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FSD Pharma plans US$5M private placement to expand biosciences division

FSD Pharma Inc. is planning to raise up to US$5 million in a private placement of class B subordinate voting shares priced at 10 Canadian cents each.

The placement is expected to close by Sept. 30 and the medical cannabis producer has already received commitments for C$1.3 million, including from its CEO and certain members of senior management.

The funds will be used for the expansion of FSD Pharma's biosciences division and to develop its medicine to treat widespread muscle pain.

The private placement is subjected to the approval of the Canadian Securities Exchange and other customary conditions.