Pharmadrug Appoints Cannabis Icon Terry Booth as Chairman of Advisory Board
Toronto, Ontario--(Newsfile Corp. - June 2, 2020) - PharmaDrug Inc. (CSE: BUZZ) (OTC: LMLLF) (the "Company" or "PharmaDrug") is pleased to announce that it has appointed global cannabis industry pioneer and founder of Aurora Cannabis Inc. (NYSE: ACB) ("Aurora"), Terry Booth, as the Chairman of its advisory board focussing on the Company's psychedelic business.
Mr. Booth has over 27 years of experience in tightly regulated government industries. Whilst many competitors floundered with compliance issues, Aurora, under his guidance from July of 2013 until February of 2020, became and remains the leader globally in setting the global medical cannabis standard. Mr. Booth was one of the four original founders of Aurora. Appointed CEO in December 2014, Mr. Booth grew Aurora from a start-up into one of the world's largest and fastest growing companies, valued at $18B at its peak, with the focus of providing high-quality medical and recreational cannabis products.
A visionary and passionate leader, Mr. Booth has a deep knowledge of the cannabis space and was instrumental in Aurora receiving its initial licensing and approval from Health Canada. Aurora's "Mountain" facility located in Mountain View County was the first licensed purpose-built facility in Canada and was also the world's first medical cannabis facility to obtain EU GMP compliance certification for its entire facility.
Mr. Booth's passion to have the highest quality and lowest cost per gram production resulted in the successful completion and execution of Aurora Sky, which is widely recognized as the best in class automated large-scale cannabis production facility on the planet.
Uniquely skilled at seizing M&A opportunities (over 30 transactions and acquisitions worth over $8 billion in the last five years), Mr. Booth brings over 25 years of experience in creating, growing and leading companies in highly regulated industries. Mr. Booth currently sits on the board of Aurora, Quinsam Capital Corp., Eye Carrot and recently entered the psychedelics space by joining the board of Duncan Park Holdings Corporation, which is in the midst of changing its name to Psyched Wellness Ltd. ("Psyched") and has made an application to list its common shares on the Canadian Securities Exchange. Mr. Booth is also a major investor in Red Light Holland Corp. ("Red Light"), which has also taken advantage of the Netherlands opportunities and is in our opinion synergistic to the Company's proposed endeavours.
Daniel Cohen, CEO of PharmaDrug, commented, "We are absolutely thrilled to add the expertise and experience of a member of Terry's caliber to our advisory board. Terry's knowledge of the capital markets and his experience with respect to M&A execution and timing and his insights in helping cannabis companies make the right decisions in a global nascent industry will without a doubt, be a great help in our efforts to roll up smartshops, executed with regulatory support, providing safe, consistent, high quality reliable products for our retail endeavors in the Netherlands and beyond as regulations change globally. In addition, Terry's deep knowledge of European cannabis markets and his ability to establish and expand business units throughout the world will be invaluable. We are grateful to have the opportunity to bring on such an esteemed pioneer as Chair of our advisory board."
Mr. Booth commented, "In my opinion, the opportunities that exist for this non-addictive, age gated, safe recreational fungi or a prescribed micro-dosed psilocybin drug has significant global market potential. My review and involvement with these three "mushroom" companies have me committed to PharmaDrug, Psyched and Red Light. The non-competitive synergies that exist between these three companies position them as a strong united force. I expect that my common bond with all three of them will foster a strong relationship between the three."
In connection with the appointment the Company granted Mr. Booth an aggregate 5,000,000 stock options (the "Options"). Each Option is exercisable for a period of two years and entitles Mr. Booth to purchase one common share in the capital of the Company at an exercise price of $0.11 per common share provided he purchases the equivalent number of common shares in the market at a market price at or above the 5 day volume weighted average price prior to or concurrently with the exercise of his options. Of the 5 million options, 3.4 million are conditional on (a) regulatory approval and (b) either (i) an increase in the number of issued and outstanding shares of the Company such that the grant is permitted under terms of the Company's current stock option plan or (ii) the approval of an amendment to the stock option plan to permit the issuance of such options.
About PharmaDrug Inc.
PharmaDrug Inc. is building an internationally focused cannabis business focused 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.
For further information, please contact:
Daniel Cohen, CEO
Caution Regarding Forward-Looking Information:
THE CANADIAN SECURITIES EXCHANGE HAS NOT REVIEWED NOR DOES IT ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.
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. Forward looking statements in this press release relate to the potential for M&A activity and the synergies with Psyched and Red Light. 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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