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Scythian Biosciences plans 4-for-1 stock split; appoints Aphria CEO as chairman

Scythian Biosciences Corp. said its board decided on a ratio of 4-for-1 for the stock split of its issued and outstanding common shares.

A 4-for-1 stock split will ensure the company remains compliant with Nasdaq's minimum pricing for its pending listing. On March 9, company shareholders approved the proposed stock split on an 8-for-1 basis.

The stock split will increase the company's issued and outstanding common shares to 28,333,588 from 7,083,397.

The split will encourage greater market liquidity and wider distribution of company shares to a broader investor base, said CEO Jonathan Gilbert.

Further, Scythian Biosciences appointed Vic Neufeld board chairman to replace Gilbert, who will remain CEO and a director of the company. The company also appointed George Scorsis lead director.

Neufeld joined the board of Scythian on Jan. 15. He is CEO and board chairman of Aphria Inc.

Toronto-based Scythian Biosciences is focused on cannabinoid-based combination drug therapies for concussions and traumatic brain injury.