Wayland Group Enters the United Kingdom
TORONTO, Nov. 26, 2018 (GLOBE NEWSWIRE) — 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 .
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 cultivator and processor of cannabis. 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 cannabis cultivation, extraction, formulation, and distribution business under federal licenses from the Government of Canada. The Company also has production operations in Dresden, Saxony, Germany, Regensdorf, Switzerland and Ibague, Colombia. Wayland has also announced transactions that will expand its global footprint to include operations in Italy and the UK. Wayland will continue to pursue new opportunities globally in its effort to enhance lives through cannabis.
