Scythian Biosciences Corp. (the "
Company" or
“
Scythian”) (TSXV:SCYB) (Frankfurt:9SB) (OTC –
Nasdaq Intl:SCCYF) announced today that it has appointed Rob Reid
as CEO, George Scorsis as Chairman of the Board of Directors and
that it has reinstated Roger Rai to the Board of Directors
effective April 25, 2018. In connection with these appointments,
Jonathan Gilbert will be stepping down as CEO and will take on a
new role of managing the University of Miami partnership.
“I am extremely excited to be appointed as CEO
of Scythian,” said Rob Reid. “I am also pleased that George Scorsis
has agreed to become Chairman of the Board and welcome Roger Rai
back into the fold.” “I also want to thank Jonathan Gilbert for his
stewardship of Scythian though its going-public process and I look
forward to moving the company forward with our global expansion
strategy with the assistance of Professor Michael Barnes.”
Mr. Reid is a leading business figure in
Europe's legal cannabis industry. He is co-founder of Prohibition
Partners, a company that provides market data and intelligence to
investors, entrepreneurs and regulators. He is also co-founder of
Cannabis Europa, a conference series that will focus on the science
and policy required to shape the future of Europe's medical
cannabis industry. He is a partner of European Cannabis Holdings, a
private investment firm focused on building out ancillary assets
across the region. Mr. Reid has served as Managing Director
at Advertising M&A, a global M&A consultancy for the
digital and creative sectors. Previously, he ran one of Europe's
leading digital marketing agencies where he spent 14 years working
across regulated sectors for clients such as Diageo, RBS and
Coca-Cola. He completed a successful exit from that business in
2014.
Mr. Scorsis is currently a director and the
Chief Executive Officer of Liberty Health Sciences Inc. (CSE:LHS).
In his role as Chief Executive Officer of Liberty Health Sciences
Inc., Mr. Scorsis leverages his extensive background in managing
growth within highly regulated environments to expand Liberty
Health Sciences Inc.'s cannabis-related platforms in the United
States. Mr. Scorsis served as President of Red Bull Canada from
July 2011 until October 2015 and was instrumental in restructuring
the organization from a geographical and operational perspective,
and growing the business to $150 MM in revenue. In that role, he
also worked closely with Health Canada on guidelines regulating the
energy drink category. Most recently, Mr. Scorsis was with Mettrum
Health Corp. as President and was fundamental in shaping MettrumTM
and Mettrum OriginalsTM. Under his leadership, the company was
acquired for $430 million.
Mr. Rai is the President of R3 Concepts Inc., a
consulting and investment company located in Toronto. Mr. Rai is
also a special advisor to the Chairman of Rogers Communications,
Edward Rogers, where he advises on business, revenue, partnership
and talent development. Mr. Rai was previously the managing
director for E.S. Rogers Enterprises from 2004 to 2018. Mr. Rai has
managed and directed both private and public companies, including
Sustain Co. Inc., and The Mint Corporation. Mr. Rai is the founder
and a director of the ONEXONE Foundation, a charitable organization
focused on global child welfare.
The Company has also announced that Vic Neufeld,
Chairman and Director of the Company, and Renah Persofsky, a
Director of the Company, have both stepped down from the Board
effective April 24, 2018.
“In accordance with Aphria’s recently announced
corporate governance policies, Renah and myself are stepping down
from the Board of Scythian,” says Vic Neufeld, CEO of Aphria Inc.
(“TSX:APH”). “Aphria views its approximate 9.9% equity stake in
Scythian as a long term investment and to ensure best arms-length
compliance as part of an expanding partnership the Aphria and
Scythian Boards mutually agreed to this necessary change.”
“We thank Vic and Renah for their significant
contributions to Scythian and look forward to continuing to work
together with them through our continued relationship with Aphria,”
said Rob Reid.
Upon resignation, both Vic and Renah have agreed
to the cancellation of all of their respective deferred share
units, which had previously been granted to them as part of their
board compensation.
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
laws, 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
Aphria’s intent to maintain its ownership in the Company and
Aphria’s plans to continue strengthening its relationship with the
Company.
Forward-looking information reflects the current
expectations or beliefs of the Company based on information
currently available to the Company. Forward-looking information is
subject to a number of risks and uncertainties that may cause
actual results or events to differ materially from those discussed
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 risk and uncertainties include
changes in Aphria’s business strategy, competition and lower than
expected market demand for Aphria’s or the Company’s products.
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; 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.
Forward-looking information speaks only as of
the date on which it is provided and, except as may be required by
applicable securities laws, the Company disclaims any intent or
obligation to update any forward-looking information, whether as a
result of new information, future events or results or otherwise.
Although the Company believes that the assumptions inherent in the
forward-looking information are reasonable, forward-looking
information is not a guarantee of future performance and
accordingly undue reliance should not be put on such information
due to the inherent uncertainty therein.