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Scythian Biosciences Announces Name Change to SOL Global Investments Corp.
TORONTO, Oct. 25, 2018 (GLOBE NEWSWIRE) -- Scythian Biosciences Corp. (the "Company”) (CSE:SCYB) (Frankfurt:9SB) (OTC – Nasdaq Intl:SCCYF) is pleased to announce that the Company has changed its name from “Scythian Biosciences Corp.” to “SOL Global Investments Corp.”
The Company’s shareholders approved the name change at a special meeting of shareholders held on September 14, 2018.
In connection with the name change, the Company has applied to change its trading symbol on the Canadian Securities Exchange from “SCYB” to “SOL”. The common shares of the Company are expected to begin trading on the Canadian Securities Exchange under the new symbol on or about October 29, 2018. In the United States, on the OTCQB, the Company’s new trading symbol will change from “SCCYF” to “SOLCF”. The common shares of the Company are expected to begin trading on the OTC marketplace under the new symbol on or about October 25, 2018.
Brady Cobb, CEO of the Company, said that, “We are excited to begin this new chapter in the Company’s development. We believe the new name better reflects our business strategy of becoming one of the premier global cannabis companies in the world.”
The name change follows the Company’s announcement, on October 23, 2018, that it had entered into a series of transactions, which will result in Scythian owning USD$135.9 million Class B Units in Verano Holdings, LLC (“Verano”), a private, vertically integrated, licensed operator of cannabis cultivation, manufacturing and retail facilities across six key U.S. states and Puerto Rico. This strategic transaction, which remains subject to the receipt of all required approvals from the Florida Department of Health, Office of Medical Marijuana Use, will give the Company a substantial stake in Verano and expand its investments to key U.S. markets, including Illinois, Maryland, Michigan, Nevada, Ohio, Florida and Puerto Rico, with additional states to be added in 2019. The Verano investment and transaction will strengthen the Company’s position as the leading incubator in the U.S. cannabis marketplace by expanding the Company’s footprint from just one state to owning a 28% stake in a rapidly expanding seven state operation.
For more information on SOL Global Investments Corp, please visit the Company’s newly launched website -- https://solglobal.com/
About SOL Global Investments Corp.
SOL is an international cannabis company with a focus on legal U.S. states. Its strategic investments and partnerships across cultivation, distribution and retail complement the company’s R&D program with the University of Miami. It is this comprehensive approach that is positioning SOL as a future frontrunner in the United States’ medical cannabis industry.
About Verano Holdings
Verano Holdings is a national, vertically integrated operator of licensed cannabis cultivation, manufacturing and retail facilities dedicated to improving lives by providing safe access to effective pesticide-free cannabis products that profoundly impact the communities it serves. Verano develops and produces a well-rounded suite of limited edition, fashion-forward cannabis products, which offer superior medicinal therapies and inspirational product options. It designs, builds and operates unique Zen Leaf™ branded dispensary environments that ensure an exceptional shopping experience with unparalleled customer service and satisfaction in both medical and adult-use markets. Verano Holdings distributes cannabis concentrates, edibles, extracts, flower and topicals, many in precision-dosed THC and CBD formulations, under its trusted premium brands: GoldLeaf™, Menta™, Sweet Sins™, Encore Company™, Avexia™ and verano™.
SOL Global Investments Corp.
Brady Cobb, CEO
Phone: (212) 729-9208
For media inquiries, please contact:
David Schull or Nic Johnson
This press release contains certain forward-looking information and statements (“forward-looking information”) within the meaning of applicable Canadian securities legislation, that are not based on historical fact, including without limitation, statements containing the words "believes", "anticipates", "plans", "intends", "will", "should", "expects", "continue", "estimate", "forecasts" and other similar expressions. Such forward-looking information includes, without limitation, information relating to timing on when the common shares are expected to begin trading under the new stock symbol on the CSE and the OTC marketplace, and the Company’s strategic expansion into the U.S. marketplace.
In developing the forward-looking information, the Company has assumed, among other things, that the cultivation, distribution and use of medical cannabis products will remain or become legal in those state jurisdictions in which 3 Boys Farms and Verano operate or intend to operate and that any changes in US federal law or the enforcement of existing US federal law relating to cannabis will not adversely affect the business, operations and growth plans of 3 Boys Farms and/or Verano, and that the market demand for legalized cannabis will continue to significantly increase in the United States.
Readers are cautioned to not place undue reliance on forward-looking information. Forward-looking information is subject to a number of risks and uncertainties that may cause actual results or events to differ materially from those contemplated in the forward-looking information, and even if such actual results or events are realized or substantially realized, there can be no assurance that they will have the expected consequences to, or effects on the Company. Such risks and uncertainties include, among other things, the risk that a regulatory approval that may be required for any of the proposed transactions is not obtained or is obtained subject to conditions that are not anticipated or that a condition to the completion of the transactions described herein may not be satisfied including, without limitation, the Company’s acquisition of the remaining 40% membership interest in 3 Boys.
Although the Company has attempted to identify important factors that could cause actual results or events to differ materially from those contained in the forward-looking information, there can be other factors that cause results or events to not be as anticipated, estimated or intended, including, but not limited to: the Company’s ability to comply with all applicable governmental regulations in a highly regulated business; investing in target companies or projects which have limited or no operating history and are engaged in activities currently considered illegal under US federal laws; changes in laws; limited operating history; reliance on management; requirements for additional financing; competition; inconsistent public opinion and perception regarding the medical-use and adult-use marijuana industry; and regulatory or political change. Additional risk factors can also be found in the Company’s annual information form filed on SEDAR and available at www.sedar.com.
The forward-looking information contained in this press release is expressly qualified by this cautionary statement and is made as of the date hereof. The Company disclaims any intention and has no obligation or responsibility, except as required by law, to update or revise any forward-looking information, whether as a result of new information, future events or otherwise.
The securities referred to in this news release have not been and will not be registered under the United States Securities Act of 1933, as amended (“U.S. Securities Act”), or any state securities laws and may not be offered or sold within the United States or to, or for the account or benefit of, U.S. persons absent such registration or an applicable exemption from the registration requirements of the U.S. Securities Act. This news release does not constitute an offer for sale of securities for sale, nor a solicitation for offers to buy any securities.