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Tuesday, November 29, 2022

Stock Spotlight is Scythian Biosciences Corp. (CSE:SCYB)(OTC: :SCCYF)

Scythian Biosciences Corp. (CSE:SCYB) (Frankfurt:9SB) (OTC: :SCCYF) has been on a wild rise in recent months nearly doubling since August alone. The stock has quickly attracted a growing shareholder base which has transformed Scythian into a volume leader and among the top most traded cannabis stocks.

Scythian is quickly establishing itself as a major player in the booming cannabis space responsible for many, many huge recent winners. The sector is on fire as we near legal recreational cannabis in Canada on October 17. The global legal marijuana market is expected to reach USD 146.4 billion by end of 2025, according to a new report by Grand View Research, Inc.

Scythian Biosciences Corp. (CSE:SCYB) (Frankfurt:9SB) (OTC: :SCCYF) bills itself as 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 Scythian as a future frontrunner in the United States medical cannabis industry.

The Company is led by Rob Reid, a leading business figure in Europe’s legal cannabis industry. He is co-founder of Prohibition Partners, a company that provides market data and intelligence to investors, entrepreneurs and regulators. He is also co-founder of Cannabis Europa, a conference series. He is also a partner of European Cannabis Holdings, a private investment firm focused on building out ancillary assets across the region.

Scythian recently shifted their focus to the burgeoning U.S. medical cannabis marketplace which is currently legal in 29 U.S. States, and several key reform bills are moving through the United States Congress. CEO Rob Reid stated. “The United States represents the single biggest opportunity in the global medical cannabis marketplace, and Scythian is excited to shift its focus to becoming one of the leading operators in the space.”

The Company acquired MMJ Colombia Partners Inc. a privately-held Ontario company that owns 90% of Colcanna SAS, a company that cultivates, imports, extracts and produces THC and CBD in Colombia.

Scythian has been making some huge moves recently; they are in the process of acquiring a controlling interest in 3 Boys Farms, LLC. an established Florida 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. Closing of the Acquisition is expected to occur on or about October 15, 2018.

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3 Boys Farms has already secured and/or is finalizing leases for locations in prime retail and medical corridors in Fort Lauderdale, West Palm Beach, North Miami Beach, Dania/Hollywood, Fort Myers, Port St. Lucie, Stuart and St. Petersburg, with additional locations slated for Orlando, Tampa and Jacksonville. 3 Boys Farms will roll out a ground-breaking dispensary concept that provides a unique and patient-centric experience, overall health and wellness products and lifestyle options, including approved medical cannabis options and innovative educational tools that will highlight the ever-increasing benefits and uses for medical cannabis. Dispensary openings and/or operations will be subject to the receipt of all required approvals from the Florida Department of Health, Office of Medical Marijuana Use.

The Florida medical cannabis market is booming; according to CEO Rob Reid “Florida has a population that is nearly as large as Canada and boasts the highest population over the age of 65 in North America, so to say that we are excited about executing upon our plan in Florida would be an understatement.”

Scythian recently acquired Marigold Acquisitions Inc., a privately-held British Columbia incorporated company that holds a 49% stake in Marigold Projects Jamaica Limited a medical cannabis company that holds a tier 3 Cultivator’s license in Jamaica to produce cannabis for medicinal purposes. The tier 3 license permits Marigold Jamaica to cultivate over five (5) acres (20,235 square meters) of land with cannabis for medical, scientific and therapeutic purposes. Marigold Jamaica also holds conditional approval for a tier 2 license to process cannabis for medical, scientific and therapeutic purposes, including the manufacturing of cannabis-based products, in a space of over 200 square meters;

With the purchase of Marigold Acquisitions, Scythian has completed the second step in its exit from the Caribbean and South America, which began when it announced this past July that it was selling its assets in the region for $193 million. On August 23, 2018, Scythian announced that its new focus would be to build out a footprint across multiple U.S. states.

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Currently trading at a $112 million market valuation Scythian has $4.3 million in the treasury and $20.1 million in short term investments consisting of cashable guaranteed investment certificates maturing February 2019 bearing interest rate of 1.8%.  The Company has recorded interest receivable of $134,576. Scythian is a really exciting story developing; the 3 Boys Farms acquisition puts the Company in the booming Florida cannabis market with secured and/or is finalizing leases for dispensary locations in prime retail and medical corridors in Fort Lauderdale, West Palm Beach, North Miami Beach, Dania/Hollywood, Fort Myers, Port St. Lucie, Stuart and St. Petersburg, with additional locations slated for Orlando, Tampa and Jacksonville. Scythian plans to in a portfolio of blue-chip cannabis companies operating across multiple legal states. We will be updating on Scythian when more details emerge so make sure you are subscribed to Microcapdaily so you know what’s going on with Scythian.

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Disclosure: we hold no position in Scythian either long or short and we have not been compensated for this article.

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