TORONTO, Aug. 27, 2018 (GLOBE NEWSWIRE) -- Scythian Biosciences Corp. (the "Company" or
“Scythian”) (CSE:SCYB) (Frankfurt:9SB) (OTC – Nasdaq Intl: SCCYF) has completed its acquisition of MMJ Colombia Partners
Inc. (“MMJ Colombia”), a privately-held Ontario company that owns 90% of Colcanna SAS, a company that cultivates,
imports, extracts and produces Tetrahydrocannabinol (“THC”) and cannabidiol (“CBD”) in Colombia
(the “Acquisition”).
Pursuant to the terms of the Acquisition, Scythian purchased all of the issued and outstanding common shares of MMJ Colombia and
in consideration, Scythian:
- paid US$6,200,000 in cash, which was advanced to MMJ Colombia prior to closing;
- issued 6,679,310 common shares of the Company (“Common Shares”) to the selling shareholders at a deemed
issue price of CDN $3.6381 per share, representing the volume weighted average price of the Common Shares for the 20 trading days
prior to the closing date; and
- assumed an aggregate of US$5,000,000 of MMJ Colombia’s non-interest bearing, unsecured debt, of which US$4,000,000 is due on
October 15, 2018 and US$1,000,000 is due on December 31, 2018.
The acquisition is one of Scythian’s final transactions in South America and the Caribbean, where the Company’s strategic
investments and regional partnerships had previously been focused.
With the purchase of MMJ Colombia, Scythian has completed its first step from its exit from South America, which began when it
announced this past July that it was selling its assets in the region for $193 million.
On August 23rd, Scythian said that its new focus will be to build out a footprint across multiple U.S. states.
The Company intends to change its name to SOL Investments Corp. subject to shareholder approval at its upcoming special meeting
of shareholders scheduled for September 14, 2018.
About Scythian Biosciences Corp.
Scythian is an international cannabis company with a focus on legal U.S. states. Its strategic investments and partnerships
across cultivation, distribution and retail complement the company’s R&D program with the University of Miami. It is this
comprehensive approach that is positioning Scythian as a future frontrunner in the United States’ medical cannabis industry.
CONTACT INFORMATION
Scythian Biosciences Corp.
Rob Reid, CEO
Phone: (212) 729-9208
Email: info@scythianbio.com
For media inquiries, please contact:
David Schull or Nic Johnson
Russo Partners
(858) 717-2310
david.schull@russopartnersllc.com
nic.johnson@russopartnersllc.com
Cautionary Statements
This press release contains certain forward-looking information and statements (“forward-looking
information”) within the meaning of applicable Canadian securities legislation, that are not based on historical
fact, including without limitation, statements containing the words "believes", "anticipates", "plans", "intends", "will",
"should", "expects", "continue", "estimate", "forecasts" and other similar expressions. Such forward-looking information includes
information relating to the Company’s strategic plans and change of name.
Readers are cautioned to not place undue reliance on forward-looking information. Forward-looking information is subject to
a number of risks and uncertainties that may cause actual results or events to differ materially from those contemplated in the
forward-looking information, and even if such actual results or events are realized or substantially realized, there can be no
assurance that they will have the expected consequences to, or effects on the Company. Such risks and uncertainties include but are
not limited to: the completion of previously announced transactions; market volatility; the Company’s ability to comply with all
applicable governmental regulations in a highly regulated business; investing in target companies or projects which have limited or
no operating history and are engaged in activities currently considered illegal under US federal laws; changes in laws; limited
operating history; competition; reliance on management; requirements for additional financing; competition; inconsistent public
opinion and perception regarding the medical-use and adult-use marijuana industry and; regulatory or political change. Risk factors
can also be found in the Company’s annual information form filed on SEDAR and available at www.sedar.com.
The forward-looking information contained in this press release are expressly qualified by this cautionary statement and are
made as of the date hereof. The Company disclaims any intention and has no obligation or responsibility, except as required by law,
to update or revise any forward-looking information, whether as a result of new information, future events or
otherwise.
