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PharmaDrug Inc. is delighted to announce that its wholly owned subsidiary, Interrobang Ltd. is acquiring the Target Smart Shop. The acquisition is anticipated to be done before the end of August, 2020. It will mark a significant move in the company's goal to become Europe's largest seller of psychedelic goods.
As for the quarter ended on 31st March 2020, PharmaDrug Inc. revenue reached around USD 0.134 million along with a gross profit of around USD 28,532.54. Moreover, as Pharmadrug continues to expand its business in Germany, management expects that over the next 12 months the company will see substantial growth. On June 2020, Interrobang Ltd was acquired by PharmaDrug Inc. This was completed in a three-cornered way amalgamation between Pharmadrug, Super Smart and Transaction Super Smart. The outcome of this acquisition allowed PharmaDrug to issue 64.4 million common shares and additional warrants to acquire the psychedelics company in the early stages. Moreover, a month later it entered into a supply agreement with Natural MedCo Ltd. for bulk and finished EU-GMP medical cannabis. It is a Canadian Licensed Manufacturer of medical cannabis and a wholly-owned company of Eve & Co Incorporated. The takeover of Target Smart Shop in Netherlands will act as Super Smart's initial platform to construct and improve the current smart shop concept and a springboard to grow the brand and operations. Moreover, keeping the current scenario in mind the agreement follows Super Smart's strategy of focusing on the stores that have experienced some kind of distress owing to sudden outbreak of COVID-19 pandemic.
Target Smart Shop will be rebranded and renovated by the end of the acquisition to reflect the Super Smart's vision for the psychedelic retail environment. Moreover, Super Smart will initiate an analytical process to assess and optimize the Target Smart Shop’s supply chain, logistics and product offering. Overall, these efforts will form the basis upon which Super Smart will create the necessary management controls and systems to rapidly scale across multiple retail locations.
