Aphria Inc. (USOTC: APHQF) announced on July 17th the company is expanding into the Latin American and Caribbean markets with an acquisition of assets from Scythian Biosciences Inc. (Scythian). Aphria agreed to acquire 100% of LATAM Holdings Inc., which is a direct subsidiary of Scythian, for $193 million in stock.
LATAM holds positions in Caribbean markets which allows for the expansion of them by Aphria. A key highlight of the transaction is Aphria’s strategic right to expand into Brazil, which has the largest population in South America. Aphria also has the lead in the Jamaican market by being the only Tier 3 license holder that allows for the production and cultivation of cannabis.