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World-Class Extractions Enters the Legal Recreational Market for Cannabis Extracts and Signs Joint Venture Agreement to Deploy Full Cannabis and Hemp Extraction & Processing Facility

World-Class Extractions Inc. (“World-Class”) (CSE:PUMP)(FRA:WCF) announces its first multi-year joint venture agreement (the “Joint Venture“) with FV Pharma Inc. (HUGE) (FSDDF) (0K9), a wholly-owned subsidiary of FSD Pharma Inc. (“FSD“). Under the direction of FV Pharma, World-Class will setup and manage the operations of “Cobra”, a large capacity extraction and processing facility in Cobourg, Ontario, owned by FSD Pharma (the “Facility“) to extract various cannabinoids and other valuable elements from cannabis and hemp plants.

The Facility will be deployed in multiple phases to satisfy the increasing market demand as the legal recreational market for cannabis extracts and extract-based products rapidly approaches. World Class and FSD each have a 50% interest in the Joint Venture. The initial phase, which is scheduled to commence production in December 2019, is comprised of several BOSS CO2 Extraction Systems as well as WCE’s BEAST Ethanol Extraction System, along with all the ancillary equipment required for the preparation of the biomass, as well as refining and distillation processes. With ample room to expand, the Facility will initially have an extraction and processing capacity of up 5,000 pounds of biomass per day. As market demand increases, additional equipment will be deployed to accommodate the extraction and processing of up to 75,000 pounds per day.

The 620,000 sq.ft. facility, formerly Kraft Canada’s production facility, is located about a one hour drive from Toronto. Equipped with numerous on-site resources, the Facility was built with logistical advantages, making the property a favourable location for third-party toll processing contracts. The Joint Venture will provide World-Class ongoing revenue.

This announcement marks a significant milestone for World-Class as the first multi-year joint venture agreement in preparation for the legalization of recreational cannabis extracts, edibles, and topical products which will be available to consumers in upcoming months. This agreement positions World-Class to quickly scale an operation as the BOSS CO2 Extraction System is delivered from Soma Labs Scientific pre-assembled.

Rosy Mondin CEO of World-Class stated, “World-Class is thrilled to be the official extractor of FV Pharma, while opening up our processing operations to other Canadian producers. The toll processing model is economical as license holders can create valued-added cannabis oil derivative products under their corporate brand(s) without major expenditures on in-house extraction machinery or requiring a processing license. This milestone is incredibly significant as World Class is now ready to accept new tolling contracts and officially begin to generate revenue in the near term.”

Raza Bokhari MD, Executive Co-Chairman and CEO of FSD Pharma stated, “This is an important development for FSD Pharma, allowing FSD and World-Class to establish a processing center for on-site extraction of oil-based products and extracts at our Facility in Cobourg in 2019. Using FV Pharma’s processing license, the Joint Venture can begin processing once the Boss Extraction Systems are installed and our agreement is finalized. This Joint Venture provides us with additional revenue opportunities as we process our pharmaceutical-grade cannabis flower into high-quality oil-based products to meet the increasing demand for such products in the medicinal space.”

About World-Class

World-Class Extractions provides scalable extraction and processing solutions for the cannabis and hemp industries through two wholly-owned subsidiaries – Soma Labs Scientific and Greenmantle Products.World-Class develops advanced technology and processes for streamlined cannabis extraction, formulation and product development. World-Class is set to become an international leader and developer of industrial scale extraction and processing systems to produce high margin, quality cannabis products and premium consumer brands – from Green to Gold.

About FSD Pharma

FSD Pharma is focused on the research and development of novel cannabinoid-based treatments for several central nervous system disorders including chronic pain, fibromyalgia and irritable bowel syndrome, and on the development of the highest quality indoor grown, pharmaceutical-grade cannabis. The Company is licensed to cultivate cannabis in approximately 25,000 square feet.

FSD’s wholly-owned subsidiary, FV Pharma, is a licensed producer under the Cannabis Act and Regulations, having received its cultivation license on October 13, 2017, and its full Sale for Medical Purposes license on June 21, 2019. FV Pharma intends to cover all aspects of the cannabis industry, including cultivation, legal, processing, manufacturing, extracts and research and development.

