Mr. Zeeshan Saeed reports

FSD PHARMA FILES MANAGEMENT INFORMATION CIRCULAR FOR PROPOSED ARRANGEMENT WITH CELLY NU

FSD Pharma Inc. has filed on SEDAR-plus its management information circular and related materials in connection with the special meeting of FSD Pharma securityholders (as defined in the company's press release dated Oct. 5, 2023) to be held on Nov. 20, 2023, at 1 p.m. Toronto time, as a virtual meeting through the AGM Connect meeting platform, to approve, among other things, the previously announced plan of arrangement pursuant to which FSD Pharma proposes to distribute a portion of its shareholdings of Celly Nu to certain FSD Pharma securityholders, and as more particularly described in the circular.

Filing of Circular for the Meeting

The Circular provides important information regarding the Arrangement and related matters, including the background to the Arrangement, the reasons for the recommendation of the board of directors of FSD Pharma (the "Board"), voting procedures and other matters to be considered and if deemed advisable approved at the Meeting. FSD Pharma Securityholders are urged to read the Circular and its appendices carefully and in their entirety. The Circular and the related materials in connection with the Meeting are being provided to FSD Pharma Securityholders in compliance with applicable laws and the interim order of The Ontario Superior Court of Justice (Commercial List) granted on October 11, 2023 which is included in the Circular, which is available under FSD Pharma's issuer profile on SEDAR+ at www.sedarplus.ca.

FSD Pharma Securityholders are cautioned that there is no certainty that the Arrangement or any of the related matters discussed in the Circular will be completed as currently proposed or at all. An investment in securities of Celly should be considered highly speculative and prospective investors should consult their advisors prior to making any investment decisions.

About FSD Pharma

FSD is a biopharmaceutical company dedicated to building a portfolio of innovative assets and biotech solutions for the treatment of challenging neurodegenerative, inflammatory and metabolic disorders and alcohol misuse disorders with drug candidates in different stages of development. Through its wholly-owned subsidiary, Lucid Psycheceuticals Inc. ("Lucid"), FSD is focused on the research and development of its lead compound, Lucid-MS (formerly Lucid-21-302) ("Lucid-MS"). Lucid-MS is a patented new chemical entity shown to prevent and reverse myelin degradation, the underlying mechanism of multiple sclerosis, in preclinical models. FSD is also focused on the research and development of UNBUZZD(TM), a proprietary formulation of natural ingredients, vitamins, and minerals to help with liver and brain function for the purposes of quickly relieving individuals from the effects of alcohol consumption. FSD maintains a portfolio of strategic investments through its wholly-owned subsidiary, FSD Strategic Investments Inc., which represent loans secured by residential or commercial property.

About Celly Nu

Celly Nu is a pre-revenue, early-stage research and development company that intends on developing and manufacturing consumer products in the dietary supplement industry. Celly Nu is primarily focused on developing its business through certain intellectual property assets to create recreational and consumer prototype products that are expected to alleviate inebriation due to excessive alcohol consumption.

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