Scythian Biosciences (TSXV:SCYB; OTC:SCCYF) announced a non-binding letter of intent with MMJ International Investments to acquire the company.
As quoted in the press release:
MMJ is the owner of an Argentina-based corporation, ABP S.A. (“ABP”). ABP is a pharmaceutical import and distribution company, which is licensed to import, sell and distribute medical products and derivatives in Argentina.
“Scythian is expanding its reach into Argentina under the auspices of one of the nation’s leading importers and distributors of pharmaceuticals,” said Vic Neufeld, a director of Scythian and current CEO of global cannabis leader Aphria Inc. (“Aphria”). “This is an exciting opportunity for Scythian as it continues to evaluate a number of other strategic initiatives intended to grow the Company’s business.”
The Proposed Acquisition complements Scythian’s existing cannabinoid-based drug development program and aligns with the Company’s long-term strategy to enhance the medical applications of cannabis. It will give Scythian access to Argentina’s network of hospitals, doctors, retail pharmacies, private health providers and public health system and will advance the Company’s objective to provide patients with access to safe, pharmaceutical-grade medical cannabis.
Click here to read the full press release.