Investor Contact – World Class

Christina Rao & Daniel Mogil
World Class Investor Relations
1-604-723-7480
ir@worldclassextractions.com

Cautionary Note Regarding Forward-Looking Statements:

Certain information set forth in this news release may contain forward-looking statements that involve substantial known and unknown risks and uncertainties, certain of which are beyond the control of the Company. Forward-looking statements are frequently characterized by words such as “plan”, “continue”, “expect”, “project”, “intend”, “believe”, “anticipate”, “estimate”, “may”, “will”, “potential”, “proposed” and other similar words, or statements that certain events or conditions “may” or “will” occur. These statements are only predictions. Readers are cautioned that the assumptions used in the preparation of such information, although considered reasonable at the time of preparation, may prove to be imprecise and, as such, undue reliance should not be placed on forward-looking statements. Forward-looking statements include, but are not limited to, the anticipated closing of any acquisitions by the Company, the continued growth and expansion of the Company’s operations, and the receipt of regulatory approvals, including the approval of the CSE. The Company assumes no obligation to update forward-looking statements, whether as a result of new information, future events or otherwise, except as required by applicable law.

Neither the CSE nor its Market Regulator (as that term is defined in the policies of the CSE) accepts responsibility for the adequacy or accuracy of this release.

SOURCE: World-Class Extractions Inc.

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World-Class Receives Additional Provincial Certification Of Its Next Generation Co2 Cannabis Extraction System: “The Boss”

World-Class Extractions Inc. (“World-Class”) (PUMP.CN)(FRA:WCF) announces that it has obtained additional provincial CRN pressure-vessel certification for its proprietary, automated, next-generation “BOSS” CO2 Extraction System. The BOSS is now officially certified in British Columbia, Alberta and Ontario.

As the legal recreational market for cannabis extracts and extract-based products is rapidly approaching, equipment and processes to service this market is already in high demand. As the industry prepares for the legalization and regulation of this new class of cannabis products, World-Class is entering this sector by providing highly specialized and certified equipment and production environments for this growing sector of the cannabis industry.

Extraction systems are a critical component in cannabis oil production, and CO2 is a popular extraction method for cannabis. Although ‘generally considered as safe’, CO2 extraction systems run at very high pressures. As such, proper certified equipment (which is rated and tested) is critical for the commercial cannabis extraction and processing sector. In Canada, all vessels, fittings and piping systems must be built under appropriate quality control programs, and when accredited, are assigned a Canadian Registration Number (CRN). Equipment must be registered and certified in each and every province in which the equipment will operate, ensuring the safety of the equipment, the workplace, and the community.

Rosy Mondin, CEO of World-Class stated: “Although provincial regulatory authorities oversee the certification of pressure retaining equipment and its components, not all extraction and processing systems in operation are certified to do what they are advertised to do. In such circumstances, producers are finding that upgrade costs to meet certification standards are in the hundreds of thousands of dollars.” Ms. Mondin continued: “Our equipment undergoes multiple reviews by technical professionals and engineers before being released to the public. With the additional provincial certification of our flagship BOSS CO2 Extraction System, World-Class is well-positioned to service the rapidly growing needs for extraction and processing, particularly with the upcoming legalization of cannabis extracts, edibles and topical products. Execution of our business plan continues to be our focus. A key part of our strategy is deploying our innovative and efficient extraction equipment and processing systems in our joint venture partnership facilities as World-Class prepares to enter this space.”

ISO Certification Project

World-Class has also officially commenced the process for the internationally recognized ISO 9001:2015 Quality Management System for its wholly-owned Soma Labs Scientific manufacturing facility in Langley, British Columbia. This ISO system defines product standards, quality assurance, and ultimately consumer safety on an international level.

