Mr. Zeeshan Saeed reports

FSD PHARMA ANNOUNCES DR. SANJIV CHOPRA IS ELECTED TO FSD PHARMA BOARD OF DIRECTORS AND CORPORATE UPDATES

FSD Pharma Inc. has appointed Dr. Sanjiv Chopra to its board of directors. Dr. Chopra will be replacing Nitin Kaushal, who has resigned from his position on the board. FSD Pharma thanks Mr. Kaushal for his contribution and wishes him well in his future endeavours.

Dr. Chopra

Dr. Sanjiv Chopra, MD, is professor of medicine and served as faculty dean for continuing medical education at Harvard medical school for 12 years. He serves as a Marshall Wolf distinguished clinician educator at Brigham and Women's Hospital. Dr. Chopra has more than 170 publications and 10 books to his credit. Dr. Chopra is editor-in-chief of the hepatology section of UpToDate, the most widely used electronic textbook in the world, subscribed to by more than 1.5 million physicians in 195 countries. He is a sought-after inspirational speaker across the United States and abroad, addressing diverse audiences on topics related to medicine, leadership, happiness and living with purpose.

Zeeshan Saeed, chief executive officer, said: "We are thrilled to welcome Dr. Sanjiv Chopra to the board. His extensive experience and profound knowledge in medicine align perfectly with our mission and values. As we bid farewell to Nitin Kaushal, we are confident that Dr. Chopra will help us steer FSD Pharma toward a prosperous future."

Corporate updates

FSD Pharma has retained the services of SBS Intl Group LLC, Draper Inc. and Carriage House Capital Corp., which will each play a key role in assisting the company to enhance its market awareness and foster productive, continuing dialogues with shareholders and other market participants. Management has made this decision following a thorough review of capital on hand and allocated these resources to investor relations.

SBS has been engaged for a 12-month term and with either party having the right to terminate the engagement agreement upon providing seven days notice. The contracts provide for the issuance of 100,000 options to purchase common shares of the company upon signing, with an exercise price of $1.50 ($1.05 (U.S.)). If the contract is not cancelled beforehand, 19,000 options shall vest on the 45th day, and 9,000 options shall vest monthly in months four through 12. If the contract is terminated, any unearned options shall not vest. This contract was signed Jan. 24, 2024. The terms of the contracts can be changed, and the contract can be renewed by mutual consent.

Draper and Carriage have been engaged for a 12-month term and with either party having the right to terminate the engagement agreement upon providing seven days notice. The contracts provide for 350,000 options to each of Draper and Carriage upon signing, with an exercise price of $1.50 ($1.05 (U.S.)) (700,000 options in aggregate). If the contract is not cancelled beforehand, 75,000 options shall vest to each of Draper and Carriage on the 45th day, and 30,555 options, subject to rounding, shall vest monthly in months four through 12 to each of Draper and Carriage. If the contract is terminated, any unearned options shall not vest. This contract was signed Jan. 24, 2024. The terms of the contracts can be changed, and the contract can be renewed by mutual consent.

SBS, Draper and Carriage were engaged to, among others, provide a review of the company's financial requirements, consult the company's management on the status of its corporate awareness activities with brokerage firms, their brokers and money managers, provide the company's management their analysis of corporate capital structure, assist the company in a financing arrangement to be determined, provide analysis of the company's industry and competitors in the form of general industry reports provided directly to the company, and assist the company in advising developing corporate partnering relationships. The terms of the contracts can be changed, and the contract can be renewed by mutual consent.

Any options granted and any common shares issued under the foregoing shall be subject to a statutory hold period expiring on the date that is four months and one day from the date of such option grant, to the company equity incentive plan adopted on May 16, 2022, and to the option agreements evidencing such grants. Except as described in this news release, none of SBS, Draper and Carriage have any interest, directly or indirectly, in the company or its securities, or any right or intent to acquire such an interest.

FSD Pharma has retained the services of IR Agency as a consultant for building a digital community of potential investors for FSD Pharma. The contract start date is Feb. 12, and IR Agency has been retained for a period of one month for $25,000 (U.S.). The terms of the contracts can be changed, and the contract can be renewed by mutual consent. The contract was signed Jan. 26, 2023.

FSD Pharma has retained the services of Beyond Media as a consultant to create market awareness for FSD Pharma. The contract start date is Feb. 5, and Beyond Media has been retained for a period of two weeks for $12,500 (U.S.) per week. The terms of the contracts can be changed, and the contract can be renewed by mutual consent. The contract was signed Jan. 26, 2023.

FSD Pharma has retained the services of Issuer Direct for hosting and managing its website, as well as for disseminating press releases. Issuer Direct has been retained for a period of one year starting from July 17, 2023, for $37,046 (U.S.) annually. The terms of the contracts can be changed, and the contract can be renewed by mutual consent. The contract was signed July 17, 2023.

About FSD Pharma Inc.

FSD Pharma is a biopharmaceutical company dedicated to building a portfolio of innovative assets and biotech solutions for the treatment of challenging neurodegenerative and metabolic disorders and alcohol misuse disorders with drug candidates in different stages of development. Through its wholly owned subsidiary, Lucid Psycheceuticals Inc., FSD Pharma 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 Pharma has also licensed 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 for use in the consumer recreational sector, to Celly Nutrition Corp., and is entitled to a royalty on the revenue generated by Celly Nu from sales of products created using the technology rights granted under the licensing agreement. FSD Pharma continues its research and development activities to develop novel formulations for alcohol misuse disorders, and continues the development of such treatments for use in the health care sector. FSD Pharma maintains a portfolio of strategic investments through its wholly owned subsidiary, FSD Strategic Investments Inc., which represents loans secured by residential or commercial property.

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