Mr. Anthony Durkacz reports

FSD PHARMA APPOINTS ZEESHAN SAEED AS CHIEF EXECUTIVE OFFICER, ANTHONY DURKACZ TO SERVE AS EXECUTIVE CO-CHAIRMAN OF THE BOARD OF DIRECTORS

FSD Pharma Inc. has appointed Zeeshan Saeed as chief executive officer (CEO) of the company. Mr. Saeed, a co-founder of FSD Pharma who has held the position of president since 2019, was elected CEO by unanimous vote at a meeting of the board of directors held on June 29, 2023. He will succeed fellow FSD Pharma co-founder Anthony Durkacz, who has been serving as the interim CEO since July, 2021.

Mr. Durkacz and Mr. Saeed will continue to hold their positions as executive co-chairman of the board of directors.

"I am incredibly honoured to have led FSD Pharma for the past two years, as we transitioned our business model and assembled a world-class team to develop and commercialize what I can only describe as potentially revolutionary products," said Mr. Durkacz. "As interim CEO, my task was to bring us to an inflection point and now that we are there, it is time to turnover to Zeeshan who I believe is the best fit to lead the team into a revenue producing company. As a co-founder, co-chairman and large shareholder of FSD Pharma, I am excited about our direction and the opportunity that lies ahead."

"I want to first thank Anthony for his unwavering leadership and oversight to navigate the company through hard times to the fundamentally sound, financially secure company it is today in a short period of time," commented Mr. Saeed. "He has cultivated a winning culture at FSD Pharma and was instrumental in the addition of key technology and people like Dr. Kotra and his world-class team of researchers. Anthony will remain instrumental to our future success as we narrow our focus to emphasize our strategic goals of commercializing Unbuzzd as a first-in-class alcohol misuse product and clinical work on Lucid-MS."

Under the leadership of Mr. Saeed, FSD Pharma will be streamlining operations to focus on the development of Unbuzzd for consumer and hospital markets and Lucid-MS for neurodegenerative disorders. The company is confident this strategy is the shortest path to revenue and significant value creation, underscored by the impressive team leading the advancement of Unbuzzd and the compelling laboratory data showing the ability of Lucid-MS to positively effect demyelination. Pursuant to this strategy, the company will conserve/reallocate capital by immediately putting on hold and/or terminating any further clinical development of its proprietary ultramicronized PEA (palmitoyl ethylamine) formulation for the treatment of inflammatory diseases and Lucid-Psych for mental health disorders. This way the company feels that it can deliver maximum share value by spending less money.

About FSD Pharma Inc.

FSD Pharma is a biotechnology company with two candidates in different stages of development. Lucid Psychss Inc., a wholly owned subsidiary, is focused on the research and development of its lead compounds, Lucid-MS and Unbuzzd. Lucid-MS is a molecular compound identified for the potential treatment of neurodegenerative disorders. Unbuzzd is a proprietary formulation of natural ingredients, vitamins and minerals to help with liver and brain function for the purposes of potentially quickly relieving from the effects of alcohol consumption, such as inebriation, and restoring normal lifestyle.

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