Mr. Zeeshan Saeed reports

COURT OF APPEAL DISMISSES MOTION FOR LEAVE TO APPEAL BROUGHT BY DR. RAZA BOKHARI, FSD PHARMA AWARDS TOTAL APPROXIMATELY $3 MILLION

FSD Pharma Inc. has noted that the Court of Appeal for Ontario has affirmed the judgment entered by the Superior Court of Justice in the amount of $2.81-million, plus $175,000, plus interest. An additional $5,000 in costs was awarded to FSD Pharma by the court of appeal in respect of Dr. Raza Bokhari's failed motion for leave to appeal. The judgment confirmed arbitration awards in which the arbitrator dismissed Dr. Raza Bokhari's claims for wrongful dismissal, and awarded FSD Pharma its fees and costs incurred in defending the arbitration (see FSD Pharma's May 11, 2023, press release).

In December, 2023, FSD Pharma filed a petition to confirm arbitration awards in the United States District Court for the Eastern District of Pennsylvania. This begins the process by which FSD Pharma will collect from Dr. Bokhari the amounts awarded by the arbitrator.

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 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 chemical entity shown to prevent and reverse myelin degradation, the underlying mechanism of multiple sclerosis, in preclinical models. FSD 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 Nutrition from sales of products created using the technology rights granted under the licensing agreement. FSD continues its R&D activities to develop novel formulations for alcohol misuse disorders and continues the development of such treatments for use in the health care sector. 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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