Mr. Zeeshan Saeed reports

FSD PHARMA FILES PRELIMINARY BASE SHELF PROSPECTUS TO REPLACE EXPIRED BASE SHELF PROSPECTUS

In order to replace FSD Pharma Inc.'s prior base shelf prospectus that expired, the company has filed and obtained a receipt for its preliminary short form base shelf prospectus dated Nov. 3, 2023, to provide the company with the flexibility to take advantage of financing opportunities and favourable market conditions, if and when needed, during the 25-month period that the prospectus, once made final, remains effective. However, there is no certainty any securities (as defined herein) will be offered or sold under the final prospectus within the 25-month period.

The prospectus has been filed in each of the provinces and territories in Canada. The prospectus, when final and effective, will enable the company to offer, issue and sell, from time to time: Class B subordinate voting shares, subscription receipts, warrants and units, or any combination thereof, for up to an aggregate offering price of $50-million (U.S.), in one or more transactions during the effective period. Should the company decide to offer securities during this period, the specific terms, including the use of proceeds from any offering of securities, will be set forth in one or more related prospectus supplements to the final prospectus.

The company may also use the prospectus in connection with an at-the-market distribution in accordance with applicable securities laws, which would permit securities to be sold on behalf of the company through the Canadian Securities Exchange (the CSE), or other existing trading markets, as further described in the applicable prospectus supplement. To date, no agreement has been entered into with respect to such a distribution.

This news release does not constitute an offer to sell securities, nor is it a solicitation of an offer to buy securities, in any jurisdiction.

A copy of the prospectus can be found on the company's profile on SEDAR+.

About FSD Pharma Inc.

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., FSD is focused on the research and development of its lead compound, Lucid-MS (formerly Lucid-21-302). 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, 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.

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