The BOSS Supercritical Extraction System

The BOSS is among the top scalable solutions in the industry with premium fabrication and integrated safety features (ASME, CRN, CUL, CSA, UL certification and HAZOP verified). The BOSS is simple to set-up and operate. It is designed with the highest safety-standards, industry first Clean-in-Place, and requires only a fraction of the space and energy in comparison to other systems on the market. The BOSS can extract up to 200 lbs of dry biomass per day:

·Premium fabrication – Food grade stainless steel

·Integrated Safety features – HAZOP verified safety features

·ASME certified for US pressure code requirements

·CRN certified for Canadian pressure code requirements

·CUL and CSA certified for Canadian electrical requirements

·UL certified for US electrical requirement

·Hazard and Operability Study (HAZOP) – A systematic process to identify potential hazards and operability problems

The BOSS CO2 Extraction system has also received significant upgrades, leading to considerably increased reliability, speed, and performance. The BOSS system is designed with industry needs in mind to simplify the extraction process with automation and data analytics, reduced costs and increased profit margins for extract production.

About World-Class

World Class Extractions provides scalable extraction and processing solutions for the cannabis and hemp industries through two wholly-owned subsidiaries – Soma Labs Scientific and Greenmantle Products. World-Class develops advanced technology and processes for streamlined cannabis extraction, formulation and product development. World-Class is set to become an international leader and developer of industrial scale extraction and processing systems to produce high margin, quality cannabis products and premium consumer brands – from Green to Gold.

Investor Contact

Christina Rao & Daniel Mogil
World Class Investor Relations
1-604-723-7480
ir@worldclassextractions.com

Cautionary Note Regarding Forward-Looking Statements:

The CSE does not accept responsibility for the adequacy or accuracy of this release. Certain information set forth in this news release may contain forward-looking statements that involve substantial known and unknown risks and uncertainties, certain of which are beyond the control of the Company. Forward-looking statements are frequently characterized by words such as “plan”, “continue”, “expect”, “project”, “intend”, “believe”, “anticipate”, “estimate”, “may”, “will”, “potential”, “proposed” and other similar words, or statements that certain events or conditions “may” or “will” occur. These statements are only predictions. Readers are cautioned that the assumptions used in the preparation of such information, although considered reasonable at the time of preparation, may prove to be imprecise and, as such, undue reliance should not be placed on forward-looking statements. Forward looking statements include, but are not limited to, the anticipated closing of any acquisitions by the Company, the continued growth and expansion of the Company’s operations, and the receipt of regulatory approvals, including the approval of the CSE. The Company assumes no obligation to update forward-looking statements, whether as a result of new information, future events or otherwise, except as required by applicable law.

Neither the CSE nor its Market Regulator (as that term is defined in the policies of the CSE) accepts responsibility for the adequacy or accuracy of this release.

SOURCE: World Class Extractions

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FSD Pharma Closes Deal to Acquire Prismic Pharmaceuticals

FSD Pharma Inc. (CSE: HUGE) (OTCQB: FSDDF) (FRA: 0K9) (“FSD Pharma” or the “Company”) and Prismic Pharmaceuticals Inc. (“Prismic”), a US-based specialty R&D pharmaceutical company (the “Parties”), announced today that, on June 28, 2019, they finalized the acquisition by FSD Pharma of all of the issued and outstanding securities of Prismic (the “Transaction”). Pursuant to the terms of a previously-announced securities exchange Agreement, FSD Pharma has acquired all outstanding common and preferred shares of Prismic for an aggregate purchase price of approximately US$17.5 million (CAD$23.4 million based on an exchange rate of US$1 to CAD$1.3349), satisfied by the issuance of approximately 102.7 million Class B subordinate voting shares in the capital of FSD Pharma (each, an “FSD Share”) at a deemed price of CAD$0.2275 (US$0.1704) per FSD Share. In addition, FSD Pharma has agreed to assume approximately US$3.05 million of outstanding Prismic long- and short-term liabilities. All of the outstanding Prismic stock options and warrants have been converted into options and warrants to purchase FSD shares, with the number and exercise price of such securities having been adjusted in accordance with the exchange ratio under the Agreement.

The FSD Shares issued to the former Prismic shareholders were deposited into escrow at the closing of the Transaction, and are subject to an 18-month staggered release.

