TORONTO, March 11, 2019 (GLOBE NEWSWIRE) — Wayland Group (CSE:WAYL) (FRANKFURT: 75M) (OTCQB:MRRCF) (“Wayland” or the “Company”) is pleased to announce it is near completion of its due diligence of International Cannabis Corp (ICC).
Wayland group is pleased to announce it is near completion of its due diligence of International Cannabis Corp. (ICC) and is moving toward completion of a definitive agreement and shareholder agreement with respect to the previously announced acquisition of 49.9% of Wayland’s international assets by ICC. On March 8, 2019 ICC closed on a non-brokered private placement worth CAD$45M. The Company has completed site visits and reviews of the fundamental assets and operations of ICC. The companies expect to realize material efficiencies and accelerated revenues as a result of the transaction. The company expects to sign a definitive agreement in the coming weeks.
Wayland is moving to complete an enhanced extraction laboratory in Alessandria, Italy, as part of its joint venture, Wayland Italia (the “JV”). All extraction and distillation equipment has been paid in full and is a contribution by Wayland to the JV. Wayland is providing experienced experts in extraction and distillation from its Canadian operations to the JV, permanently relocating members of its scientific and research team to Switzerland and Italy, where regulators are highly supportive of further cannabis research, with support received by the JV through its partnership with the University of Eastern Piedmont and the University of Naples for enhancement of cannabis genetics.
In Canadian operations, Wayland is pleased to report that 9,000 plants have been harvested in the past 3 weeks from its new Langton, ON facility. Preliminary results following dry, cure and trim demonstrate production of dry flower up to 106.6 grams per square foot of canopy (derived from a statistically reliable sample of two different strains, G-13 and Amnesia Haze).
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 Allesandria, Piedmont, Italy. Wayland will continue to pursue new opportunities globally, including the consummation of its previously announced transactions in the United Kingdom, Australia, Colombia, and Argentina, in its effort to enhance lives through cannabis.