TORONTO, Dec. 18, 2018 (GLOBE NEWSWIRE) — Wayland Group (CSE:WAYL) (FRANKFURT: 75M) (OTCQB:MRRCF) (“Wayland” or the “Company”) and RavenQuest BioMed Inc. (“RavenQuest”) are pleased to announce the companies have entered into a supply agreement whereby Wayland will purchase up to 8,000 kg of dried flower cannabis from RavenQuest in 2019. The total quantity will be shipped periodically throughout 2019 as product becomes available.
As part of the supply agreement, Wayland will make an immediate one-time payment of $2 million to RavenQuest in anticipation of the first major shipment of cannabis flower in March 2019. Pricing for the transaction is comparable with prevailing wholesale cannabis prices.
“RavenQuest is very excited to be working with Wayland as we both do our part to meet the huge demand for cannabis across Canada,” stated George Robinson, CEO of RavenQuest. “Negotiations were smooth and without major challenges; Ben Ward and his team at Wayland are a pleasure to work with. This supply agreement is a significant win for both sides of the transaction. For RavenQuest’s part, 8,000 kg represents about 80% of our estimated production for 2019, meaning this transaction provides us much more certainty when it comes to selling our 2019 production at competitive prices,” Robinson continued.
We are thrilled to be working with George and his team at RavenQuest to provide their specialty indoor product to recreational cannabis consumers across Canada through our existing distribution network.
Ben Ward, CEO of Wayland
This agreement provides for efficiencies for both companies, constructively working together to meet Canadian demand through our existing resources. At the same time, this allows us to channel our existing supply to the European market.
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, Allesandria, Piedmont, Italy, Ibague, Colombia, London, UK and now Argentina. Wayland will continue to pursue new opportunities globally in its effort to enhance lives through cannabis.
About RavenQuest BioMed Inc.
RavenQuest BioMed Inc. is a diversified publicly traded cannabis company with divisions focused upon cannabis production, management services & consulting and specialized research & development. RavenQuest is a licensed producer with facilities located in Markham, Ontario and Edmonton, Alberta. RavenQuest maintains a research partnership with Montreal’s McGill University focused upon cultivar (strain) recognition, plant stabilization and yield maximization of the cannabis plant. The Company focuses on partnerships with Indigenous communities.