FSD Pharma will continue to be led by Raza Bokhari, MD, Executive Co-Chairman & CEO. Zachary Dutton, co-founder of Prismic, will continue to serve as the CEO of Prismic, reporting to Edward Brennan, Jr. MD, FACS, President of the FSD Biosciences Division. Peter Moriarty, co-founder and previous Chairman of the Board of Prismic, has been named Chairman of the newly-formed FSD BioPharmaceutical Industry Advisory Board.

Dr. Raza Bokhari, Executive Co-Chairman and CEO stated, “On behalf of the FSD Pharma shareholders and Board of Directors, it is with immense pleasure that I welcome Prismic shareholders and stakeholders to the FSD Pharma family. Over the past several weeks, Dr. Brennan and our M&A team have worked very closely with the Prismic leadership to finalize this transaction under budget and ahead of schedule. I must commend Dr. Brennan on his laser sharp focus and attention to detail and I must also express my special gratitude to Zach Dutton and Peter Moriarty for their efforts in resolving some outstanding issues to close the transaction.”

Dr. Bokhari continued, “the Prismic acquisition represents strategic depth in the vision and mission of FSD Pharma and signals a paradigm shift in the overall outlook of the company. We are relying heavily on the expertise of Dr. Brennan, who is a seasoned pharmaceutical industry veteran with substantial experience from working at Glaxo Smith Kline and Johnson & Johnson to navigate us through the various stages of the FDA approval process for drug development, with the goal of eventually making synthetic cannabinoid prescription medications available for commercial use to help alleviate the pain and suffering of patients. We are confident, Peter Moriarty, another well-known pharmaceutical industry veteran, who was also one of the founders of Shire Pharmaceuticals, will make a meaningful contribution to the FSD Pharma story as the Chairman of the BioPharmaceutical industry advisory board.”

About FSD Pharma

FSD Pharma is focused on the research and development of novel cannabinoid-based treatments for several central nervous system disorders, including chronic pain, fibromyalgia and irritable bowel syndrome and on the development of the highest quality indoor grown, pharmaceutical grade cannabis. The Company is licensed to cultivate cannabis in approximately 25,000 square feet.

FSD’s wholly-owned subsidiary, FV Pharma, is a licensed producer under the Cannabis Act and Regulations, having received its cultivation license on October 13, 2017 and its full Sale for Medical Purposes license on June 21, 2019. FV Pharma intends to cover all aspects of the cannabis industry, including cultivation, legal, processing, manufacturing, extracts and research and development. For additional information on the company, please visit our website at www.fsdpharma.com.

About Prismic Pharmaceuticals

Prismic is a US-based specialty pharmaceutical company dedicated to addressing the opioid crisis by developing novel non-addictive prescription drugs for the treatment of pain, inflammation, and neurological disorders, based on formulations utilizing the company’s micro-PEA development platform (palmitoylethanolamide with particle sizes of 0.6 – 10 microns). Such formulations take advantage of micro-PEA’s “synergistic” or “entourage” effect on certain drugs impacting the endocannabinoid system. This means that lower doses of those drugs may be administered together with micro-PEA to achieve the desired therapeutic effect. This includes the potential combination or concomitant use of micro-PEA formulations with drugs such as THC, CBD, certain anticonvulsants, and opioids where studies have indicated opioid-sparing and tolerance delaying properties of micro-PEA may impact the development of dependence in patients. Prismic’s first prescription drug candidate, PP-101, a 600 mg tablet of micro-PEA, is anticipated to commence a Phase 2/3 accelerated clinical development program in 2020 as a concomitant medication to be administered with pregabalin (Pfizer’s Lyrica®) for the treatment of fibromyalgia.

Prismic was founded by three healthcare industry veterans, Zachary DuttonDanilo Casadei Massari, and Peter Moriarty, who was also one of the founders of Shire Pharmaceuticals.

