FSD Pharma scales down Cannabis cultivation

As announced in April, FSD Pharma is selling their Cobourg building and Bloomberg reports that that part of the business (cannabis cultivation) has been scaled down to a bare minimum. Instead, the company will “double down on our biosciences and specialty R&D pharmaceutical efforts”.  In line with this, on June 3 they announced that they had received U.S. Food and Drug Administration approval to design a proof-of-concept study for a potential Covid-19 treatment.  But this drug does not involve any sort of cannabis-derived compound which implies that growing marijuana plants is no longer where they see their future.  It looks like Cobourg’s hope that they would provide large employment opportunities has gone.  Perhaps a new owner of the building will provide employment but that will be some years away. Photo below is from April 2019.

FV Pharma Facility
FV Pharma Facility

Despite the announcement that the company is looking at drugs to help Covid-19, the drug they are testing is not cannabis derived.  Bloomberg reports:

Instead, FSD is testing a naturally occurring fatty acid called ultramicronized PEA, which has been shown to help with inflammation. FSD acquired the worldwide rights excluding Italy and Spain to ultramicronized PEA from Epitech Group about a year ago for $17.5 million, according to Chief Executive Officer Raza Bokhari.

Bokhari is in fact skeptical that cannabis-derived compounds such as CBD can help treat Covid-19.

Meanwhile, the Certo building will continue to deteriorate and one wonders if that will ever get restored.  The Kraft/FSD Pharma building would suit a food manufacturer but there’s no signs of anyone keen to expand in that field in North America let alone Cobourg.  Other Cannabis growing companies are reducing their size and not expanding so a rescue by one of them seems unlikely.

See the full Bloomberg report in the link below.

Their building is still listed for sale and it’s likely it will take many months to sell.

Links

Update – 30 July 2020

FSD Pharma today announced that they will be closing down their Cobourg facility, ceasing cultivation of Marijuana and surrendering their Health Cannabis license to cultivate cannabis.  Instead they will focus on developing a drug to treat Covid-19. A press release today said they will: “suspend all activities by FV Pharma within 30 days of the notification date (today). FSD Pharma has begun the process of liquidating all FV Pharma assets, including the sale of the Company’s cannabis production facility in Cobourg, Ontario.”  

So the Certo building will not get renovated by FSD Pharma but will no doubt be part of the property now being sold.  See “Real Estate Listing” in links above for details of what they are selling.

Official announcement here.

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Frenchy
30 July 2020 11:33 am

Did anyone ever believe there was going to be 1400 jobs coming to Cobourg with these guys?

Canuck Patriot
Reply to  Frenchy
30 July 2020 1:47 pm

Our former and current Mayors did.

Now not only do we have an empty building again but the Certo building has for the most part been destroyed. Why did the Building Department not require a completion bond or deposit before issuing a building permit?

Government should keep its nose out of economic development. It knows nothing about how to attract and retain profitable businesses other than those looking for taxpayer handouts. How many people lost their shirts with their investment in the weed factory?

BTW – Still waiting for the report on the China trip both Mayors were treated to by the Williams Academy. Why was one never issued to Council and made public?

Last edited 13 days ago by Canuck Patriot
Rob
Reply to  Canuck Patriot
30 July 2020 2:22 pm

I suspect the Williams Academy will go the way of FU Pharma, the Certo Building and the dodo bird….travel restrictions will likely be the end of that mysterious enterprise and leave Cobourg with another beautiful but empty building…

Leweez
Reply to  Rob
30 July 2020 5:24 pm

As long as they keep paying their taxes

Wally Keeler
Reply to  Rob
30 July 2020 6:31 pm

It’s less mysterious if you explore their website.

http://williamacademy.ca/application-for-admission/fee-schedules/

Canuck Patriot
Reply to  Wally Keeler
31 July 2020 8:41 am

After reading the fee schedule, I’m shell shocked. There must be a lot of very rich parents of foreign students. COVID-19 travel restrictions could very well impact the Academy, leaving another unoccupied building.

With the lucrative fees posted, all the more reason for the Mayor to report on the all expense paid for China trip that he and the former Mayor were treated to.

What was the purpose? Who did they meet with with? What potential business deals were discussed? What was asked of them and the Town?

Certainly when the Mayor and his Deputy are invited on a free junket to China by a local new business who profits from foreign students from that country, Cobourg residents deserve not silence but a full report of why the trip was held and why they accepted it.

