Toronto, Ontario--(Newsfile Corp. - July 22, 2020) - PharmaDrug Inc. (CSE: BUZZ) (OTC Pink: LMLLF) ("PharmaDrug" or the "Company") is pleased to announce that it has entered into a supply agreement (the "Supply Agreement") with Natural MedCo Ltd.("NMC"), a Canadian Licensed Producer of medical cannabis and a wholly-owned subsidiary of Eve & Co Incorporated ("Eve & Co") (TSXV: EVE) (OTCQX: EEVVF) for bulk and finished EU-GMP medical cannabis.
Pursuant to the Supply Agreement, PharmaDrug will purchase and import into Germany between 250-500 kilograms of cannabis flower on a bulk basis. NMC has already achieved EU-GMP certification from Germany and PharmaDrug will register the product for its import over the next couple of months. The company anticipates it should begin receiving shipments in the final quarter 2020. The flower will be packaged in Germany and sold under PharmaDrug's own in house brand.
Daniel Cohen, CEO of PharmaDrug, commented, "We are pleased to begin this new relationship with Eve & Co. The company is seeing a stronger than anticipated demand for medical cannabis in the German marketplace, but supply chain continues to be a challenge. Eve & Co. is one of the few Canadian cultivators that has been able to achieve EU-GMP certification and we believe it speaks volumes on their standards and operations. We look forward to working with Eve and Co and we hope we will continue to explore avenues of collaboration and potentially expand the supply agreement to include more strains and larger volumes.
Melinda Rombouts, CEO and Director of Eve & Co also commented, "We are very pleased to enter this agreement with PharmaDrug. We are impressed with their leadership, established sales and strong distribution network throughout Germany and look forward to working with PharmaDrug as both our companies grow into the German market."
PharmaDrug Germany Update
As Pharmadrug continues to develop its business in Germany, management believes that the Company will see significant growth in the next 12 months. The Company sales efforts have borne fruit and the number of pharmacies in its distribution network has more than tripled since the start of the year. That being said, the supply of Bedrocan has become increasingly scarce and does not meet PharmaDrug's current demand. PharmaDrug plans to achieve critical mass of volumes in Germany by expanding its supply chain with contracts such as the one announced today with Eve & Co and by layering in supply from agreements already signed in Israel and Canada.
About PharmaDrug Inc.
PharmaDrug Inc. is building an international controlled substance and natural medicine company with a focus on Europe. The Company owns 80% of Pharmadrug GmbH, a German medical cannabis distributor, with a Schedule I European Union narcotics license allowing for the importation and distribution of medical cannabis to pharmacies in Germany and throughout the EU. The Company also owns 100% of Super Smart, an early-stage retail company focused on consolidating the fragmented Dutch smartshop market. Smartshops are retail establishments in The Netherlands that specialize in the sale of psychoactive substances including psychedelic truffles.
About EVE & CO Inc.
Eve & Co, through its wholly-owned subsidiary Natural MedCo Ltd., holds cultivation and processing licences under the Cannabis Act (Canada) for the production and sale of various cannabis products, including dried cannabis, cannabis plants and extraction of cannabis oil and has received its European Union certificate of Good Manufacturing Practice. Natural MedCo Ltd. was Canada’s first female-founded licensed producer of medicinal marijuana and received its cultivation licence from Health Canada in 2016. Eve & Co is led by a team of agricultural experts and has a licensed 1,000,000 square foot greenhouse located in Strathroy, Ontario.
For further information, please contact:
Daniel Cohen, Chairman and CEO
dcohen@pharmadrug.co
(647) 202-1824