Wayland Group Enters into Agreement to Expand Global Footprint with Acquisition in Colombia
TORONTO, Nov. 06, 2018 (GLOBE NEWSWIRE) -- Wayland Group (CSE:WAYL) (FRANKFURT: 75M) (OTCQB:MRRCF) (“Wayland” or the “Company) is pleased to announce that the Company has entered the South American market through a transaction in Colombia. Wayland has entered into a definitive agreement to acquire 100% of the outstanding shares of Colma Pharmaceutical SAS (“Colma”), a licensed producer of THC cannabis in Colombia, holding four licences for cultivation and processing on a leased premise in Ibague, Colombia. Under the terms of the agreement, Wayland will issue 11 million common shares as consideration for the shares of Colma with shares being issued at a deemed price of CAD$2.00 per share.
It is anticipated that following the completion of the acquisition that Wayland will cultivate THC cannabis outdoor and year-round with an infrastructure investment including 415,000 sq. ft. (38,554 sq. m) of processing and clone and vegetation greenhouse facilities to support outdoor cannabis flower production of 125 hectares. It is expected that a minimum of two full harvests will be achieved per year operating in an ideal climate. The current plan is for initial crude extraction to be completed in Colombia and exported for further distillation in Wayland’s global Active Pharmaceutical Ingredient (API) facilities in Germany. This will provide the Company with a platform to create a complete range of isolates of cannabinoids adding a sustainable supply for extraction and further distillation of cannabinoids. Wayland is certified under EU-GMP production standards for processing in Canada and expects to achieve the same status in its German operations, adding Good Agriculture and Collection Practice (GACP) standards in all international cultivation operations.
Our move to outdoor cultivation in Colombia is the first step in creating a reliable and consistent mass supply of cannabinoid isolates for the global market, including THC and CBD, and importantly commercial quantities of lesser known CBG and CBN. We will be establishing a robust outdoor flowering operation as a source of products to be manufactured for global distribution from Ebersbach, Germany. We continue to move aggressively in the international market, creating a global presence, built on a rational business platform of geographic cost centers
stated Ben Ward, CEO.
Maricann Group Inc., through its subsidiaries, is operating under the Wayland Group name. For further details see the press release dated September 24, 2018.
About Wayland Group
Wayland is a vertically integrated producer and distributor of cannabis for medical purposes. The Company was founded in 2013 and is based in Burlington, Ontario, Canada and Munich, Germany, with production facilities in Langton, Ontario where it operates a medicinal cannabis cultivation, extraction, formulation and distribution business under federal licence from the Government of Canada. The Company also has production operations in Dresden, Saxony, Germany and Regensdorf, Switzerland.
Forward Looking Statements
This news release includes forward-looking information and statements, which may include, but are not limited to, information and statements regarding or inferring the future business, operations, financial performance, prospects, and other plans, intentions, expectations, estimates, and beliefs of the Company. Such statements include statements regarding the completion of the proposed acquisition and the plans for the assets of the entities being acquired, its plan to achieve EU-GMP production standards in its German operations and GACP standards in all international cultivation operations and the plan to create a reliable and consistent mass supply of cannabinoid isolates for the global market. As noted above completion of the transactions are subject to a number of conditions and there is no certainty that either transaction will be completed on the terms set forth in this press release or at all. Forward-looking information and statements involve and are subject to assumptions and known and unknown risks, uncertainties, and other factors which may cause actual events, results, performance, or achievements of the Company to be materially different from future events, results, performance, and achievements expressed or implied by forward-looking information and statements herein. Although the Company believes that any forward-looking information and statements herein are reasonable, in light of the use of assumptions and the significant risks and uncertainties inherent in such information and statements, there can be no assurance that any such forward-looking information and statements will prove to be accurate, and accordingly readers are advised to rely on their own evaluation of such risks and uncertainties and should not place undue reliance upon such forward-looking information and statements. Any forward-looking information and statements herein are made as of the date hereof, and except as required by applicable laws, the Company assumes no obligation and disclaims any intention to update or revise any forward-looking information and statements herein or to update the reasons that actual events or results could or do differ from those projected in any forward looking information and statements herein, whether as a result of new information, future events or results, or otherwise, except as required by applicable laws.
The Canadian Securities Exchange has not reviewed, approved or disapproved the content of this news release.