Legal and Medical Cannabis Markets are Outpacing Previous Estimates

NEW YORK, May 3, 2018 /PRNewswire/ --

A report by Arcview Market Research indicates that consumer spending on legal cannabis in North America is outpacing previous estimates. The report highlights that retail cannabis sales will grow 33% from 2016, to about $10 billion this year. The data published projects that by 2021 the legal cannabis market will reach a value of $24.5 billion and at a 28% compound annual growth rate (CAGR). Arcview also pointed out that according to BDS Analytics' GreenEdge point-of-sale tracking service, the medical industry in California is already as big as the total markets in Colorado, Washington, and Oregon combined. Starting January 1st, California has started legal sales of cannabis products for recreational use. Scythian Biosciences Corp (OTC: SCCYF), Zynerba Pharmaceuticals, Inc. (NASDAQ: ZYNE), Aphria Inc. (OTC: APHQF), The Green Organic Dutchman Holding Ltd (TSX: TGOD), Canopy Growth Corporation (OTC: TWMJF)

A report by CNBC quotes MedMen CEO and co-founder Adam Bierman, who explains the current state of the industry, "There is so much excitement now around legalization nationally coming in Canada. There is so much excitement about the fact that California, Nevada, Maine and Massachusetts all legalized recreational marijuana… The Canadian public markets offer access to a lot of capital, with a lot of certainty and a lot of speed, and there is this appetite among global investors to invest in a U.S. play… Specifically, global investors want to invest in a U.S. play that has California exposure. Now is the time where it makes the most sense."

Scythian Biosciences Corp (OTCQB: SCCYF) is also listed on the TSX Venture Exchange under the ticker (TSX-V: SCYB). Earlier today the company announced breaking news that, "Jamaica-based Marigold Projects Jamaica Ltd. ("Marigold"), a company that Scythian is in the process of acquiring a 49% interest in, has signed an exclusive sponsorship agreement with the world-renowned Peter Tosh Museum (the "Museum") in Kingston, Jamaica. Under the terms of the agreement, Marigold will become the exclusive cannabis dispensary partner of the Museum.

Marigold is set to establish its first medicinal cannabis dispensary and herb house at the Peter Tosh Square, home of the Peter Tosh Museum at the Pulse Centre in New Kingston. As the exclusive cannabis sponsor, Marigold will bring its brands of medicinal products to the facility which will be showcased prominently on various displays throughout the Museum.

The Museum opened its doors on October 19, 2016, and honours the life and work of Peter Tosh, Jamaica's global music legend and founding member of the critically acclaimed reggae group, The Wailers. The Museum is located at the Pulse Centre on Trafalgar Road in New Kingston and is a joint collaboration between The Peter Tosh Estate, Pulse Investments Ltd and Andrea Marlene Brown.

"We are honoured to provide the highest quality cannabis products to such a distinguished institution focused on recognizing a beloved Jamaican musician who championed the cause of legalizing cannabis," said Scythian CEO Rob Reid. "We look forward to helping his legacy live on through our commitment to furthering medical marijuana research and expanding access to cannabis in the future."

On March 22, 2018, Scythian announced that it had entered into a binding letter of intent ("Letter of Intent") to acquire Marigold Acquisitions Inc. ("Holdco"), a company that holds a 49% interest in Marigold. If the proposed acquisition is completed, Scythian will become a major stakeholder of Marigold. Marigold holds five conditional cannabis licenses from the Jamaican Cannabis Licensing Authority ("CLA") related to cultivation, processing, selling, therapeutic or spa services, and R&D activities.  Marigold is also working with the University of West Indies to develop and test products derived from high cannabidiol cannabis sativa strains to establish their efficacy in treating diabetes, hypertension, pain and other ailments. The proposed acquisition is subject to regulatory approval from the TSX Venture Exchange ("TSXV"). The proposed acquisition also remains subject to notification to the CLA. The opening of the herb house remains subject to CLA approval.

