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Scythian Invests in PRØHBTD, a Leading Global Cannabis Media Platform
TORONTO, Aug. 01, 2018 (GLOBE NEWSWIRE) -- Scythian Biosciences Corp. (the "Company" or “Scythian”) (TSXV:SCYB) (Frankfurt:9SB) (OTC – Nasdaq Intl: SCCYF) today announced it has invested in and entered into a strategic partnership with PRØHBTD Media, Inc, a leading global cannabis media and brand platform.
PRØHBTD has built a first-of-its-kind cannabis ecosystem that includes a brand creation and product development platform, complemented by an original content studio and the first and largest multi-platform video network in the cannabis industry. In addition to the company’s flagship lifestyle destination www.prohbtd.com, video content is syndicated across 15 different partner platforms, including Apple TV, Roku, Amazon, Android TV, Dailymotion and others, which saw more than 22 million video views in June, with an average view-through rate of 3:47 minutes. This reach and engagement provides cannabis brands with effective means to reach an audience of more than 100 million consumers at a time when many traditional media platforms are restricted or closed to them.
Under the terms of the agreement, Scythian will invest USD $1.2 Million in PRØHBTD and consult with the company’s leadership to help drive future growth around new brand initiatives. The investment in PRØHBTD is in line with Scythian’s strategic transformation to create shareholder value with further investments that enhance the Company’s global cannabis initiatives.
“Scythian is pleased to join forces with PRØHBTD, a highly influential media platform for the global cannabis industry,” said Scythian’s CEO Rob Reid. “PRØHBTD CEO Drake Sutton-Shearer and his team have done a fantastic job in bringing the cannabis message to a new demographic around the world. We couldn’t think of a better media partner as our industry goes mainstream.”
Added Mr. Sutton-Shearer, “We’re fortunate to have Rob and the team at Scythian as global partners. They have deep expertise in the science of cannabis, which will help us to expand our international knowledge base and educate audiences and brands around the world.”
In other news, Scythian announced today that Jonathan Gilbert has resigned as a director of the Company, effective August 1, 2018.
About PRØHBTD Media
PRØHBTD creates, builds and markets cannabis brands to global audiences. The company has built a first of its kind cannabis ecosystem that includes a brand creation and product development platform complemented by an original content studio and expansive multi-platform video distribution network reaching an available audience of 100+ million people. Through the company’s in-house creative agency, more than 60 cannabis brands partner with PRØHBTD for brand and product development, design, market strategy and branded integration within its original content, which is made by a team of award winning creators.
Video Reel: https://vimeo.com/274378219
About Scythian Biosciences Corp.
Scythian is an international cannabis company with a focus on the world’s leading markets outside of Canada. Its fast tracked growth has come through a number of strategic investments and regional partnerships in cultivation, distribution and branded products across Europe, United States, South America and the Caribbean. These significant endeavours complement the company’s R&D partnerships with some of the world’s leading universities. It is this comprehensive approach that is positioning Scythian as a future global frontrunner in the medical cannabis industry.
Investors are cautioned that, except as disclosed in the material change report to be prepared in connection with the transaction, any information released or received with respect to the transaction may not be accurate or complete and should not be relied upon. Trading in the securities of Scythian should be considered highly speculative.
The TSX Venture Exchange Inc. has in no way passed upon the merits of the proposed transaction and has neither approved nor disapproved the contents of this news release.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Scythian Biosciences Corp.
Rob Reid, CEO
Phone: (212) 729-9208
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 information relating to the terms and conditions of the proposed Transaction, that the strategic relationship with Aphria will further its early state investments in emerging international markets, that the completion of the Transaction will result in the Company becoming one of Aphria’s largest stockholders; the impact of the Transaction on the Company’s balance sheet and marketable assets; the announcement of additional transactions that that will underpin the Company’s strategic transformation into a global cannabis enterprise; the Company continuing to explore medical cannabis markets abroad; Aphria’s ability to meet the demand for medical cannabis products in emerging markets; and the special meeting of the Company’s shareholders to consider the Transaction.
In developing the forward-looking information, the Company has assumed, among other things, that the legalization of cultivating, distributing and using medical cannabis products will continue in a growing number of international jurisdictions, that the global market demand for medical cannabis products will continue to grow and that Aphria remains and will remain a leader in cultivating and distributing pharmaceutical grade cannabis products in Canada and its other markets.
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: that a regulatory approval that may be required for the Transaction is not obtained or is obtained subject to conditions that are not anticipated including the applicable stock exchange approvals; that the Company is unable to complete the acquisition of the Target Corporations or to do so on a timely basis; and that the Company fails to obtain the necessary shareholder approval in accordance with applicable securities laws.
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; competition; 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 are expressly qualified by this cautionary statement and are 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.