Forward-Looking Information

This news release contains certain “forward-looking statements” or “forward-looking information” (collectively “forward looking statements”) within the meaning of applicable Canadian securities laws. All statements, other than statements of historical fact, are forward-looking statements and are based on expectations, estimates and projections as at the date of this news release. Forward-looking statements can frequently be identified by words such as “plans”, “continues”, “expects”, “projects”, “intends”, “believes”, “anticipates”, “estimates”, “may”, “will”, “potential”, “proposed” and other similar words, or information that certain events or conditions “may” or “will” occur. Forward-looking statements in this news release include, but are not limited to, statements: that the Transaction will represent a paradigm shift for the Company; that Prismic’s drugs under development will have the capability of addressing the opioid crisis; that the combined resources and leadership teams of FSD Pharma and Prismic will be positioned to execute on clinical development programs and on delivering highly effective products that safely address pain, inflammation and neurological disorders with high unmet clinical needs; that lower doses of certain drugs may be administered together with micro-PEAs to achieve a desired therapeutic effect; regarding the expected timing of Prismic’s Phase 2/3 accelerated clinical development program for Prismic’s PP-101 drug candidate; and statements regarding the expected benefits to the Company and its shareholders as a result of the Transaction. Such statements are only projections, are based on assumptions known to management at this time, and are subject to risks and uncertainties that may cause actual results, performance or developments to differ materially from those contained in the forward-looking statements, including: that Prismic’s proposed drug formulations may not achieve FDA or other necessary regulatory approvals; that Prismic’s micro-PEA formulations may not work as expected or at all; that legislative changes may have an adverse effect on the business and product development of products of the Company and Prismic; that the Company may not be able to obtain adequate financing to pursue its business plan; general business, economic, competitive, political and social uncertainties; and other factors beyond the Company’s control. No assurance can be given that any of the events anticipated by the forward-looking statements will occur or, if they do occur, what benefits the Company will obtain from them. Readers are cautioned not to place undue reliance on the forward-looking statements in this release, which are qualified in their entirety by these cautionary statements. The Company is under no obligation, and expressly disclaims any intention or obligation, to update or revise any forward-looking statements in this release, whether as a result of new information, future events or otherwise, except as expressly required by applicable securities laws.

SOURCE FSD Pharma Inc.

For further information: Zeeshan Saeed, President and Founder, FSD Pharma Inc., Email: zeeshan@fsdpharma.com, Telephone: (416) 854-8884; Investor Relations: Email: IR@fsdpharma.com, Website: www.fsdpharma.com; Or LHA Investor Relations: Miriam Weber Miller, +1 212-838-3777, MMiller@lhai.com; Media Relations: Ned Berkowitz, Email: Ned.Berkowitz@russopartnersllc.com, Tel: (646) 942-5629

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World Class Announces Appointment of Anthony Durkacz as Chair of the Board of Directors

World Class Extractions Inc. (the “Company” or “World Class”) (CSE: PUMP) is pleased to announce that, effective immediately, it has appointed Anthony Durkacz as Chair of the Board of Directors. Mr. Durkacz was recently appointed to the Company’s Board of Directors in conjunction with its recent merger with Quadron Cannatech Corporation.

Mr. Durkacz is currently the Co-Chair and a Director of FSD Pharma Inc. (CSE: HUGE) and has been a Director and Executive Vice President of First Republic Capital Corp. (“First Republic”) since January 2014. First Republic acted as lead finder in several of the Company’s prior private placement financings, and has raised in excess of $25,000,000 on behalf of the Company to date. Mr. Durkacz holds an Honours Bachelor of Business Administration from Brock University with a major in both Accounting and Finance. He has vast experience in financing, mergers and acquisitions and structuring micro-cap companies to go public. “I am honoured to be selected as the Chairman of the Board and look forward to getting to work with other board members and management to build shareholder value. We are in a most exciting growth phase in the hemp and cannabis extraction industries globally especially in America, Canada and Europe. With the significant previously stated extraction capacity we expect to have later this year, I look forward to assisting management in signing contracts and agreements to produce and sell large scale quantities of high quality CBD and other Cannabinoids with our leading edge extraction technology.” stated Mr. Durkacz.

