Scythian Biosciences Corp. (TSX-V: SCYB) (OTCQB: SCCYF) has signed a letter agreement with Isodiol International Inc. to import and distribute Isodiol products to certain countries in the Caribbean, Central America and South America, including Argentina, Colombia and Jamaica. The term of the Agreement shall be for an initial period of five years, with the ability of the parties to extend the five year period upon mutually agreed upon terms.
Scythian has also committed to invest $2,000,000 into Isodiol, in exchange for 2,739,726 units in Isodiol ("Units"), with each Unit consisting of one common share of Isodiol ("Common Share") and one whole Common Share purchase warrant ("Warrant"). Each Warrant is exercisable for a period of three years from the issue date at a price of $1.00 per Common Share.
"Scythian shares Isodiol's commitment to developing the purest and most advanced medical cannabis products for patients in need," said Rob Reid, CEO of Scythian. "On the heels of Isodiol's milestone approval by the United Kingdom's Medicines and Healthcare Products Regulatory Agency, we're proud to be able to tap into Isodiol's experienced, top tier team of chemists, technicians and professors that yield the purest government-approved CBD oil available for the advancement of the industry's understanding and application of medical cannabis."
On April 26, 2018, Isoldiol's wholly owned subsidiary, BSPG Laboratories, LTD., received approval from the United Kingdom's Medicines and Healthcare Products Regulatory Agency (MHRA), for the manufacture of the active substance Cannabidiol (CBD). Isodiol is now able to export the pure, natural CBD anywhere in the world, including Argentina, Colombia and Jamaica, subject to pharmaceutical regulations. This approval establishes Isodiol as a secure and reliable supplier positioned to serve the rapidly increasing demand for CBD research and drug development. "Scythian and Isodiol share a common goal of providing alternative prevention and treatment methods to consumers around the globe," said CEO of Isodiol, Marcos Agramont. The Scythian management team has excelled in their pursuit of global expansion and these additional distribution channels in the Caribbean, Central America, and South America will not only allow Isodiol to enter additional market places, but also enables us to partner with a top research and development company in the sector."
As Scythian strives to complete its previously announced corporate acquisitions in Argentina, Colombia and Jamaica, the Company continues to evaluate other strategic opportunities for additional products to deliver through the Company's medical cannabis distribution channels. Scythian's venture to distribute Isodiol products to international markets is subject to approval from the TSX Venture Exchange.
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