Last edited 12 days ago by Canuck Patriot
Frenchy
Reply to  Canuck Patriot
31 July 2020 9:10 am

These rates are a bargain. Take a look around at other private schools in Ontario. Try Trinity College School next door in Port Hope.

Kimberley
11 June 2020 11:21 am

Totally off topic, but why is the drive in not open for business, this would be perfect right now.
And possibly even make some money. It wouldn’t take much, maybe the town could run it, just a suggestion

Canuck Patriot
Reply to  Kimberley
11 June 2020 1:08 pm

The last thing we need is the Town running a Drive-In. It can’t even run an efficient municipal government. Municipal governments are not supposed to be in the business of running private enterprise commercial businesses.
 
The Drive-In is a private business. The decision is theirs and their alone. The Town needs to keep its nose out of it. Besides the Drive-In theatre isn’t even located in Cobourg.

Kimberley
Reply to  Canuck Patriot
11 June 2020 10:27 pm

oh, sorry I thought it was in Cobourg, still learning the town. I didn’t know that municipal governments can’t run a private business either, so thx for answering both ;))

Canuck Patriot
Reply to  Kimberley
13 June 2020 8:37 am

Just to let you know that the Port Hope Drive-in Theatre is now open.

Hope you enjoy an evening out.

Rob
9 June 2020 1:00 pm

This is disappointing although not surprising – I don’t believe a finished product left the Kraft facility. Perhaps our Covid experience will bring a more intense focus on returning manufacturing to Canada.

Frenchy
Reply to  Rob
9 June 2020 9:00 pm

“a more intense focus on returning manufacturing to Canada.”
 
I predict we focus on that for 5-6 years, then we revert back to our old ways once we get comfortable again.

Gerinator
9 June 2020 12:23 pm

In addition to the oft opined sentiment of a con job, we did this to ourselves as well. Some of us, currently in this distribution and others, approved of taking the provinces money (10K), to enable setting up pot shops in Cobourg; along with the 10K we agreed that these pot shops could locate wherever they wanted to without having to seek planning approval. Hopefully we’ve learned our lesson: short-term largess is no remedy to sound, logical planning for the wealth and health of our community(ies).

Frenchy
8 June 2020 8:36 pm

A classic pump and dump.

Wally Keeler
8 June 2020 4:47 pm

And no one has a clue what to do other than complain. Where’s the creativity? Oh yes, this is Cobourg, populated by old whiners and senior bores.

Frenchy
Reply to  Wally Keeler
8 June 2020 6:27 pm

You and Walter were at your creative best when you were cheerleaders for FSD Pharma.

Informed
Reply to  Wally Keeler
8 June 2020 6:40 pm

Wk.Lol. Your statement actually would apply best to you.

Last edited 2 months ago by Informed
Dubious
Reply to  Wally Keeler
8 June 2020 7:22 pm

Complaining is useless. For now the only possible action is to bend over and smile. But remember, we have an election in 2022.

sandpiper
Reply to  Dubious
8 June 2020 8:06 pm

If there is Fraud there should be no bending over There should be investigation
To many people here in Cobourg listened to the Propaganda that was spread about
and all that Positive Self Serving Grand Standing by Council & County etc
That was a causation for many a Local resident of all ages who TRUSTED the info
they were fed and invested in FSD Pharma . Which never really got off the ground ! From what I hear from many is that money and those investments are ?????????????????
Why isn’t / wasn’t this looked into ?

Kimberley
Reply to  sandpiper
10 June 2020 10:30 am

Yes, I agree. There should be an investigation. Why should we still offer FSD anything originally agreed upon when they didn’t uphold their part at all. Heck they didn’t even get off the ground and now they change direction. This smells worse than weed. Let’s not offer anymore incentives to pie in the sky ideas and lets focus on what Cobourg can do to move forward and to prevent this from happening again. We have an empty mall sitting there that could be used for entertainment or other uses, ie giant flea market, farmers market, exercise emporium, indoor dog park, indoor ice rink, child care, just some ideas. Lets utilize what we already have at our fingers tips and start making some money. It’s depressing to see dead malls it doesn’t make Cobourg look very progressive. Lets ask what Cobourg residents want or need then make it happen.

