Aura Health Inc. (“Aura”) (CSE:BUZZ, OTC:LMLLF) is pleased to announce that it has completed its name change from Aura Health Inc. to Pharmadrug Inc. (“Pharmadrug” or the “Company”) (the “Name Change”). Aura’s shareholders approved the name change at the annual and special meeting of shareholders held on October 3, 2019.
The CUSIP number assigned to the Company’s shares following the name change is: CUSIP 71716W105 (ISIN CA71716W1059). Common shares owned by shareholders of Aura will automatically be adjusted as a result of the Name Change and no further action is required to be taken by shareholders.
Management believes the name change to Pharmadrug better reflects the vision, strategy, and operations of the Company. With the completion of the 80% purchase of Pharmadrug Production GmbH in May, the Company has begun to execute on the distribution and brand creation of medical cannabis in Germany with an eye to expand to other Eurozone markets.
Daniel Cohen, CEO of Pharmadrug, commented, “We are consistently working to further develop our distribution of medical cannabis in Germany. In addition to the continued expansion of volumes from The Netherlands Office of Medicinal Cannabis, we are to launch our own proprietary brand with the introduction of Israeli-sourced supply in the second half of 2020. The company also expects upcoming Canadian supply deals, which could lead to an earlier ramp and brand launch.”
“Pharmadrug is committed to pharmaceutical, natural-based medicines and is already at work to augment our cannabis distribution business with EuGMP-produced CBD lines. Management is also closely monitoring the evolving psychedelic medical space and will seek to enter when the time is appropriate.”
About Pharmadrug Inc.
Pharmadrug is building a vertically integrated cannabis business focused on Europe and Israel. The Company (i) owns 80% of Pharmadrug Production 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, (ii) owns a convertible note convertible into 54% of the outstanding equity of HolyCanna Ltd., a cultivation and nursery license holder in Israel, and (iii) has an agreement to acquire 57% of CannabiSendak Ltd., the builder of a network of dispensaries in Israel. Additionally, through significant extraction IP, the Company is dedicated to building a high-margin, downstream business of end-user products.
For further information, please contact:
Daniel Cohen, CEO
David Posner, Chairman
Deborah Honig, Investor Relations
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.