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Scythian Biosciences to acquire 49% stake in Jamaican cannabis company


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Scythian Biosciences to acquire 49% stake in Jamaican cannabis company

Scythian Biosciences Corp. plans to acquire a 49% stake in Marigold Projects Jamaica Ltd., a Jamaican company that has received conditional licenses to cultivate, process, sell and provide therapeutic or spa services utilizing cannabis products.

Under the proposed agreement, the Toronto-based company will issue 1.5 million common shares at C$23 apiece to the selling parties and will own a 49% interest in Marigold as well as a 95% royalty interest in the net revenues from products sold by Marigold.

Scythian's board engaged Clarus Securities Inc. to provide an opinion on the fairness of the acquisition to its shareholders and had received a verbal opinion that the consideration payable by the company is fair. However, the company will receive a final fairness opinion from Clarus Securities before signing a definitive agreement.

The acquisition is subject to regulatory approval by the TSX Venture Exchange and also remains subject to notification to the Jamaica Cannabis Licensing Authority.

Scythian is a research and development company focused on finding a solution for the prevention and treatment of mild and traumatic brain injury with its proprietary cannabinoid combination.