Scythian Biosciences Corp. (OTCQB: SCCYF) (TSX-V: SCYB) is pleased to announce that Jamaica-based Marigold Projects Jamaica Ltd. (“Marigold”), a company that Scythian is in the process of acquiring a 49% interest in, has signed an exclusive sponsorship agreement with the world-renowned Peter Tosh Museum (the “Museum”) in Kingston, Jamaica. Under the terms of the agreement, Marigold will become the exclusive cannabis dispensary partner of the Museum.
Marigold is set to establish its first medicinal cannabis dispensary and herb house at the Peter Tosh Square, home of the Peter Tosh Museum at the Pulse Centre in New Kingston. As the exclusive cannabis sponsor, Marigolds branding will be showcased in the world-renowned Museum.
The Museum opened its doors on October 19, 2016, and honours the life and work of Peter Tosh, Jamaica’s global music legend and founding member of the critically acclaimed reggae group, The Wailers. The Museum is located at the Pulse Centre on Trafalgar Road in New Kingston and is a joint collaboration between The Peter Tosh Estate, Pulse Investments Ltd and Andrea Marlene Brown.
“We are honoured to provide the highest quality cannabis products to such a distinguished institution focused on recognizing a beloved Jamaican musician who championed the cause of legalizing cannabis,” said Scythian CEO Rob Reid. “We look forward to helping his legacy live on through our commitment to furthering medical marijuana research and expanding access to cannabis in the future.”
On March 22, 2018, Scythian announced that it had entered into a binding letter of intent (“Letter of Intent”) to acquire Marigold Acquisitions Inc. (“Holdco”), a company that holds a 49% interest in Marigold. If the proposed acquisition is completed, Scythian will become a major stakeholder of Marigold. Marigold holds five conditional cannabis licenses from the Jamaican Cannabis Licensing Authority (“CLA”) related to cultivation, processing, selling, therapeutic or spa services, and R&D activities. Marigold is also working with the University of West Indies to develop and test products derived from high cannabidiol cannabis sativa strains to establish their efficacy in treating diabetes, hypertension, pain and other ailments. The proposed acquisition is subject to regulatory approval from the TSX Venture Exchange (“TSXV”). The proposed acquisition also remains subject to notification to the CLA. The opening of the herb house remains subject to CLA approval.
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