Wayland Group Enters the United Kingdom
TORONTO, ON, November 26, 2018 – Wayland Group (CSE:WAYL) (FRANKFURT: 75M) (OTCQB:MRRCF) (“Wayland” or the “Company”) is pleased to announce it has entered into an agreement to acquire 51% of UK based Theros Pharma Ltd. ("Theros"), an early stage company that has successfully imported cannabis to the UK for patients with a prescription for medical cannabis.
This transaction enhances Wayland’s global growth strategy and will provide the Company with access to the UK market for sale and distribution of its products. Recent UK legislation allows for the prescription of cannabis from a medical specialist via a regular pharmacy model. Access to this burgeoning market, with National Health Service insurance coverage for medical cannabis to ensure patient outcomes, is a key strategic element of Wayland’s global platform.
“We’re proud to join with Theros on the journey to enhance lives through cannabis, now in the UK. Theros’ dedicated team of professionals and advocates, who were instrumental in achieving cannabis legalization in the UK will work with Wayland to create access to cannabis for patients and further advocate for personalized medicine.” Declared Wayland Chief Executive Officer Ben Ward.
“I am very pleased that Wayland is working with Theros, to bring good quality medical cannabis into the UK. I hope this supply will bring benefit to many thousands of people in the UK who deserve a chance to use this medication to alleviate so many disabling symptoms.” Stated Hannah Deacon, mother of Alfie Dingley who received the first medical UK cannabis license.
Professor Mike Barnes, neurologist and medical cannabis campaigner who helped to obtain the first UK license for Alfie said, “It will be a pleasure to work in collaboration with Wayland. I look forward to a fruitful partnership so that medical cannabis can be brought to so many people who deserve it.”
Pursuant to the terms of the agreement the Company has agreed to make an initial payment of 3,800,000GBP followed by a second payment of 24,000,000GBP following certain milestones being achieved, including issuance to Theros of a license to cultivate cannabis in the UK or a license to import medical cannabis for use in the UK.
Both payments will be satisfied by the issuance of common shares of the Company based on then-current market prices, but subject to a floor issue price of $1.65 per Common Share.
The payments are conditional on receipt of applicable stock exchange approval, approval of holders of at least two-thirds of the Company's outstanding debentures and any other applicable approvals.
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.
For more information about Wayland, please visit our website at www.waylandgroup.com
Contact Information: Investor Relations Graham Farrell VP, Communications Graham.Farrell@waylandgroup.com 647-643-7665
Media Inquiries: firstname.lastname@example.org
Corporate Headquarters (Canada) Wayland Group Corp. (Toronto) 845 Harrington Court, Unit 3 Burlington Ontario L7N 3P3 Canada 289-288-6274 European Headquarters (Germany) Maricann GmbH Thierschstrasse 3, 80538 Munchen, Deutschland