Mr. Zeeshan Saeed reports

UPDATE PROVIDED ON GBB DRINK LAB, INC. LITIGATION AND SAFETY SHOT

FSD Pharma Inc. has provided an update regarding its litigation with GBB Drink Lab Inc.

In May, 2023, GBB filed a lawsuit against FSD Pharma alleging a material breach of a mutual non-disclosure agreement and trade secret misappropriation. FSD Pharma has categorically denied these allegations and filed a motion to dismiss the lawsuit. On Jan. 8, 2024, the court denied the motion to dismiss. This means only that FSD Pharma will now proceed with discovery, during which it is confident that it will be able to demonstrate not only that GBB's claims have no merit, but that this lawsuit, which baselessly demands $53-million from FSD Pharma, is nothing more than an effort to harm FSD Pharma after it decided not to acquire GBB in 2022.

After being rebuked by FSD Pharma, GBB subsequently sold its assets to Jupiter Wellness Inc. for a fraction of what it claims it was worth in its publicly filed amended complaint, which then changed its name to Safety Shot Inc. and began marketing and selling an alleged alcohol detoxification product.

In discovery, FSD Pharma will have the opportunity to demonstrate all of the reasons why it chose not to acquire GBB. FSD Pharma continues to remain concerned about unsubstantiated and misleading public statements made about Safety Shot's product, including the claim that the product "accelerates the process of converting alcohol to sugar in the body," when it is well recognized and understood by the scientific community that at no point in the process of metabolizing alcohol is it converted into sugar. In addition, Jupiter Wellness/Safety Shot has claimed that its product "lowers blood alcohol content by up to 50 per cent in just 30 minutes," another suspect statement that should be carefully considered by anyone interested in alcohol detoxification products.

FSD Pharma remains confident in its legal position, and looks forward to vindicating its rights and exposing GBB and its bully tactics.

About FSD Pharma Inc.

FSD is a biopharmaceutical company dedicated to building a portfolio of innovative assets and biotechnology solutions for the treatment of challenging neurodegenerative, inflammatory and metabolic disorders as well as 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.

We seek Safe Harbor.