Scythian Biosciences Corp Announces Colcanna SAS as one of the Industry’s First to Receive Key Cannabis Licences for the Cultivation, Extraction, Production and Research of Medical Cannabis for the Colombian Local Market and Export to International Market
Colcanna SAS to receive production quota from Colombian Government
TORONTO, July 09, 2018 (GLOBE NEWSWIRE) — Scythian Biosciences Corp. (the “Company” or “Scythian”) (TSXV:SCYB) (Frankfurt:9SB) (OTC – Nasdaq Intl:SCCYF) is pleased to announce that Colombian-based Colcanna SAS (“Colcanna”), the pending acquisition by Scythian, has received additional licences by the Ministry of Health for the extraction, production and research for the local market and export to international markets of cannabis derivatives.
The receipt of these licences is a significant step forward in the closure of our acquisition of Colcanna. We look forward to focusing our efforts on providing both the domestic and international market with access to pure, high grade medical Cannabis grown in the ideal conditions of the Colombia Coffee Zone.
Rob Reid, CEO of Scythian Biosciences Corp.
Colcanna is the only cultivator to receive a licence to cultivate Cannabis in the coveted Colombian coffee zone. Scythian previously announced on April 9, 2018, that it had entered into a binding letter of intent (“LOI”) to acquire MMJ Colombia Partners Inc. (“MMJ Colombia”) (the “Acquisition”), a privately-held Ontario company that is expected to purchase 90% of Colcanna prior to the completion of the Acquisition.
Colcanna is a government-backed operation with 35 acres of arable land in Chinchina, Caldas, and Colombia. Located in a temperate climate that supports four harvests a year, the first of which is expected in late 2018, this land is ideal for year-round cultivation without artiﬁcial climate control. Currently, Colcanna is constructing over 500,000 square feet of total greenhouse production space and is planning to build its laboratory for the fabrication of cannabis extracts in a warehouse in Pereira, Colombia.
The Acquisition is subject to the execution of the definitive agreement reflecting the terms and conditions set forth in the LOI including regulatory approval of the Acquisition and that of the TSX Venture Exchange.
About Scythian Biosciences Corp.
Scythian is an international cannabis company with a focus on the world’s leading markets outside of Canada. Its fast tracked growth has come through a number strategic initiatives and partnerships in cultivation, distribution and branded products across Europe, United States, South America and the Caribbean. These significant endeavours complement the company’s R&D partnerships with some of the world’s leading universities. It is this comprehensive approach that is positioning Scythian as a future global frontrunner in the medical cannabis industry.