Toronto Medical Marijuana Company To Open U.S. Headquarters On Las Olas

Sep 11, 2018 1 Comment by

Through a complicated series of business combinations and reverse mergers, a South Florida-Toronto group is building a structure to expand a Canadian company’s medical cannabis operations in the state and the United States.

Toronto-based Scythian Biosciences, a publicly held company trading on the Canadian Securities Exchange, is planning to open its U.S. headquarters in Fort Lauderdale, according to Brady Cobb, Fort Lauderdale lawyer and lobbyist who is a director of Scythian.

After completion of its $137 million equity-cash deal to buy 3 Boys Farm in Ruskin, Fla., the company plans to open more than 12 dispensaries around the state, including several in South Florida, as well as continue a medical cannabis research partnership already begun with the University of Miami, he said.

That could just be the beginning for Scythian’s operations in the United States — as well as for other Canadian businesses that are making big bets on Florida’s market — for the $1 billion medical marijuana market. They’re also keeping an eye on the prize: the potential legalization of recreational marijuana in the state.

 

“We want to be the market leader in medical cannabis in the U.S. We want to be the most technologically advanced and [provide] the best customer relations experience,” Cobb said.

Fort Lauderdale is a good location for the U.S. headquarters because “we plan on focusing on population centers,” Cobb said “And it’s a great city. It helps that I’m from here and live here.”

Another reason is that recently appointed Scythian director Andrew DeFrancesco, a private equity investor, operates at least part time out of Fort Lauderdale. Scythian’s headquarters will be at his office, at 2300 E. Las Olas Blvd., Cobb confirmed.

Florida is key to Scythian’s new strategy, with more than 3,000 patients a week being added to the rolls of the state’s cannabis registry.

Scythian, which announced plans in September to change its name to SOL Investments Corp., said it intends to open dispensaries geared toward cannabis education. The company said it is finalizing leases in Fort Lauderdale, West Palm Beach, North Miami Beach and the Dania Beach/Hollywood area, as well as other locations in the state. But that’s pending transfer of ownership of 3 Boys Farm, which is still under Florida Department of Health review, Dalton said.

Scythian also plans to develop new “health and wellness” products in partnership with the University of Miami’s Miller School of Medicine and The Miami Project to Cure Paralysis, according to Cobb. The school already is a research partner in Scythian’s proprietary cannabidiol [CBD] therapy for concussion patients. The company provided a $16 million grant to UM Miller School of Medicine in 2016 for a five-year study. Researchers think the combination of CBD with an anesthetic could reduce post-injury brain cell inflammation, headaches, pain and other symptoms of concussion.

Gillian Hotz, a behavioral neuroscientist at UM who is leading Scythian’s program at the school, next plans a small human pilot study of the compounds in pill form, according to the university.

 

Source:  SunSentinel

 

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One Response to “Toronto Medical Marijuana Company To Open U.S. Headquarters On Las Olas”

  1. Michael Garcia says:

    Do we know where the retail locations will be more specifically?

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