Forward-Looking Statements

Certain statements included in this press release constitute forward-looking information or statements (collectively, “forward-looking statements”), including those identified by the expressions “anticipate”, “believe”, “plan”, “estimate”, “expect”, “intend”, “may”, “should” and similar expressions to the extent they relate to the Company or its management. The forward- looking statements are not historical facts but reflect current expectations regarding future results or events. This press release contains forward looking statements. These forward-looking statements are based on current expectations and various estimates, factors and assumptions and involve known and unknown risks, uncertainties and other factors.

Neither the CSE nor its Market Regulator (as that term is defined in the policies of the CSE) accepts responsibility for the adequacy or accuracy of this release.

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FSD Pharma Receives Full “Sale for Medical Purposes” Cannabis License from Health Canada

FSD Pharma Inc. (CSE: HUGE) (OTCQB: FSDDF) (FRA: 0K9) (“FSD” or the “Company”), announced today that its wholly-owned subsidiary FV Pharma Inc. (“FV Pharma”) has received its Full Sale for Medical Purposes license to sell cannabis under the Cannabis Act (Canada). The license is effective as of June 21, 2019.

The latest amendment to the license, originally granted on April 18, 2019, allows the FSD facility in Cobourg, Ontario to supply and sell cannabis products, including dried and fresh cannabis to the medicinal use marketplace. FV Pharma can now begin delivering cannabis to patients who hold prescriptions from authorized healthcare providers.

Raza Bokhari, M.D., Executive Co-Chairman and CEO stated, “Achieving this final step in the sales licensing process is much awaited positive news for all of our shareholders and stakeholders. I am grateful for their continued support and patience. 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.”

Dr. Bokhari continued, “We would not have realized this coveted milestone without the vision and missionary commitment of our founders Zeeshan Saeed and Anthony Durkacz, who right from the outset through sheer grit, hard work and unwavering conviction in the promise of the medicinal cannabis ecosystem, provided their tireless support to me as board members and trusted colleagues and others before me to make this day possible. 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.”

About FSD Pharma

FSD Pharma is focused on the development of the highest quality indoor grown, pharmaceutical grade cannabis and on the research and development of novel cannabinoid-based treatments for several central nervous system disorders, including chronic pain, fibromyalgia and irritable bowel syndrome. The Company has 25,000 square feet that is licensed at its Ontario facility and expansion is currently underway.

FSD facilities sit on 70 acres of land with 40 acres primed for development and an expansion capability of up to 3,896,000 square feet by 2025.

FSD’s wholly-owned subsidiary, FV Pharma, is a licensed producer under the Cannabis Act and Regulations, having received its cultivation license on October 13, 2017 and its Sale for Medical Purposes license on April 18, 2019. FV Pharma’s vision is to transform its current headquarters in a Kraft plant in Cobourg, Ontario into the largest hydroponic indoor grow facility in the world. FV Pharma intends to cover all aspects of this exciting new industry, including cultivation, legal, processing, manufacturing, extracts and research and development. For additional information on the company, please visit our website at www.fsdpharma.com.

Forward-Looking Information

Neither the CSE nor its Market Regulator (as that term is defined in the policies of the CSE) accepts responsibility for the adequacy or accuracy of this release.

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 FSD Pharma’s current belief or assumptions as to the outcome and timing of such future events. Actual future results may differ materially. Actual results and developments may differ materially from those contemplated by these. The forward-looking information contained in this press release is made as of the date hereof, and FSD Pharma 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.

SOURCE FSD Pharma Inc.

For further information: Zeeshan Saeed, President and Founder, FSD Pharma Inc., Email: zeeshan@fsdpharma.com, Telephone: (416) 854-8884; Investor Relations: Email: IR@fsdpharma.com, Website: www.fsdpharma.com Or LHA Investor Relations: Miriam Weber Miller, +1 212-838-3777, MMiller@lhai.com; Media Relations: Ned Berkowitz, Email: Ned.Berkowitz@russopartnersllc.com, Tel: (646) 942-5629

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Early Warning News Release of World Class Extractions Inc.

In accordance with the requirements of National Instrument 62-103 The Early Warning System and Related Take-Over Bid and Insider Reporting Issues (“NI 62-103“), World Class Extractions Inc. (the “Reporter“) announces that it has acquired beneficial ownership and control over 71,650,447 common shares (“Common Shares“) in the capital of Quadron Cannatech Corporation (“Quadron“), which represents 100% of the issued and outstanding Common Shares.

