PharmaDrug Announces Change of Auditor

Toronto, Ontario--(Newsfile Corp. - July 12, 2021) - PharmaDrug Inc. (CSE: BUZZ) (OTC Pink: LMLLF) ("PharmaDrug" or the "Company"), a specialty pharmaceutical company focused on the research, development and commercialization of controlled-substances and natural medicines such as psychedelics, cannabis and naturally-derived approved drugs, today announced that MNP LLP (the "Former Auditor") has resigned as the Company's auditors, with the resignation being effective as of June 14, 2021. The Company's management and audit committee are in discussions with several auditors and will look to finalize the selection of a successor auditor in the near future.

The Former Auditor resigned on its own initiative. The resignation of the Former Auditor was considered and approved by the Company's audit committee of its board of directors. None of the Former Auditor's reports on any of the Company's financial statements for the two most recently completed fiscal years ended December 31, 2020 contained a modified opinion. There were no "reportable events" (as that term is defined in National Instrument 51-102 - Continuous Disclosure Obligations) between the Company and the Former Auditor other than a disagreement relating to the filing of the financial statements for the years ended December 31, 2020 and 2019 in respect of a concern with such statements raised by MNP LLP shortly before the filing deadline. Full particulars of the disagreement can be found in the Reporting Package (as defined below).

In accordance with National Instrument 51-102, the Notice of Change of Auditor, together with the required letter from the Former Auditor (together the "Reporting Package"), have been reviewed by the Company's Audit Committee and will be filed on SEDAR accordingly.

About PharmaDrug Inc.

PharmaDrug is a specialty pharmaceutical company focused on the research, development and commercialization of controlled-substances and natural medicines such as psychedelics, cannabis and naturally-derived approved drugs. The Company owns 80% of Pharmadrug Production GmbH, a German medical cannabis distributor, with a Schedule I European Union narcotics license and German EuGMP certification 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, a Dutch company building a modern adult use psychedelic retail business with an elevated and educational focus. PharmaDrug recently acquired Sairiyo Therapeutics, a biotech company that specializes in researching and reformulating established natural medicines with a goal of bringing them through regulatory and research driven clinical trials.

For further information, please contact:

Daniel Cohen, Chairman and CEO
dcohen@pharmadrug.co
(647) 202-1824

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.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/90021

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