FULL DISCLOSURE: This content is sponsored by PharmaDrug Inc.

PharmaDrug Inc (CSE: PHRX) is one step closer to commercializing its biosynthetic, pharmaceutical-grade cocaine. The company as of last week has seen its subsidiary, Securedose Synthetics, sign a letter of intent with a Canadian controlled drug substance licensed dealer.

The letter of intent will enable PharmaDrug to begin full GMP-approved manufacturing once it has finalized the process development for its biosynthetic cocaine product. Technology transfer for the provisionally patented synthesis method is set to begin, in advance of a full agreement for the manufacturing and distribution of the product to support safe supply programs globally.

Once details of the formulation and novel manufacturing process are shared with the licensed dealer, it is expected that feedback will be provided on the application of the process in a commercial-scale manufacturing setting. The final manufacturing and distribution agreement is also expected to include marketing initiatives for both research-based demand as well as demand for safe supply programs.

READ: PharmaDrug Anticipates Biosynthetic Cocaine Commercial-Scale Production In As Little As 12 Months

“We are extremely excited to begin the process of partnering with a Canadian controlled drug substance licensed dealer. The partnership will enable us to prepare for the next steps in SecureDose’s forward strategic and tactical plan by preparing us for the production of a commercial batch, with an eye towards distribution opportunities in the regulated supply chain,” commented Robert Steen, CEO of PharmaDrug.

A full agreement is expected to be signed with the undisclosed licensed dealer closer to the finalization of process development and the completion of a test batch.

PharmaDrug last traded at $0.035 on the CSE.

FULL DISCLOSURE: PharmaDrug is a client of Canacom Group, the parent company of The Deep Dive. Canacom Group is currently long the equity of PharmaDrug. The author has been compensated to cover PharmaDrug on The Deep Dive, with The Deep Dive having full editorial control. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security.