This announcement is made in connection with the completion of the plan of arrangement (“Arrangement) on June 17, 2019, pursuant to which the Reporter acquired all of the Common Shares. Under the terms of the Arrangement, each former holder of Common Shares received two common shares in the capital of the Reporter (each, a “World Class Share“). For details of the Arrangement, please see the Reporter’s press release dated June 17, 2019.

Immediately prior to the closing of the Arrangement that triggered the requirement for this announcement, the Reporter did not have beneficial ownership and control over any Common Shares. Immediately after the completion of the Arrangement, the Reporter owns 71,650,447 Common Shares, representing 100% of the issued and outstanding Common Shares. As a result of the Arrangement, Quadron became a wholly-owned subsidiary of the Reporter.

The purpose of the Arrangement was to enable the Reporter to acquire all of the outstanding Common Shares. The Reporter holds the Common Shares for investment purposes and may, in the future, increase or decrease its ownership of Common Shares or other securities of Quadron, from time to time depending upon, among other things, the business and prospects of Quadron and future market conditions.

For further information or to obtain a copy of the early warning report filed under applicable securities legislation in connection with the transactions set forth hereunder, please go to the Reporter’s profile on SEDAR, at www.sedar.com, or contact Rosy Mondin at 1-604-473-9569.

This news release contains “forward-looking information” within the meaning of applicable securities law relating to, future plans and intentions of the Reporter and associated matters. Readers are cautioned to not place undue reliance on forward-looking information. Actual results and developments may differ materially from those contemplated by these statements depending on, among other things that the plans of the Reporter may change. The statements in this press release are made as of the date of this release.

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World Class Extractions and Quadron

World Class Extractions (CNSX:PUMP) Anthony Durkacz & Quadron Cannatech (CNSX:QCC) Rosy Mondin join the Midas Letter Raw video to explain the advantages of the companies’ merger.

One advantage that is already apparent is that the companies have two first class spokespeople in Durkacz and Mondin. A bit advantage in the crowded cannabis sector.

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World Class and Quadron Announce Closing of Plan of Arrangement

World Class Extractions Inc. (“World Class”) (CSE: PUMP) and Quadron Cannatech Corporation (“Quadron”) (CSE: QCC) are pleased to announce that that they have completed their previously announced plan of arrangement (the “Arrangement”) under the provisions of the Business Corporations Act (British Columbia), pursuant to which World Class has acquired all of the common shares of Quadron (the “Quadron Shares”) following Quadron’s amalgamation with World Class’s wholly-owned subsidiary, 1212476 B.C. LTD., to form a new wholly-owned subsidiary of World Class continuing as “Quadron Cannatech Corporation” (“Amalco”).

“The merger of Quadron Cannatech with World Class Extractions accelerates the pace and effectively increases progress towards our strategic goals of becoming the world’s largest extraction company in terms of capacity,” said Rosy Mondin, the new Chief Executive Officer of World Class. “The reconstituted management and board have diverse and strategically-relevant backgrounds to address the global opportunities arising in the cannabis and hemp industries.”

Under the terms of the Arrangement, each former Quadron shareholder is now entitled to receive two common shares of World Class (“World Class Shares”), for each Quadron Share held prior to the Arrangement (the “Consideration”). In addition, options and warrants to purchase Quadron Shares will continue to remain outstanding as options and warrants of Amalco, which, upon exercise, will entitle the holders to receive the Consideration that such holders would have been entitled to be issued if, prior to the closing date of the Arrangement, such holders had exercised their options or warrants. It is anticipated that the Quadron Shares will be delisted from the Canadian Securities Exchange (“CSE“) as of the close of trading on June 17, 2019.

Pursuant to the letter of transmittal mailed to Quadron shareholders as part of the material in connection with the special meeting of Quadron shareholders held on June 7, 2019 (the “Meeting”), in order to receive the Consideration to which they are entitled, registered holders of Quadron Shares will be required to deposit their share certificate(s) representing Quadron Shares, together with a duly completed letter of transmittal, with Capital Transfer Agency, ULC, the depositary under the Arrangement. Shareholders whose Quadron Shares are registered in the name of a broker, dealer, bank, trust company or other nominee should contact their nominee with questions regarding the receipt of the Consideration.

