FSD Pharma (CSE:HUGE, NASDAQ:HUGE) Inc said it has entered into a “firm” agreement to sell its former cannabis processing facility located in Cobourg, Ontario, as well as the 64.4 acre property on which the facility is located.
The company said the purchaser has agreed to pay C$16.5 million in cash for the facility and property, which includes a deposit of C$660,000.
FSD noted the deposit was received on February 24, 2022, and the transaction is expected to close on May 31, 2022.
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It added that the sale remains subject to the satisfaction of a number of conditions and, if closed, the injection of money will be non-dilutive to shareholders.
FSD Pharma (CSE:HUGE, NASDAQ:HUGE) is a life sciences holding company with two wholly-owned subsidiaries dedicated to building a portfolio of diversified therapeutic assets and innovative healthcare and biotech services.
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