Mr. Zeeshan Saeed reports

FSD PHARMA SIGNS DEFINITIVE AGREEMENT TO LAUNCH UNBUZZD, A REVOLUTIONARY RAPID ALCOHOL DETOXIFICATION DRINK

FSD Pharma Inc. has executed a definitive agreement, signed July 31, 2023, with Celly Nutrition Inc. to grant exclusive rights to recreational applications for FSD Pharma's alcohol misuse technology and launch Unbuzzd, a revolutionary rapid alcohol detoxification drink.

Unbuzzd is created by scientists and expert clinical research team at FSD Pharma. According to Grand View Research Inc., the global hangover cure products market size is expected to reach $6.18-billion by 2030, representing a CAGR (compound annual growth rate) of 14.8 per cent from 2021 to 2028 (as per Report Scope by Grand View Research's Market Analysis 2017 to 2030 on hangover cure products).

Zeeshan Saeed, founder, chief executive officer and executive co-chairman of the board of FSD Pharma, commented: "This is a major milestone for our company. It is a huge step in taking our science to a commercialized product. We have the best and brightest people leading this product commercialization and rollout, as they were instrumental in the breakthrough, significant ramp-up and success with Celsius."

Unbuzzd is led by a very experienced and successful beverage team.

John Duffy spent over 22 years in the Coca-Cola system, including roles of increasing responsibilities across multiple functions. In his last role at Coca-Cola as vice-president of national sales, Mr. Duffy led the customer management team responsible for the Coca-Cola systems' largest food service distributor, Sysco.

Gerry David is best known for his five-year tenure as chief executive officer at zero-calorie fitness drink maker Celsius Holdings Inc. where he spearheaded a turnaround that resulted in a global sales explosion, influx of capital from notable strategic investors and a rise in market capitalization that increased shareholder value 35-fold by exceeding $9-billion.

Kevin Harrington is the inventor of the infomercial, Shark on Shark Tank, Fortune 100 investor, philanthropist and author. Mr. Harrington has launched over 1,000 products in over 100 countries in dozens of languages, creating over $6-billion in global sales, and was instrumental in the creation of Celsius's influencer marketing program.

Mr. Duffy, chief executive officer of Celly Nutrition Inc., stated: "We are thrilled to be partnering with FSD Pharma in order to deliver to the market a revolutionary drink that fills a huge void and has a tremendous opportunity for hockey stick-like growth. Our team is hard at work with all eyes on an early launch. Please be on the lookout for milestones we expect to achieve throughout the remainder of this year. These milestone targets include trademarks, proprietary blends, provisional patent filings, regulatory affairs, packaging, marketing and distribution strategy, and launch and commercialization strategy. We look forward to keeping everyone updated with our progress."

Pursuant to the terms of the agreement, FSD will receive a 7-per-cent royalty on revenue from Celly Nutrition, until a total in the amount of $250-million has been paid to FSD Pharma, at which point the rate is reduced to 3 per cent. In addition, the Company has issued FSD 100,000,000 common shares (deemed value $50,000) in the capital of the Company ("Common Shares") as a licence fee and has issued FSD an anti-dilution warrant, entitling FSD to exercise the warrant any point in the next five years to increase their holding in the company to 25 per cent for nominal consideration. Finally, Celly Nutrition and FSD Pharma entered into a loan agreement, whereby FSD Pharma has agreed to loan Celly Nutrition $1-million on secured basis with a term of three years, which will bear interest at a rate of 10 per cent per annum, payable on each anniversary.

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.

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