TORONTO, Nov. 09, 2018 (GLOBE NEWSWIRE) — Wayland Group (CSE:WAYL) (FRANKFURT: 75M) (OTCQB:MRRCF) (“Wayland” or the “Company”) is pleased to announce it has completed a definitive joint venture agreement with CBD Italian Factory S.S., a company of Group San Martino for the production of high quality cannabis products in Italy.
The joint venture will marry the best of both entities with world-leading technology by Rockwell Automation paired with existing infrastructure in Piedmont, Italy, which includes agricultural expertise and biogas electricity. This will allow the sustainable production of quality CBD and THC products from a naturally derived fuel source.
CBD Italian Factory S.S. and San Martino Group will bring mass-scale agricultural skills to the joint venture with a focus on local sustainable practices and expertise in Biomass Energy production. The joint venture will be a split of 50.1% (Wayland)/49.9% (CBD Italian Factory) with Massimiliano Umberto Signorini assuming the role of CEO for the new company.
Wayland Group has identified that Europe is an important market for cannabis with over 742 million people and combined gross domestic product of EUR 15.3 trillion with the cannabis market forecast to be worth EUR 115.7 billion by 2028.i The Company is familiar with and able to navigate the strict European regulatory framework and complex licensing process, as proven by EU-GMP certification of its Canadian facilities. The Company believes that joint ventures such as this are key to gaining first mover advantage in a growing market through working with trusted in-country partners to gain speed to market.
We are now well positioned in the Italian market for CBD and potential THC production. We are proud to partner with Umberto Signorini to build on the strong business and agricultural platform they have established in Milan and Piedmont.
Ben Ward, Chief Executive Officer of Wayland
A key aspect of this joint venture is the relationship with the University of Eastern Piedmont, which will develop a research center for the betterment of cannabis products for humans and animals. Initial research will focus on producing high CBD content for medical purposes, which will lead to further studies into high THC content, and medical uses.
“Wayland and CBD Italian Factory has given life to a new reality, unique to the Italian Market. This new joint venture is founded as an agricultural company for the production of cannabis sativa and the creation of CBD based products developed for the pharmaceutical, therapeutic, medical and veterinary sectors with the relative commercialization in a new market with enormous potential,” said Massimillano Umberto Signorini, CEO CBD Italian Factory.
Wayland Group will also license VESIsorb® technology to this new joint venture with immediate import of products that contain, leading predictable, consistent, rapid onset absorption. VESIsorb® has multiple applications in beverage, edibles, capsules and transdermal products.
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 and Regensdorf, Switzerland. Wayland is currently undertaking an expansion of its cultivation and support facilities in Canada and will continue to pursue new opportunities globally.