Pharmadrug Inc. (CNSX:BUZZ) is positioning itself for the tremendous opportunity up for grabs around psychedelic distribution in Europe. Germany’s Federal Institute of Drugs and Medical devices has given the green light for a study that seeks to examine the efficacy and safety of psilocybin in treatment-resistant depression.
The study marks an important milestone as it demonstrates the broadening acceptance and potential use of psychedelics in the treatment of various ailments. Germany legalizing the use of psilocybin for medical purposes would present huge market opportunities that PharmaDrug can capitalize on.
PharmaDrug already has psilocybin operations and brand in the Netherlands coupled with medical cannabis distribution in Germany. It also holds a Schedule 1 Narcotics Distribution License that accords it of importing narcotics into Germany.
The German opportunity comes hot on the heels of PharmaDrug subsidiary Interrobang entering into a definitive agreement to acquire a retail establishment specializing in distributing psychedelics products. Target Smart Shop is a retail establishment located in Tiel, the Netherlands that will serve as an initial platform for developing the brand and operations.
Interrobang has already begun to work with Essential Good LLC to develop Slim Winkel Brand. Plans are also underway to establish an online retail platform that will focus on functional mushrooms and other legal, medical platforms within the Netherlands, which includes the sale of psilocybin truffles.
In addition to pursuing psychedelics opportunities, PharmaDrug also continues to strengthen its prospects on cannabis supply. Mid this year, the company entered into a supply agreement with Natural MedCo Ltd.
Under the terms of the agreement, PharmaDrug is to purchase and import into Germany between 250 and 500 kilograms of cannabis flower on a bulk basis. The company should begin receiving shipments in the final quarter of 2020. Shipping medical cannabis into Germany is a huge opportunity given the ever-growing demand in the German marketplace.