On April 18^th, Scythian Biosicences Corp. also announced that Argentina-based ABP S.A. ("ABP"), a pharmaceutical import and distribution company that Scythian is in the process of acquiring, has received its first purchase order (the "Order") of CBD oil, which is to be fulfilled under the supply agreement with Aphria Inc. (TSX: APH) ("Aphria"), a prominent Canadian producer of medical cannabis. The Order is for Aphria's renowned CBD oil strain, Rideau. ABP's first order will go to the Dr. Juan P. Garrahan Pediatric Hospital (the "Hospital"), a highly recognized and one of the most credible medical institutions in South America, to support a first of its kind clinical study focused on treating refractory epilepsy in children. The study, which will be conducted over 2.5 years, will also determine the product's pharmacokinetics in order to optimize the dosage of future treatments. The study will include the participation and guidance of some of the top neurologists and pediatric specialists in the country. Additionally, with the support of Scythian and ABP, a training program will be conducted during and after the study to train and educate a network of specialized doctors across multiple provinces in the country using Aphria's pharmaceutical grade medical cannabis."

Zynerba Pharmaceuticals, Inc. (NASDAQ: ZYNE) is a clinical-stage specialty pharmaceutical company dedicated to developing and commercializing innovative pharmaceutically-produced transdermal cannabinoid treatments for rare or near-rare neuropsychiatric diseases with high unmet medical needs. Recently, the company reported new longer term open label clinical data in the Emerging Science session of the 2018 Annual Meeting of the American Academy of Neurology (AAN) in Los Angeles, CA. The key findings include that responses to ZYN002 in the STAR 2 open label extension, as measured by reductions in focal seizures from the baseline period of STAR 1, are associated with continued treatment with ZYN002. In addition, ZYN002 was shown to be well tolerated through 12 months of treatment in STAR 2. Zynerba's ZYN002 CBD gel is the first and only pharmaceutically-produced CBD formulated as a patent-protected permeation-enhanced gel and is being studied in children with Fragile X Syndrome, adult epilepsy patients with focal seizures and osteoarthritis.

Aphria Inc. (OTCQB: APHQF), one of Canada's lowest cost producers, produces, supplies and sells medical cannabis. On April 24, 2018, the company announced that its first shipment of medical cannabis to its Australian-based partner Althea Company Pty Ltd. was received by Althea. The shipment is part of a previously announced agreement between Aphria and Althea, in which Aphria will provide the Australian Company with packaged co-branded cannabis oil and dried flower products for the Australian medical cannabis market. This is the first of four shipments Aphria will be making to Althea over the next 12 months, with each successive shipment expected to increase in volume. The initial shipment included a mix of cannabis oil products and dried flower, which Althea is making available for distribution to pharmacies for eligible medical cannabis patients in Australia.

The Green Organic Dutchman Holding Ltd (TSX: TGOD) produces Farm Grown, Pharma Grade Organic Cannabis. The Company grows high quality, organic medical cannabis with sustainable, all natural principles. TGOD's products are laboratory tested to ensure patients have access to a standardized, safe and consistent product. TGOD has a funded capacity of 116,000 kg and is situated on 175 acres of land between two of the most populated areas of Canada; Ontario & Quebec. TGOD owns one of the largest land packages in Canada with some of the lowest power rates in the country. The Company is building a combined 970,000 sq. ft. facility capable of producing 116,000 kg of premium, high quality, organic cannabis. TGOD is licensed under the Access to Cannabis for Medical Purposes Regulations ("ACMPR") to cultivate medical cannabis.

Canopy Growth Corporation (OTC: TWMJF) is a world-leading diversified cannabis and hemp company, offering distinct brands and curated cannabis varieties in dried, oil and Softgel capsule forms. On April 17, 2018, the company announced the signing of a Memorandum of Understanding to create new experience-based learning opportunities for college students and graduates. This valuable partnership will also support the increased workforce demand at Canopy Growth facilities across Canada and generate joint research and community engagement opportunities for the Niagara region, an area the Company has proudly called home since June 2014. Canopy Growth and Niagara College will work together to foster learning in this rapidly growing industry while also supporting graduates searching for job opportunities. Internship and co-op opportunities will be available for students in the College's Commercial Cannabis Production, Horticultural Technician, Greenhouse Technician and Business programs, particularly at the Tweed Farms facility in Niagara-onthe-Lake, with additional placement opportunities available at Canopy Growth's 12 other facilities across the country. Tweed Farms is a wholly-owned subsidiary of Canopy Growth and was the first greenhouse licensed in the sector under the MMPR/ACMPR.

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