Scythian Biosciences Corp. (OTCQB: SCCYF) (TSX-V: SCYB) is pleased to announce that Colombian-based ColCanna SAS (“ColCanna”), a company that Scythian is in the process of acquiring, has received a licence for the cultivation and importation of non-psychoactive cannabis (“CBD”) by the Ministry of Justice and Law of Colombia. Additionally, ColCanna has entered into an exclusive international supply agreement for Colombia (the “Supply Agreement”) with Aphria Inc. (TSX:APH) (“Aphria”), a prominent Canadian low-cost producer of medical cannabis.
Under the terms of the Supply Agreement, Aphria will supply ColCanna with cannabis products for research and development purposes as well as distribution to hospitals, retail pharmacies, and private health providers in Colombia’s public health system.
“Through the expansion of our partnership with Aphria, it is with great pleasure that I announce our entry into the Colombia market as the first supplier of Aphria’s pharma grade medicinal CBD oil in the country,” said CEO Rob Reid. “As we work to finalize the acquisition of ColCanna, we are eager to work hand and hand with Aphria to establish ColCanna as an international supplier of research-backed cannabis products.”
ColCanna is the first cultivator to receive a licence to grow CBD in the Colombian coffee zone. ColCanna has additional pending licences to cultivate THC and for the extraction and exportation of CBD and THC extracts (the “Licenses”). ColCanna is a government-backed operation with 35 acres of available land in Chinchina, Caldas, Colombia, all of which is earmarked for cannabis cultivation.
Located in a temperate climate that supports four harvests a year, the first of which is expected in late 2018, this area is ideal for year-round cultivation without the need for arti?cial 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. Following construction, ColCanna anticipates these facilities will be capable of producing over 2,600,000 ml of medicinal oil per year.
“We look forward to bringing the first cannabis grown in the hallowed soil of the coffee zone to hospitals, doctors and researchers across Colombia and eventually the international market” said CEO Rob Reid. “The pure, high grade, medicinal CBD will offer those in need the highest calibre medical treatment, and advances Scythian’s mission to remain on the vanguard of medical research.”
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”). MMJ Colombia is a privately-held Ontario company that is expected to purchase 90% of ColCanna prior to the completion of the Acquisition. If the Acquisition is completed, ColCanna will become a subsidiary of the Company. The Acquisition is subject to the negotiation and execution of a definitive agreement reflecting the terms and conditions set forth in the LOI, including the completion of the acquisition of ColCanna by MMJ Colombia, ColCanna’s receipt of the final Licenses and regulatory approval of the Acquisition including approval of the TSX Venture Exchange.
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