Toronto, Ontario–(Newsfile Corp. – November 23, 2020) – Pharmadrug Inc. (CSE: BUZZ) (OTC Pink: LMLLF) (“PharmaDrug” or the “Company“) applauds the recent approval by Germany’s Federal Institute of Drugs and Medical Devices (BfArM) of a study examining the Efficacy and Safety of Psilocybin in Treatment-Resistant Depression. This marks the first psilocybin depression study in Germany since the 1970s and serves to further demonstrate the broadening acceptance towards the potential use of psychedelics to treat various ailments. The study will be funded by the German Government. The study will start recruiting patients in January and begin treating patients by March of 2021.
This approval is the culmination of two years’ work, with Dr. Gerhard Gründer of the Central Institute of Mental Health Mannheim heading-up the team. The Mannheim group will work with researchers from the Department of Psychiatry and Psychotherapy at Charité Campus Berlin Mitte and the MIND Foundation. Dr. Gründer described the approval as “a milestone for German psychiatry, from which I expect not only impulses for treatment research, but also insights into the nature of mental illness and the foundations of consciousness.” Furthermore, the German Government has agreed to fund the study, a major success in itself. The German Government, via the Ministry of Education and Research, is to provide in excess of €2 million for the study.
If the German market legalizes the use of psilocybin for medical purposes, PharmaDrug will be uniquely positioned to capitalize on the potential market opportunities with both their adult use psilocybin operations and brand in The Netherlands coupled with their Medical cannabis distribution business in Germany. The Company holds a Schedule 1 Narcotics Distribution License which enables Pharmadrug Production to import narcotics into Germany. The Company also holds a Good Manufacturing Practice (“GMP‘) certification enabling the company to third party manufacture and package narcotics under its own brand. Furthermore, if an adult-use market is permitted, PharmaDrug will be ready to roll out its recreational psychedelics business model and retail brand that is currently being proven out in the Dutch market. The work being done by the Company to develop a retail model for the distribution of psychedelics in the Netherlands is laying the groundwork that will enable PharmaDrug to swiftly enter new markets and achieve a first-mover advantage.
Pharmadrug CEO, Daniel Cohen, commented: “The approval and government funding of a psilocybin study in Germany, where we already have an established presence, bodes extremely well for PharmaDrug’s strategy to leverage its Eurozone narcotics license to distribute new forms of psychedelic derived pharmaceuticals as they achieve regulatory approval or get legalized in jurisdictions across the Eurozone.”
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.
For further information, please contact:
Daniel Cohen, Chairman and CEO
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This news release may contain forward-looking statements and information based on current expectations. These statements should not be read as guarantees of future performance or results of the Company. Such statements involve known and unknown risks, uncertainties and other factors that may cause actual results, performance or achievements to be materially different from those implied by such statements. Although such statements are based on management’s reasonable assumptions, there can be no assurance that such assumptions will prove to be correct. We assume no responsibility to update or revise them to reflect new events or circumstances. The Company’s securities have not been registered under the U.S. Securities Act of 1933, as amended (the “U.S. Securities Act”), or applicable state securities laws, and may not be offered or sold to, or for the account or benefit of, persons in the United States or “U.S. Persons”, as such term is defined in Regulations under the U.S. Securities Act, absent registration or an applicable exemption from such registration requirements. This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the securities in the United States or any jurisdiction in which such offer, solicitation or sale would be unlawful. Additionally, there are known and unknown risk factors which could cause the Company’s actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking information contained herein, such as, but not limited to dependence on obtaining regulatory approvals; the ability to locate additional supply of medical cannabis, owning interests in companies or projects that are engaged in activities currently considered illegal under United States federal law; changes in laws; limited operating history, reliance on management, requirements for additional financing, competition, hindering market growth; regulatory and political change. All forward-looking information herein is qualified in its entirety by this cautionary statement, and the Company disclaims any obligation to revise or update any such forward-looking information or to publicly announce the result of any revisions to any of the forward-looking information contained herein to reflect future results, events or developments, except as required by law.
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