Scythian Poised to Enter Argentina Cannabis Market
- ABP S.A., Sets Milestone Receiving Argentina’s First & Only Cannabis License
- Scythian Sets Pace for Argentina Cannabis Market Through Aphria Partnership and Exclusive Agreements With Country’s Largest Pediatric Hospital & Premier Research University
TORONTO, April 09, 2018 (GLOBE NEWSWIRE) — 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 license to import CBD oil into Argentina (the “License”). ABP had previously entered into an exclusive international supply agreement for Argentina (the “Supply Agreement”) with Aphria Inc. (“Aphria”), a prominent Canadian producer of medical cannabis, in anticipation of receiving the License.
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 continues to raise the bar in the medical cannabis industry by joining forces with Aphria, a leading, world class cannabis cultivator and processor. The exclusive supply agreement will allow Argentinians access to some of the best that medical science and technology can offer, as both will be able to tap into Scythian’s leading-edge research into the benefits of medical cannabis.
Jonathan Gilbert, Scythian’s Chief Executive Officer
ABP has recently entered into a cooperation agreement with the Dr. Juan P. Garrahan Pediatric Hospital, to conduct pioneering clinical studies investigating the use of cannabis in the treatment of children with epilepsy. As part of the agreement, ABP has been granted a permit from the Argentinian regulatory agency, ANMAT, to import Aphria’s medical cannabis oil. ABP has committed 2 years to cannabis R&D initiatives.
Consistent with Scythian’s commitment to carry out research and development programs using medical cannabis in association with international universities and medical schools, ABP and the University of La Plata’s Medical School have reached an agreement to initiate research projects, medical education of pre- and post-graduate medical students and clinical trials involving the use of medical cannabis.
“Scythian is proud to support such critical and innovative research into the promising role of medical cannabis in the treatment of children,” said Jonathan Gilbert, Scythian’s Chief Executive Officer. “Our association with the University of La Plata and its doctor training initiative will expand community access to safe and professionally-administered treatment options for those in need.”
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.
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