Pharmadrug Shortlists Prime Amsterdam Locations for State-of-the-art Smart Shop Superstore and Expands Scope of E-Commerce Platform with Essential Good
Toronto, Ontario--(Newsfile Corp. - November 30, 2020) - Pharmadrug Inc. (CSE: BUZZ) (OTC: LMLLF) ("PharmaDrug" or the "Company") is pleased to announce that its wholly-owned subsidiary Interrobang Ltd. (doing business as Super Smart) ("Super Smart") will be launching its new Slim Winkel brand in the next couple of weeks. The Company's work with Essential Good LLC ("Essential Good") has advanced tremendously and the Company expects the new online retail store will be ready to launch early in the new year with differentiated brand positioning and an enhanced product line. The company has also narrowed its search for an Amsterdam location where Super Smart plans to build a major flagship superstore for its new retail concept.
Management now believes that given the pandemic, it makes more sense to lead with an online platform. It also enables the company to more easily launch and establish brand recognition. The company is far advanced with its work with Essential Good to develop the Slim Winkel e-commerce platform, which should be done by year end. Essential Good has significant online retail experience and is currently developing an online e-commerce platform for a major American Cannabis Multi State Operator. The Slim Winkel online platform will be an innovative e-commerce website unlike any of the current operators in the sector. The online store will sell psilocybin truffles as well as functional mushrooms and other legal wellness plants. The online retail store will also be available outside of the Netherlands where will not include psilocybin truffles. The company is negotiating for warehousing space outside of Amsterdam and has also began sourcing supply for an enhanced product line that will immediately distinguish the online shop from the other standard competitors in the space. The Company expects to launch the platform early in the new year. The final brand concept will be released in the next couple of weeks with a revamped Super Smart website.
Super Smart is still involved in active discussions with several additional smart shop owners in the Netherlands, but is quickly determining that it makes more sense to open greenfield locations. Management has begun discussions with industry veterans who share in The Company's vision and together The Company is contemplating establishing partnerships to build stores and import new products into the country. The COVID Pandemic has increased the number of vacancies and choice locations are becoming available at attractive prices. The Company narrowed their search in Amsterdam and believe they can secure a location for a flagship Slim Winkel superstore in the next couple of months. The aim of the store will be to serve as a destination spot for tourists that will also have an enhanced and differentiated product line for Dutch consumers. The Company has also established the next 5 cities where The Company intends to follow with additional stores.
Super Smart took effective control of its first smart shop on October 1, 2020. The Smart Shop is located in the Town of Tiel, a municipality in central Netherlands, and will serve as an initial platform for Super Smart to build out and refine its new smart shop vision and a springboard to launch its brand and develop its operations. Over the past few months, Super Smart has laid much of the groundwork needed to purchase the first store and as such began developing the organizational structure that will enable the company to open several locations and scale up more efficiently. The first month of operations saw a significant increase in volumes as The Company added several new products that the store didn't previously carry. The Company decided to close the store for a few weeks in November to be able to upgrade logistics, make some leaseholds improvements and prepare for the launch of The Company's new brand.
Super Smart's President Harry Resin commented, "I'm excited to expand our footprint in the Netherlands. Working with EG will help us refine our brand strategy as we prepare for our next phase. We are looking forward to launching our flagship store in Amsterdam in the first quarter of 2021."
PHARMADRUG INC. COMPLETES NON-BROKERED PRIVATE PLACEMENT OF UNITS
PharmaDrug has completed a non-brokered private placement of 400,000 units (each, a "Unit") for aggregate gross proceeds of $20,000 (the "Offering"). Each Unit is comprised of one common share (a "Common Share") and half of one common share purchase warrant (each whole warrant, a "Warrant"). Each Warrant entitles the holder thereof to acquire one Common Share of the Company at a price of $0.05 for a period of 36 months from the date of issuance.
The proceeds of the Offering will be used to develop the Company's business and for general working capital purposes. The purpose of the Offering is to accommodate for an order that was made but not executed due to a clerical error on a previous Offering.
The securities issued in connection with the Offering are subject to a hold period of four months plus a day from the date of issuance and the resale rules of applicable securities legislation.
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
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. 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.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/69162