Scythian Biosciences Corp. (the "
Company" or
“
Scythian”) (TSXV:SCYB) (Frankfurt:9SB) (OTC –
Nasdaq Intl:SCCYF) is pleased to announce that Argentina-based ABP
S.A. (“
ABP”), a pharmaceutical import and
distribution company that Scythian is in the process of acquiring,
has received its first purchase order (the
“
Order”) of CBD oil, which is to be fulfilled
under the supply agreement with Aphria Inc. (TSX:APH)
(“
Aphria”), a prominent Canadian producer of
medical cannabis. The Order is for Aphria’s renowned CBD oil
strain, Rideau.
ABP’s first order will go to the
Dr. Juan P. Garrahan Pediatric Hospital (the
“Hospital”), a highly recognized and one of the
most credible medical institutions in South America, to support a
first of its kind clinical study focused on treating refractory
epilepsy in children. The study, which will be conducted over 2.5
years, will also determine the product’s pharmacokinetics in order
to optimize the dosage of future treatments. The study will include
the participation and guidance of some of the top neurologists and
pediatric specialists in the country. Additionally, with the
support of Scythian and ABP, a training program will be conducted
during and after the study to train and educate a network of
specialized doctors across multiple provinces in the country using
Aphria’s pharmaceutical grade medical cannabis.
“I am very proud of ABP working with the
Scythian team for reaching this new milestone of a first purchase
order under the first permit issued by the Argentina Ministry of
Health for the import of pharmaceutical-grade medical cannabis,”
said Jonathan Gilbert, CEO. “Scythian, through ABP, is honoured to
begin its research and development legacy in Argentina through the
first medical cannabis shipment to scientists exploring the
treatment of childhood epilepsy. There’s no better way to symbolize
and cement our commitment to patients and their needs.”
Today's announcement follows the Company's press
release of April 9, 2018, in which the Company announced that ABP
had received its license to import CBD oil into Argentina after
having entered into an exclusive international supply agreement for
Argentina with Aphria (the “Supply Agreement”).
Under the terms of the Supply Agreement, Aphria will supply ABP
with cannabis products for research and development purposes as
well as for distribution to hospitals, retail pharmacies, and
private health providers in Argentina’s public health system.
Scythian previously announced on March 12, 2018
that it had entered into a non-binding letter of intent with MMJ
International Investments Inc. (“MMJ”) to acquire
MMJ, the sole shareholder of ABP. A binding definitive agreement
governing the terms of the acquisition was expected to be entered
into by March 31, 2018. On March 29, 2018, Scythian announced
an extension to complete and sign a definitive agreement to April
30, 2018. If the acquisition of MMJ is completed, ABP will become a
subsidiary of the Company. The acquisition of MMJ is subject
to approval from the TSX Venture Exchange.
About Scythian Biosciences
Corp.
Scythian is a research and development company
committed to advancing prevention and treatment efforts for
concussion and traumatic brain injury with its proprietary
cannabinoid-based combination drug therapy.
Scythian’s mission is to be the first accepted
drug regimen for the treatment of concussion. Scythian is partnered
with the University of Miami and its neuroscientific team to
conduct pre-clinical and clinical trials of its drug regimen.
Through the Company’s collaborative efforts with the university,
Scythian has access to the university’s extensive network of
experts in the fields of traumatic brain injury and concussion.
These connections provide Scythian with the ability to conduct its
clinical studies at world-class facilities by widely recognized
medical professionals.
Scythian has initiated its international
expansion by launching additional cannabis-related activities
across the globe. These significant endeavours complement the
Company’s research and development efforts to enhance the many
medical applications of cannabis.
Scythian is evaluating several strategic
initiatives and pursuing partnerships with local cultivators,
pharmaceutical import and distribution entities and universities in
North America, South America, the Caribbean and beyond. This
comprehensive approach positions Scythian as a potential global
frontrunner in the research and development of medical
cannabis.
Neither TSX Venture Exchange nor its Regulation
Services Provider (as that term is defined in policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
CONTACT INFORMATION
Scythian Biosciences Corp.Jonathan Gilbert,
CEOPhone: (212) 729-9208Email: info@scythianbio.com
For media inquiries, please contact:David Schull
or Nic JohnsonRusso Partners(858)
717-2310david.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 proposed acquisition of MMJ and ABP, the intended uses of
licensed medical cannabis by ABP in Argentina, the scope of a
proposed clinical study of the treatment of epilepsy in children
using medical cannabis, the implementation of a training program in
Argentina to educate doctors in the use of medical cannabis, and
the supply of medical cannabis to ABP by Aphria.
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, among other things, the risk that: that the
Company may not proceed with the proposed acquisition of MMJ, and
therefore, the acquisition of ABP; that the ultimate terms of the
proposed acquisition of MMJ and ABP will differ from those that are
currently contemplated; that a regulatory approval that may be
required for the proposed acquisition is not obtained or is
obtained subject to conditions that are not anticipated; that a
condition to the completion of the acquisition of MMJ may not be
satisfied; that the businesses of MMJ and ABP are not integrated
successfully; that the research into the use of medical cannabis
for the treatment of epilepsy in children demonstrates little to no
effectiveness of medical cannabis or substantial side effects; or
that Aphria is unable to supply ABP with medical cannabis products
in sufficient quality or quantity in accordance with the terms of
the Supply Agreement.
Although the Company has attempted to identify
important factors that could cause actual results or events to
differ materially from those contained in the forward-looking
information, there can be other factors that cause results or
events to not be as anticipated, estimated or intended, including,
but not limited to: 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; 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. Additional 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.