lack of a clear strategy
Lack of any Clear Strategy
Although Management of FSD claim to have a strategy for FSD, based on recent events and the disclosure in the Management Circular, it is unclear what this might be. In March 2020, the Company elected to pivot from medicinal cannabis to becoming an early-stage pharmaceutical and biotechnology venture. The Management Circular asserts this focus and disparages investment in the psychedelics industry; yet, it also repeatedly asserts that the acquisition of a psychedelic company is part of the Company’s current acquisition strategy. Management are apparently focusing research and development efforts on developing COVID-19 treatment for humans but the only agreement the Company has recently announced relates to veterinary medicine. Most concerning, however, was management’s recent attempt to rush through a material and transformational acquisition in yet another unrelated industry, this time being in dental care (see “– Improper Transaction” below). This random assortment of proposed and actual initiatives lacks any clear focus and is in no way a coherent strategy for rebuilding FSD.
Management refers to Dr. Bokhari’s strategy, the Company’s successes in 2020 and its plans for acquisitions, but any detailed examination of the complete facts reveals these to be fictions. There have been no material advancements of the Company’s plans or projects and the share price reflects that. Quite simply, any truly positive development would have been well-disclosed to Shareholders with the expectation that the markets would reflect that success in the trading price of the Company’s shares. This has not happened.