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Scythian Biosciences Makes Strategic Investment in Verano™ Holdings with $188 Million USD Transaction

Scythian Biosciences Corp. (CSE:SCYB) (Frankfurt:9SB) (OTC – Nasdaq Intl:SCCYF) is pleased to announce a USD$88 million investment in Class B units in Verano Holdings, LLC (“Verano”), a private, Delaware organized, vertically integrated, licensed operator of cannabis cultivation, manufacturing and retail facilities across six key U.S. states and Puerto Rico. Scythian has also agreed to sell a 100% interest in 3 Boys Farms LLC (“3 Boys Farms”), which it will acquire as described below, to Verano in exchange for USD$100 million of Class B units in Verano. All transactions related to 3 Boys Farms are subject to the receipt of all required governmental approvals including from the Florida Department of Health, Office of Medical Marijuana Use (“Florida OMMU”).

Scythian Biosciences Announces Major Milestone in U.S. Expansion

On July 30, 2018, Scythian announced it had signed an arm’s length letter of intent to acquire CannCure. CannCure is an Ontario corporation in the process of acquiring 3 Boys Farms, an established Florida-based agricultural company with innovative, state-of-the-art facilities and a license to operate as a Medical Marijuana Treatment Center in Florida under Florida Statutes 381.986.

Scythian Biosciences Announces Intention to Commence Normal Course Issuer Bid to Repurchase up to 5% of its Common Shares

TORONTO, Oct. 01, 2018 (GLOBE NEWSWIRE) -- Scythian Biosciences Corp. (“Scythian” or the “Company”) (CSE:SCYB) (Frankfurt: 9SB) (OTC – Nasdaq Intl: SCCYF) announced its intention to commence a normal course issuer bid (“NCIB”), under which the Company may purchase up to 2,451,861 of the Company’s common shares, representing approximately 5% of its issued and outstanding common shares (the “Shares”). The Company is commencing the NCIB because it believes that, from time to time, the market price of its Shares may not fully reflect the underlying value of the Company’s business and future prospects. Scythian believes that, at such times, the repurchase of its Shares for cancellation represents an appropriate use of the Company’s financial resources and will enhance shareholder value.

Scythian Biosciences Appoints Peter Liabotis as CFO

Mr. Liabotis also previously served in senior finance executive roles with four junior mining Canadian and U.S. public companies. Prior to that, he was financial controller for a private wealth manager, and group Chief Financial Officer/Senior Vice President of a global offshore hedge-fund administrator. Peter started his career in public accounting working for both PricewaterhouseCoopers in Bermuda and KPMG in Canada. Mr. Liabotis is a chartered professional accountant and holds a Bachelor of Commerce degree from the University of Windsor, Ontario, and a Bachelor of Arts degree from Western University in London, Ontario.

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