Page 10 - Cannabis News May 2019

SOL Global to Spin Off Cannabinoid Drug Therapy Research

and Development Subsidiary

SOL Global Investments Corp. is "I am thrilled to be rejoining the team of securities of SBI, on a brokered, pri-
pleased to announce that it intends to and am excited to get to work on our vate placement basis subject to terms and
spin off its wholly-owned subsidiary, important drug development program at conditions to be determined by SBI, the
Scythian Biosciences Inc. ("SBI"), into an the University of Miami," said Gilbert. "I net proceeds of which will be used to
independent, publicly-traded company believe we can build around Impact's fund the Spin-off (the "SBI Private
(the "Spin-off"). Upon closing of the Cannabinoid study by bringing in addi- Placement").
Spin-off, which is expected to occur on tional complementary research and drug SBI intends that the securities will be
or before September 30, 2019, SOL development opportunities that mitigate offered and sold in Canada, the United
shareholders will own shares of both risk and add value and growth potential States and such other jurisdictions in
companies. to our company. accordance with applicable exemptions
In connection with the Spin-off, SBI Research on our combination drug reg- from prospectus and registration require-
will be renamed "Impact Biosciences imen - which has been ongoing for over ments.
Corp" ("Impact") and will continue to two years at the University of Miami - Completion of the Spin-off is subject
pursue a drug development in the United has shown promising results, and we are to a number of conditions, including the
States for the treatment of concussions Brady Cobb now in discussions with a clinical site as successful completion of the SBI Private
and traumatic brain injury with its pro- Jonathan Gilbert, a cannabis industry well as with CROs and CMOs to initiate Placement, approval from all applicable
prietary Cannabinoid combination drug veteran, and founder and former CEO of a Phase II human trial in Israel. Positive regulatory authorities and approval of
candidate, which is being developed SOL, has agreed to join Impact as efficacy results from such a trial would the listing of Impact's shares on a recog-
under contract with the University of President effective with today's put us in a strong position to finally be nized Canadian stock exchange. SOL
Miami. Impact's mission is to become the announcement. Mr. Gilbert founded SBI able to provide substantial relief to those intends to maintain a material invest-
first accepted drug regimen for concus- in 2014 and was one of the early pioneers suffering from concussions and other ment in Impact and provide Impact with
sive treatment. Impact has a collabora- in the sector. Mr. Gilbert's experience head trauma." ongoing support following the closing of
tion with the University of Miami and its will be of great value as he embarks on As a condition to the completion of the the Spin-off. There can be no assurance
world-renowned neuroscientific team to this next important venture. In addition Spin-off, SBI intends to issue and sell regarding the timing or completion of
conduct pre-clinical and clinical trials of to his prior experience with SOL, Mr. subscription receipts, or such other class the Spin-off.
its drug regimen. Gilbert currently serves as Executive
Impact's Traumatic Brain Injury (TBI) Chairman of Exactus, Inc. (OTCQB:
Combination Therapy is currently in the EXDI), a healthcare company pursuing
pre-clinical research phase and is under- opportunities in hemp-derived CBD.
going animal testing. Upon completion "We believe this transaction will
of this pre-clinical phase and applicable unlock value for all of our current SOL
IND enabling studies, Impact will pre- shareholders and also remains consistent
pare and file an investigational new drug with SOL's investment strategy in the
("IND") application with the FDA, cannabis space. We welcome Jonathan
which, if granted, would permit Impact back and are in full support of his effort
to begin human testing. to lead our spinoff of Scythian
Impact has applied for two patents Biosciences into an independent,
related to its TBI treatment strategy, research-focused entity," said Brady
involving the combination of multiple Cobb, CEO of SOL Global.
chemical pathways into a therapeutic "We remain dedicated to the critical
regimen targeted at reducing post-injury mission of the University of Miami project,
inflammation and inhibiting the result- and we believe it is in the best interest of
ant gliosis and the immune cascade. SOL Global shareholders to maintain a
Impact has found a unique way to apply large equity position while bringing in
several pre-existing drugs in a way not other equity partners, due to the sheer size
previously done to target these processes. and scope of the research process."

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