PharmaDrug Inc said its German distribution subsidiary, Pharmadrug Production GmbH, has boosted its product portfolio ahead of the anticipated legalization of cannabis for adult use in Germany.
The Canadian company said in a statement that its goal is to increase its pharmacy network and sales volume as it prepares for the “significantly increased potential” for cannabis if the substance becomes legal in Germany.
Following its federal election in September, Germany has transitioned to a new coalition government made up of the Social Democrats, the Free Democrats, and the Green Party – all of whom have voiced support for cannabis legalization.
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While there are remaining differences in opinion about classification and sales channels, PharmaDrug believes cannabis will likely become legal within the near term as a controlled substance with expanded access.
“This would imply that the current supply chain regulatory framework will remain in place and that the importation and distribution of cannabis will continue to require a narcotics or controlled substance license. A license that the company currently has with Pharmadrug Production,” the company added.
PharmaDrug also said it had inked a supply agreement with a Danish supplier for synthetic THC oil Dronabinol, with its first shipment expected this week. Customer deliveries are slated to begin this quarter.
PharmaDrug added that it believes Dronabinol will not only increase sales volumes but also increase its pharmacy distribution network.
"We are extremely excited to be able to introduce new products in the immediate to short term,” Daniel Cohen, PharmaDrug’s CEO said in a statement.
“Adult-use cannabis in Germany is a game-changer and the next eighteen months will be a crucial time for strategic positioning. We are confident that the company is making the right moves to increase its pharmacy network and establish PharmaDrug as a recognized brand in the German cannabis market."
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