- European cannabis distributor, Pharmadrug Inc. (CSE:BUZZ), has seen medicinal sales boost in Germany, despite a tumultuous start to the year
- Cannabis sales have been steadily rising throughout the year, with April recording the highest sales figures in the company’s history
- However, a potential business combination announced earlier this year is likely to have its terms affected by the recent market volatility
- The company has also begun talks with a second cannabis wholesaler, as well as two companies operating in the psychedelic market
- Before the market opens, Pharmadrug Inc. (BUZZ) is trading for C$0.01 with a market cap of under $1 million
European cannabis distributor, Pharmadrug Inc. (CSE:BUZZ), has seen medicinal sales boost in Germany, despite a tumultuous start to the year.
Even with COVID-19 lockdowns hitting the company’s European market, cannabis sales have been steadily rising throughout the year. Sales this month are currently higher than at any point in the company’s history.
However, the company has not entered the pandemic unscathed. A potential business combination with an undisclosed third-parrty announced earlier this year has been impacted by the worldwide effects of the pandemic.
The company stated that talks with the third party are still ongoing, but the terms of the agreement are likely to be affected by COVID-19’s economic fallout.
In more positive news, Pharmadrug has recently begun talks with two other groups, with the aim to move into the emerging psychedelics market.
Further business arrangements are being made with a new cannabis wholesaler, with initial sales expected in the next few months.
With these talks in the pipeline, the company believes that it will gain access to a larger cannabis supply and will begin selling under the Pharmadrug brand within the next three to six months.
Alongside this news, the company has announced that it has delayed filing its annual consolidated financial statements until April 29.
Pharmadrug was granted the extension by the Ontario Securities Commission, as part of a blanket relief on financial filings across the exchange.
With auditors working from home during the COVID-19 pandemic, communication between Toronto and the company’s base in Germany has been difficult. As a result, the company will require the extra time to complete the filings.
Before the market opens, Pharmadrug Inc (BUZZ) is trading for C$0.01 with a market cap of under $1 million.