Scythian Biosciences Corp., a Canadian cannabinoid research and development company, signed a nonbinding letter of intent to acquire MMJ International Investments Inc., a company pursuing medical cannabis opportunities in South America.
MMJ International owns ABP SA, an Argentina-based importer and distributor of medical products and derivatives.
Scythian and MMJ have until March 31 to negotiate and enter a binding definitive agreement for the acquisition. The transaction is also subject to approval from the TSX Venture Exchange.
The proposed acquisition complements Scythian's existing cannabinoid-based drug development program and goes with its long-term plan to expand the medical use of cannabis, according to Scythian.
If the acquisition closes, Scythian will have access to Argentina's network of hospitals, doctors, retail pharmacies, private health providers and public health.
