The CEO of FSD Pharma Inc. Dr. Raza Bokhari informed that the company is expected to generate revenues from cannabis sales on Q3. He said this during an interview with Proactive on September 3. He has also commented about Q2 financials and the intention to gather more funds for the expansion of the company
FSD Pharma is working in order to increase the sale of cannabis-related products during the third quarter of the current year. As Dr. Bokhari said, they are also trying to gather $5 million in funds from investors. Despite having a large amount of cash, these additional $5 million will be helpful for the company to build and expand their business.
Some of these funds are going to be used to accelerate their Research and Development process on different cannabis solutions and conduct clinical trials. Furthermore, they will also try to list their company on a major U.S. exchange.
It is worth mentioning that these announcements come after a modest Q2 earnings generated from rental leases. Now that the firm was able to secure a license to sell medicinal cannabis, revenues should start growing during the third quarter of the current year. In addition to it, the firm does not have long-term debt and they have different real estate assets.
The firm has already $1.3 million funds committed in seed funding from different investors, including funds from Dr. Bokhari himself. Other contributors included the founders of the company and board members, among others. Bokhari has already invested $500,000 in FSD Pharma Inc. which makes them sure about the path they are taking for the coming months.
In order to be able to be listed in a major exchange in the U.S., they must have an independent board. At the moment, 4 of the 7 board members are independent and some of them have a high profile.
Regarding the challenges he faced as the CEO of the company, Dr. Bokhari said:
“Becoming the CEO of this great company, one of the biggest challenged that I faced was that we didn’t have a clear message and picture of sales licenses. That’s why I said that we would focus and we would get our sales licenses first.”
The Cannabis industry is growing around the world through a large number of companies located in many different countries. With more regulations and dedicated businesses, the whole industry could keep growing during the coming years.