PharmaDrug Inc (CSE:BUZZ) (OTCPINK:LMLLF) said it has entered into a supply agreement with a Eurozone cannabis extractor to produce medical-grade THC oil for sale under PharmaDrug's own brand.
The company said it expects to receive the THC product and begin selling it in Germany by September.
“We are extremely excited to sign this agreement to finally launch medical cannabis in Germany under our own brand. The company is making several movers to significantly increase its presence and volumes in the German medical cannabis market,” PharmaDrug CEO Daniel Cohen said in a statement.
READ: PharmaDrug looking to develop and commercialise a range of psychedelics, cannabis and naturally-derived drugs
“Our focus will continue to be on market share growth with a keen eye on revenue growth and profits. These goals can only be achieved through increased product lines, developing of our own brand, and expanding our market presence,” Cohen added.
The company noted that the PharmaDrug THC oil will be supplied first to local German cannabis wholesalers while also selling it directly to the company's own pharmacy distribution network. To that end, Pharmadrug recently hired a senior 20-year veteran German pharmaceutical sales executive to continue to expand the sales team and carry out this strategy.
As well, the company said it has received its first shipment of product from its previously-announced supply agreement with a Canadian-based multinational cannabis company, which it has already begun selling. It added that it will use this new line to increase revenue and expand the company's own direct pharmacy network.
PharmaDrug also anticipates carrying the Canadian company’s THC oil line in the second quarter, while at the same time seeking out more relationships with global licensed producers (LPs) in order to enhance their lines of third-party branded medical cannabis products.
The company, meanwhile, said it is continuing to negotiate agreements with suppliers for medical cannabis flowers to be sold under PharmaDrug's brand and is also in talks to develop its own brand of synthetic THC oil.
And, PharmaDrug announced that it has received its first shipment of its branded CBD oils, which it will seek to sell via distributors and e-commerce platforms.
PharmaDrug is focused on the research, development and commercialization of controlled substances and natural medicines such as psychedelics, cannabis and naturally-derived approved drugs.
Contact Sean at sean@proactiveinvestors.com