Page 9 - Cannabis News Florida Nov 2018

Scythian Biosciences Makes Strategic Investment
in Verano™ Holdings with $188 Million USD Transaction
Scythian Invests USD$88
Million in Verano Class B
Membership Units
Scythian to Sell 3 Boys Farms
in Share Exchange for USD$100
Million in Verano Class B
Membership Units
M&A Identified, Talent and
Capital Aligned for Aggressive
Expansion, and Verano Actively
Pursuing Future Financings to
Fund National Growth Strategy
with a View of Undertaking a Go-
Public Transaction
Consolidates Licensed Cannabis
Operations in Florida, Ohio,
Nevada, Illinois, Maryland,
Michigan and Puerto Rico
36 November 2018
Scythian Biosciences Corp. (the corporation. CannCure indirectly owns the most impressive emerging cannabis
"Company" or “Scythian”) (CSE:SCYB) 60% of 3 Boys Farms, a Florida-based company in the U.S. marketplace,
(Frankfurt:9SB) (OTC – Nasdaq limited liability company with authori- Verano,” said Scythian Chief Executive
Intl:SCCYF) is pleased to announce a zation to cultivate, process and dispense Officer Brady Cobb. “Verano brings
USD$88 million investment in Class B medical cannabis as a licensed medical strong, efficient and expansive opera-
units in Verano Holdings, LLC marijuana treatment center in accor- tions to numerous U.S. markets. Its cus-
(“Verano”), a private, Delaware organ- dance with Florida state law under tomer-centric dispensary experience that
ized, vertically integrated, licensed oper- Florida Statutes section 381.986. Upon is filled with its diverse and high-quality
ator of cannabis cultivation, manufactur- the acquisition of CannCure, Scythian products (150 SKUs), cutting-edge culti-
ing and retail facilities across six key U.S. will hold a contractual right to purchase vation facilities, innovative processing
states and Puerto Rico. Scythian has also the remaining 40% of 3 Boys Farms, sub- techniques and seasoned executive/man-
agreed to sell a 100% interest in 3 Boys ject to the receipt of all required govern- agement team will fast-track its standing
Farms LLC (“3 Boys Farms”), which it mental approvals from the Florida to the top of the U.S. cannabis industry.”
will acquire as described below, to OMMU. “We’ve partnered and backed a num-
Verano in exchange for USD$100 million This strategic investment and transac- ber of experienced teams and operators
of Class B units in Verano. All transac- tion will give Scythian a substantial stake in the space now, but the depth of talent
tions related to 3 Boys Farms are subject in Verano and expand its investments in within Verano and leadership under
to the receipt of all required governmen- the U.S. to key markets, including George Archos will undoubtedly make
tal approvals including from the Florida Illinois, Maryland, Michigan, Nevada, Verano the U.S. player all others are
Department of Health, Office of Medical Ohio, Florida and Puerto Rico, with chasing or aspiring to become,” said
Marijuana Use (“Florida OMMU”). additional states to be added in 2019. Scythian’s Chairman, Andy
Scythian is also pleased to announce The investment and transaction further DeFrancesco.
that it has entered into a binding share strengthen Scythian’s position as the Verano is a preeminent privately
purchase agreement to acquire 100% of leading cannabis incubator in the U.S. owned, vertically integrated cannabis
the issued and outstanding common cannabis marketplace. company with an aggressive expansion
shares of CannCure Investments Inc. “Scythian delivers on its promise to strategy underway, credibly aiming to
(“CannCure”), a privately-held Ontario investors by identifying and investing in Continued on following page
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