FSD Pharma Inc. (NASDAQ:HUGE)(CSE:HUGE)(FRA:0K9A) (“FSD Pharma” or the “Company“), is a biopharmaceutical company dedicated to building a portfolio of innovative assets and biotech solutions. The Company is providing this statement as an update regarding its litigation with GBB Drink Lab, Inc. (“GBB”).
In May 2023, GBB filed a lawsuit against FSD Pharma alleging a material breach of a mutual nondisclosure agreement and trade secret misappropriation. FSD Pharma has categorically denied these allegations and filed a Motion to Dismiss the lawsuit. On January 8, 2024 the Court denied the Motion to Dismiss. This means only that FSD Pharma will now proceed with discovery, during which it is confident that it will be able to demonstrate not only that GBB’s claims have no merit, but that this lawsuit, which baselessly demands $53 million dollars from FSD Pharma, is nothing more than an effort to harm FSD Pharma after it decided not to acquire GBB in 2022.
After being rebuked by FSD Pharma, GBB subsequently sold its assets to Jupiter Wellness, Inc. for a fraction of what it claims it was worth in its publicly filed Amended Complaint, which then changed its name to Safety Shot, Inc. (NASDAQ:SHOT) and began marketing and selling an alleged alcohol detoxification product.
FSD Pharma remains confident in its legal position, and looks forward to vindicating its rights and exposing GBB and its bully tactics.
About FSD Pharma
FSD is a biopharmaceutical company dedicated to building a portfolio of innovative assets and biotech solutions for the treatment of challenging neurodegenerative, inflammatory and metabolic disorders and alcohol misuse disorders with drug candidates in different stages of development. Through its wholly-owned subsidiary, Lucid Psycheceuticals Inc. (“Lucid“), FSD is focused on the research and development of its lead compound, Lucid-MS (formerly Lucid-21-302) (“Lucid-MS“). 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 is also focused on the research and development of 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. 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.