Ken Strauss
Reply to  Kimberley
10 June 2020 3:13 pm

Cobourg has a history of politicians whose vision is clouded by dreams and the residents suffer. In the mid-1800s they dreamed of the Peterborough Cobourg Railway across Rice Lake. We built Victoria Hall in a dream of being the capital of Upper Canada. More recently we had the Lux Light fiasco as part of a dream to market efficient street lights. Now we have FSD as part of a dream to be the world’s largest grow-op. It never ends!

sandpiper
Reply to  Wally Keeler
8 June 2020 7:50 pm

Who is complaining and Whining —- Why don’t you see what you can find out —- I want answers ! None of the implementing officials and the various heads of departments that have this info and answers Will not reply that goes for the County as well as the Town . We are not supposed to Know or be acknowledged by our so called elected officials This was irresponsible from the outset and no one is accountable ????
 
Cobourg Residents and Tax Dollars Matter

JimT
8 June 2020 4:03 pm

“It seemed like a good idea at the time.”

Frenchy
Reply to  JimT
9 June 2020 8:31 am

It was a HUGE success.😜

sandpiper
8 June 2020 3:55 pm

I ssstill can’t get an answer from the Town or the County that fellow Dam Borrowick
as to exactly how much $$$$ we as tax payers gave to this project call the WEED PATCH
by way of cash, incentives , start up $$ , and free tax and utilities .
How do we get to the truth ???

Canuck Patriot
8 June 2020 2:57 pm

Cobourg and our previous and current Mayor just got suckered big time. Meanwhile the small investors lost their shirts. A completion bond should have been obtained before the Certo Building work was started. Somebody should be fired for not getting one.

A public statement by Mayor Henderson is in order.

Add this to the CCC white elephant and its ever growing annual deficit. The list of incompetence, boondoggles, screw-ups, wasted money, useless consultants, big city dreams, just keeps growing.

Town Hall needs a massive shake-up. Get rid of the deadwood and bring in new blood with a focus on residents’ needs and not empire building and dreaming in Fantasyland.

Economic development is a joke and bottomless money pit. What has it ever accomplished in terms of creating real wealth? A total waste of tax dollars.

By the way former Mayor Brocanier and Mayor. Henderson where is that long overdue report on your free trip to China? Can you explain why one was never filed? I was taught that a promise is a promise. Obviously you were taught as politicians that promises are to be broken.

cornbread
Reply to  Canuck Patriot
9 June 2020 8:18 am

First the Cobourg Street Light Scandal, next the CCC Rink Light Early Replacement Problem and now the Weed Patch Scandal…fun & games in Cobourg.
Also for those who hold up George Floyd as a martyr…check out his last 22 years in and out of jail record…he is not a hero to most law abiding citizens of any colour.

Abby
Reply to  cornbread
9 June 2020 10:13 am

George Floyd is not a martyr and his record has nothing to do with the way in which he was killed. It is never okay to kill anyone in the way George was, especially by those supposedly trained as keepers of the peace. I for one am grateful that people in both the US and Canada and other countries in the world have arisen to demonstrate and protest against racism. It’s about bloody time. We have a lot of cleaning up to do right here in our own pretty little town so let’s just do it.

cornbread
Reply to  Abby
9 June 2020 3:40 pm

I suggest many of the readers should dial up “Candace Owens Gives George Floyd Facts” to get a better understanding of the real truth about racism.

ben
Reply to  cornbread
9 June 2020 4:04 pm

Bloody Candace Owens! Anybody ever check the social media allegations of her being a ‘white power pimp’?

Canuck Patriot
Reply to  ben
9 June 2020 4:53 pm

Ben –

You dislike anyone who is not a socialist. Do you really support anarchy? There is no place for police brutality but black people killing black people and innocent cops and bystanders at random is not what I call a civil society.

ben
Reply to  Canuck Patriot
10 June 2020 8:10 am

silly questions designed to inflame and provoke – keep it up but don’t expect an answer from me!

Abby
Reply to  Canuck Patriot
10 June 2020 10:44 am

How does speaking against a white supremacist like Candace Owens suddenly make one a socialist?

Deborah O'Connor
Reply to  Canuck Patriot
31 July 2020 12:21 am

Canuck Patriot, you stated the following: “Ben – You dislike anyone who is not a socialist. Do you really support anarchy”

So.. which is it? Ben can be a socialist OR he can be an anarchist, but not both at the same time. You see Mr. Patriot, they’re not the same thing. Not the same thing at all. Just ask if you’d like us to define those words for you. Happy to help,as always.

Frenchy
Reply to  ben
9 June 2020 8:54 pm

Ben, I don’t care if Candance Qwens is a man or a woman or black or of colour or white or right or wrong or has a twitter or instagram, tik tok or FaceBook account.
Are you comparing “social media allegations” to State of Texas court documents?
 
