FSD Pharma Inc. announced the appointment of Mr. Zeeshan Saeed as CEO and the resignation of Mr. Anthony Durkacz as CEO. Messrs. Saeed and Durkacz continue to hold their positions as Executive Co-Chairman of the Company?s board of directors.

The Company also announced its intention to streamline its operations to focus on the development of Lucid-MS for neurodegenerative disorders and novel treatments for alcohol misuse disorders. Under the leadership of Mr. Saeed, the Company will streamline operations to focus on the development of novel treatments for alcohol misuse disorders and Lucid-MS for neurodegenerative disorders. The Company is confident this strategy is the shortest path to revenue and significant value creation, underscored by the impressive team leading the advancement of alcohol misuse disorder treatments and the compelling laboratory data showing the ability of Lucid-MS to positively effect demyelination.

Pursuant to this strategy, the Company will conserve/re-allocate capital by immediately putting on hold and/or terminating any further clinical development of its proprietary ultra-micronized PEA formulation for the treatment of inflammatory diseases and Lucid-Psych for mental health disorders. This way the Company feels that it can deliver maximum value to its shareholders by spending less money.