By Youri Kemp
Caribbean News Now associate editor
LONDON, Canada — Now, with Canada’s recreational marijuana legislation set in stone, medical marijuana company, Scythian Biosciences Corp (SBC), is turning to lucrative markets across the globe, including Europe, Latin America and the Caribbean, and plans to sell marijuana to consumers in these markets.
SBC feels that with an estimated 1.37 billion potential consumers in those three regions alone, it can tap into these lucrative markets and help push this new wave of decriminalisation and subsequently the marketing and distribution of marijuana.
Of that 1.37 billion, some 82 million reside in the Central American and Caribbean region. When added for tourism and stopover visitors, this estimate increases exponentially by at least threefold.
SBC feels that it has taken a global ‘first mover approach’, which gives it a unique advantage against the competition. SBC is the world’s first global cannabis incubator, and it is already making some game-changing deals in its eyes.
After closing the sale of projects in Colombia, Jamaica and Argentina, it will have over $200 million in cash and stock.
This year SBC also became the first multinational to receive an import licence for CBD oil by the Argentina ministry of health through its soon-to-be-acquired subsidiary, ABP SA.
This deal, it claims, would give SBC access to Argentina’s network of hospitals, doctors, retail pharmacies, private health providers and public health system.
Also, in March of this year, Jamaican authorities granted Marigold Jamaica Products Ltd, five conditional licences to research, cultivate, process and market medical cannabis – a company in which SBC plans to acquire a controlling stake.
On July 17, 2018, SBC announced the sale of its Latin American and Jamaican assets to Aphria Inc., a Canadian based marijuana producer, for $193 million, mostly in stock, turning SBC into the largest stockholder of Aphria and simultaneously Aphria into the largest shareholder of SBC.
Jamaica also issued their its marijuana cultivation licence in July of this year to Global Canna Labs Limited (GCL), which received its Tier 3 cultivation licence from the Jamaican Cannabis Licensing Agency. This Tier 3 licence allows the company to cultivate organic medical cannabis at its 270,000 square feet facility within its 6.23 acres site in Montego Bay, Jamaica.
SBC also plans to make further investments and acquisitions in the Caribbean and Latin American region as it just announced it granted to Aphria a right to purchase up to 90 percent of the issued and outstanding common shares of an entity in Brazil that SBC is currently seeking to acquire at terms to be agreed.