 
 

Last edited 2 months ago by Frenchy
ben
Reply to  Frenchy
10 June 2020 11:01 am

taken from another site – judge for yourself.
“Candice Owens is one perspective. But she doesn’t speak for the Black community just because she is Black. She even has a video entitled, “I Don’t Care About Charlottesville, the KKK, or White Supremacy” watch the video and ask yourself if she is actually trying to speak for the good of the Black community. Is she trying to win them over to her truth…or is it something else? Could it be that she is commodifying polarizing language, and is actually just another talking head that divides?
https://www.youtube.com/watch?v=4S2TZOdXAtQ

Wally Keeler
Reply to  ben
31 July 2020 1:07 am

Thanks for posting the url for that Candace Owens video Ben. I recommend watching it thru. She is a smart Black woman, an independent thinker. I recommend watching her with Black conservative, Larry Elder, in this video https://youtu.be/qJ3fMaS9Q6k

Abby
Reply to  cornbread
10 June 2020 10:40 am

Candace Owens is not a good source for anything much, She is against most things that matter. Wouldn’t trust her for more than being a Trumper supporter.

Ken Strauss
Reply to  Abby
10 June 2020 3:19 pm

Being against things isn’t necessarily being wrong. Using facts when criticizing ideas rather than attacking the source is essential for a rational discussion.

Small town lover
Reply to  cornbread
10 June 2020 9:01 am

Cornbread, I suggest you look up the word martyr in the dictionary or better yet google it. Let me enlighten you . A martyr is a person who voluntarily suffers death for the sake of principle. Mr. Floyd did NOT volunteer, he was murdered. Even when he pleaded with the officer and advised them all he couldn’t breath. I really don’t understand why you brought him up in the first place . Your statement had nothing to do with topic of discussion. Judging by the number of likes you got is an indication our town is not the feel good town it’s advertised to be. Shame on all of you .

Frenchy
Reply to  cornbread
31 July 2020 10:18 am

“First the Cobourg Street Light Scandal, next the CCC Rink Light Early Replacement Problem”
What is it about Cobourg and lighting? Didn’t we just go through another lighting screw-up with the lights flooding Victoria Hall? Something about the lights purchased were not CSA or UL approved. You would think our purchasing department would know to check for that.

dubious
Reply to  Frenchy
31 July 2020 12:08 pm

Perhaps there are incentives to ignore such issues as whether the product works and is safe.

Frenchy
Reply to  dubious
31 July 2020 12:33 pm

Well if nothing else, this thread has brought us back to the pic below of his worship and his worship. I get a chuckle out of it every time.🤣

Frenchy
8 June 2020 1:24 pm

comment image

sandpiper
Reply to  Frenchy
8 June 2020 3:48 pm

They look like Family Don’t they ??

Frenchy
Reply to  sandpiper
9 June 2020 9:03 pm

The HUGE boys.

Frenchy
Reply to  Frenchy
9 June 2020 9:15 pm

These two probably want to get rid of those hats.
I’ll buy ’em off ya boys, they are going to become collectors’ items.

ben
8 June 2020 1:09 pm

“Meanwhile, the Certo building will continue to deteriorate and one wonders if that will ever get restored.”
 
Not enough bad words can be used to describe this abomination of a con job on the Town of Cobourg. Carpetbaggers abound but presumably the demolition of the roof of the Cero building took place as the real estate signs went up. The people who authorised this ‘reno’ should be hunted down and bankrupted with law suits. I drive past the building many times a day and I want to throw up every time I pass!
 
John Henderson, if you want to prove your Mayoral chops get this job finished, after all you basked in the glory of everything else attached to this site and industry!

Frenchy
Reply to  ben
8 June 2020 2:55 pm

Couldn’t agree with you more on the con job on the town (though not all of the individual citizens) Ben, but we differ on trying to save the Certo building. Try to save the facade if we must, but of what value (architecturally or otherwise) is the rest of the building. Location is brutal and 3 red brick walls are just that… 3 red brick walls.

Kyle
Reply to  ben
8 June 2020 5:17 pm

It just keeps reminding me of reruns of the movie “The Music Man”. “Cobourg (River City)” having the stranger coming into town and selling a dream (fake of course) and all the dancing and singing the praises. Just to find out in the end they got taken. At least River City ended up with a dream marching band.

Frenchy
Reply to  Kyle
9 June 2020 9:12 pm

“At least River City ended up with a dream marching band.”
76 trombones led the big parade…
Send W & W up county road 45 to get all of us some wacky-backy and the whole town could have a HUGE dream “world’s biggest indoor grow-op with 1400 employees”