Management and Board Changes

Upon completion of the Arrangement, the board of World Class was reconstituted to consist of Rosy Mondin, Chand Jagpal, Anthony Durkacz, Dr. Raza Bokhari and Donal Carroll. Ms. Mondin and Mr. Jagpal were nominees of Quadron, Mr. Durkacz and Dr. Bokhari were nominees of World Class, and Mr. Carroll was a joint nominee of World Class and Quadron. In addition, Ms. Mondin was appointed Chief Executive Officer, Leo Chamberland was appointed President and Zara Kanji was appointed Chief Financial Officer of World Class, while Michael McCombie resigned as Chief Executive Officer and Donal Carroll resigned as Chief Financial Officer of World Class.

Advisors

M Partners Inc. provided a fairness opinion to the Board of Directors of Quadron that the Arrangement is fair, from a financial point of view. First Republic Capital Corporation (“First Republic”) acted as financial advisor to World Class. In addition to other fees and expenses payable to First Republic, World Class paid a success fee (the “Success Fee”) to First Republic and Canaccord Genuity Corp. equal to, respectively, approximately 2.73% and 0.77% of the aggregate fair market value of the World Class Shares issuable by World Class to Quadron’s shareholders, payable in World Class Shares.

About World Class Extractions

World Class is a Canadian based developer of an innovative extraction process for both the hemp and cannabis industry. World Class intends to provide single step continuous flow extraction services to the hemp and cannabis industry. Using patent pending technology, World Class’ results produce higher yields and better quality crude hemp oil at faster rates. The technology allows the extraction of CBD Oil and other related extracts from wet or dried natural plants. World Class can save its clients floor space, utility drying costs, equipment and processing labour costs.

For more information, visit: www.wcextractions.com.

About Quadron

Quadron, through its wholly owned subsidiaries, provides turn-key extraction and processing solutions for the cannabis industry including proprietary industrial grade equipment, custom build processing facilities, ancillary products, and scientific services. Quadron delivers streamlined, costeffective and innovative solutions to help licensed growers, producers and processors develop market ready products all to achieve quicker ROI.

For more information, visit: www.quadroncannatech.com.

Neither the CSE nor its Market Regulator (as that term is defined in the policies of the CSE) accepts responsibility for the adequacy or accuracy of this release.

Cautionary Note Regarding Forward-Looking Statements: This news release includes statements containing forward-looking information regarding World Class and Quadron and their respective businesses. Often, but not always, forward-looking information can be identified by the use of words such as “plans”, “is expected”, “expects”, “scheduled”, “intends”, “contemplates”, “anticipates”, “believes”, “proposes” or variations (including negative variations) of such words and phrases, or state that certain actions, events or results “may”, “could”, “would”, “might” or “will” be taken, occur or be achieved, and include statements in this press release concerning the expected timing by which Quadron will be de-listed from the CSE, and our expectations of the benefits associated with combination of World Class and Quadron. Such statements are based on the current expectations of the management of World Class and Quadron. Such forward-looking events and circumstances may not occur when anticipated or at all and could differ materially as a result of known and unknown risk factors and uncertainties affecting World Class or Quadron, including risks regarding the cannabis industry, economic factors, the equity markets generally, risks associated with growth and competition and those risk factors referred to in the management information circular of Quadron prepared in connection with the Meeting. Although World Class and Quadron have attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in this news release, there may be other factors that cause actions, events or results to differ from those anticipated, estimated or intended. Forward-looking information cannot be guaranteed. Except as required by applicable securities laws, statements in this news release containing forward-looking information speak only as of the date on which they are made and World Class and Quadron undertake no obligation to publicly 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.

 

Contact Information

World Class Extractions Inc.
Rosy Mondin
Chief Executive Officer


Investor Relations Contact
Christina Rao,
VP, Investor Relations
(604) 723-7480
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