Pharmadrug Inc (CSE:PHRX, OTCQB:LMLLF) chairman and CEO Daniel Cohen joined Proactive's Stephen Gunnion with details of the sale of its German medical cannabis distributing subsidiary Pharmadrug Production GmbH to Khiron Life Sciences Corp.
Cohen telling Proactive that the company has managed to "have its cake and eat it" as it will get 5,500,000 common shares of Khiron and a non-interest bearing promissory note in the principal amount of $1.1 million, payable one year from the date of issue.
While the transaction will be a major step towards PharmaDrug's shift into a pure-play biotech company, he said it will retain exposure to the growing German and UK cannabis market through the Khiron stake.